ICB to resume supportive operations from today

FE Report | Published: November 07, 2018 10:39:01 | Updated: November 19, 2018 15:29:25


The state-run Investment Corporation of Bangladesh (ICB) will resume much-talked investment in the capital market from today (Wednesday) as part of the corporation's market supportive measure.

The ICB officials said the proposed fund, which was supposed to be raised through bond, is being credited to them on completion of relevant process.

"We have already received a portion of the fund. We will commence market supportive operations from today (Wednesday)," ICB managing director Kazi Sanaul Hoq told the FE.

He said the remaining fund would also be credited to them as early as possible.

On July 17, the Bangladesh Securities and Exchange Commission (BSEC) approved the ICB's proposal of raising fund amounting to Tk 20 billion through issuing non-convertible fixed rate subordinate bond.

As per the BSEC's condition set under Section 2CC of Securities and Exchange Ordinance, 1969, the state-run corporation will invest at least Tk 15.0 billion afresh in listed securities to boost the country's capital market.

The BSEC and ICB officials expressed optimism that the capital market would get a good shape following ICB's investment of the said fund in listed securities.

mufazzal.fe@gmail.com

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