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Seeks regulatory waiver of timeframe rule

FE Report | Published: July 23, 2019 10:35:06 | Updated: July 24, 2019 10:38:39


The country's premier bourse has approved the proposal for listing of the much-talked-about Coppertech Industries, subject to the regulatory 'waiver' of a rule regarding the timeframe for the listing of a company.

The approval came at a board meeting of the Dhaka Stock Exchange (DSE) at its office on Monday, said an official.

The DSE has also urged the securities regulator to exempt the company from the section 5(3) of the listing regulations, as the stipulated timeframe for its listing has already expired.

According to the section 5(3) of the listing regulations, the stock exchange shall complete the listing procedures within a maximum period of 30 working days from the date of closure of subscription list.

Accordingly, the deadline for listing of Coppertech Industries expired on June 23 last.

The approval for the listing proposal was delayed, as the company got mired in some 'controversies' over its financial statement.

"The regulatory waiver of the section 5 (3) will be required to execute the listing of the Coppertech Industries," said the DSE official.

The board approved the company's listing proposal, subject to the waiver of the timeframe mentioned in the exchange's listing regulations, he added.

The Bangladesh Securities and Exchange Commission (BSEC) approved the Coppertech's IPO proposal on December 26, 2018 for raising a capital of Tk 200 million under the fixed-price method.

But after the controversies over the financial statement of the company surfaced, the DSE scrutinised the financial statement and also sought a guideline from the securities regulator regarding the listing of the company.

Still, the premier bourse has not received any guideline from the securities regulator.

Rather, on July 01, the BSEC requested the DSE to remit the subscription money of the eligible investors (EIs) into the account of Coppertech Industries.

Under such circumstances, the DSE board asked its management on July 11 to take an initiative for the listing and trading of the share of the company.

When asked whether the controversies over the financial statement of the company have been resolved, DSE Director Minhaz Mannan Emon declined to make any comment.

mufazzal.fe@gmail.com

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