Aamra Networks’ rights offer gets BSEC nod
Craftsman Footwear to raise Tk 50m from SME
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The stock market regulator allowed Aamra Networks’ proposal to raise nearly Tk 930 million through the issuing of rights shares, while Craftsman Footwear and Accessories received approval to raise Tk 50 million through a qualified investor offer (QIO).
The approvals came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held on Wednesday.
Aamra Networks: As per the regulatory approval, the company will issue one rights share against the existing two shares (1R:2) at an issue price of Tk 30 each, including a premium of Tk 20 per share.
The company will issue over 30.99 million rights shares for raising the mentioned amount.
The fund will be utilised for the purpose of paying back loans, upgrading network systems, and expanding network coverage.
Amara Networks posted a 6 per cent year-on-year growth in profit to Tk 147 million for the period of July-December 2023.
The company’s annual profit more than doubled to Tk 225.67 million in FY23, up from Tk 109 million the year before.
Currently, the company’s paid-up capital is Tk 619.87 million, and its authorised capital is Tk 1 billion.
The company’s stock price, however, dropped 2.78 per cent to close at Tk 56 on Wednesday.
UCB Investment is acting as the issue manager for the company’s rights issue process.
Craftsman Footwear
The stock market regulator has allowed Craftsman Footwear and Accessories, a SME company, to raise Tk 50 million from the stock market through a qualified investor offer (QIO).
As per the regulatory approval, the export-oriented shoe maker will issue five million ordinary shares at a face value of Tk 10 each under the fixed price method.
The company will utilise the QIO proceeds for its business expansion and the repayment of a portion of bank loans.
According to the company’s financial statements for FY23, its earnings per share stood at Tk 2.35 and its net asset value per share at Tk 16.72.
The company will not be able to issue bonus shares within three years of its debut on the SME platform, according to BSEC approval.