Regulator okays Fareast Finance IPO

The Bangladesh Securities and Exchange Commission yesterday gave green light to Fareast Finance and Investment to raise Tk 45 crore through initial public offerings under fixed price method from the equity market.
The approval came at a BSEC meeting presided over by its chairman Prof M Khairul Hossain.
The non-bank financial institution will issue 4.50 crore shares with face value of Tk 10, the commission said in a statement.
The net asset value of the company was Tk 15.06 while its earnings per share stood at Tk 1.04 as of June 2011, according to the statement.
Grameen Capital Management and Fareast Finance and Investment will be the issue manager of the company.