SEC approves rights offer of Phoenix Finance

The Securities and Exchange Commission (SEC) yesterday approved a rights offer of a listed company and an open-ended unit fund.
The approval came from a meeting, chaired by SEC Chairman Ziaul Haque Khondker.
Phoenix Finance and Investments Ltd will offer one rights share for every five shares at a price of Tk 200, including Tk 100 in premium. The company will issue more than 8.74 crore rights shares and use the raised fund for business expansion.
Prime Finance 1st Unit Fund will be the first open-ended unit fund from the private sector. The initial fund size of the perpetual fund will be Tk 20 crore, and after subscription of the initial fund it will be reopened for regular buy-sell.
PHP 1st Mutual Fund is a Tk 200 crore and 10-yearly closed-end fund, sponsored by PHP Power General Plant Ltd.
Of the Tk 200 crore mutual fund, PHP Power General will subscribe units worth Tk 20 crore or 10 percent, as the sponsor. Of the remaining fund, Tk 100 crore or 50 percent will be kept for IPO and Tk 80 crore or 40 percent for pre-IPO or private placement.
The face value of each unit of the fund is Tk 10. The market lot will be of 500 units.