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The Financial Express

Public subscription period of Express Ins may be changed

FE Report | Published: March 29, 2020 11:21:13 | Updated: April 02, 2020 11:23:03


Public subscription period of Express Ins may be changed

The securities regulator may change the timeframe of public subscription of Express Insurance if the ongoing situation, created by COVID-19, prolongs.

As per existing timeframe, the public subscription of the Express Insurance is set to start on April 13 and close on April 20.

Asked, the issue manager of the Express Insurance said they do not know whether it would be possible to conduct the public subscription of Express Insurance within the stipulated timeframe due to the ongoing situation.

"The securities regulator may change the timeframe of public subscription if the panic-driven situation continues for a long time," said a senior official of AAA Finance & Investment, issue manager of the Express Insurance.

The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO (initial public offering) proposal of Express Insurance on March 4 last.

Under the fixed price method, the company will raise a capital worth Tk 260.79 million offloading above 26.07 million shares at an offer price of Tk 10 each.

The company will invest the IPO fund in treasury bond and in other sectors along with bearing the IPO expense.

The securities regulator also imposed the condition of investing at 20 per cent of the capital, raised through IPO, in the capital market.

As per the financial statement for the year ended on December 31, 2018 the company's net asset value (NAV) is Tk 18.72 per share with revaluation reserve, while the value is Tk 16.65 without revaluation reserve.

And the weighted average of EPS (earnings per share) of last five years stood at Tk 1.42 based on net profit after tax.

mufazzal.fe@gmail.com

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