Regulator okays garment maker's IPO

The Bangladesh Securities and Exchange Commission yesterday approved the IPO proposal of Familytexbd and the rights offer of Purabi General Insurance.
Familytexbd, a garment maker and exporter, will offload 34 million ordinary shares at an offer price of Tk 10 in a bid to raise Tk 340 million.
The company will use the fund to pay bank loans, the regulator said in a statement. The company's earnings per share and net asset value per share were Tk 0.92 and Tk 11.82 in line with the financial statement for the year to December 31, 2011.
Purabi General Insurance will offer two rights shares against one existing share without charging any premium. As per the regulator's approval, the company will issue more than 18.3 million rights shares at the price of Tk 10. The regulator set up a three-member panel to ensure more monitoring over the activities of credit rating agencies.
BSEC Executive Director Saifur Rahman has been made the convenor of the body, whereas Director Mahbubul Alam and Deputy Director Lutful Kabir have been appointed as member and member secretary respectively.