The Financial Express

Mostafa Metal subscription begins on Sept 26

| Updated: September 23, 2021 12:56:00

Mostafa Metal subscription begins on Sept 26

Subscription for shares of Mostafa Metal Industries will be started from September 26 through Qualified Investor Offer (QIO).

The company's subscription through electronic system of stock exchanges will continue till September 30, according to information of Dhaka Stock Exchange (DSE).

The qualified investors (QIs) are eligible only to take part in the QIO of Mostafa Metal Industries.

According to DSE information, individual investors will also be considered as QI who maintained a minimum investment of Tk 10 million at market price (the closing price of both exchanges, whichever is higher) in matured listed securities as on September 16, 2021.

On June 30, the securities regulator has approved the proposal of raising capital worth Tk 110 million by Mostafa Metal Industries through the QIO.

The company will raise the fund through exchanges' SME platform earlier introduced to ensure long term financing for the SME sector.

The fund will be utilised for the purpose of repaying bank loans and expanding working capital along with bearing issue management.

Mostafa Metal Industries has reported its EPS of Tk 0.76 and NAV per share of Tk 10.90 (without revaluation reserve) for the year ended on December 30, 2020.

According to the BSEC's approval, the company will not be allowed to issue any bonus shares within three years from the date of debut trading. Under the fixed-price method, the offer price of the shares of Mostafa Metal Industries is Tk 10 each.

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