Bangladesh
4 years ago

BSEC approves IPO of Dominage Steel Building

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The securities regulator on Wednesday approved the IPO (initial public offering) of Dominage Steel Building Systems Ltd which will raise capital worth Tk 300 million.

The Bangladesh Securities and Exchange Commission (BSEC) also approved two other proposals of raising an aggregate amount of capital worth Tk 13.50 billion by two private commercial banks issuing perpetual and zero coupon bond.

The approvals came at a meeting held at the office of the securities regulator.

As per the BSEC's approval, Dominage Steel Building Systems will go public under fixed price method issuing 30 million shares at an offer price of Tk 10 each.

The company will utilise the IPO fund for building construction, setting up electric equipments, purchasing machinery and bearing the IPO expense.

As per the financial statement for the year ended on June 30, 2019, the company's net asset value (NAV) per share stood at Tk 19.81.

For the same period, the company reported its earnings per share of Tk 1.49.

Shahjalal Equity Management is the issuer manager of Dominage Building Systems.

The securities regulator has allowed Standard Chartered Bank to raise a capital worth Tk8.5 billion issuing zero coupon bond.

The bonds are non-convertible, fully redeemable, unsecured, and unlisted.

The bond will be issued to different financial institutions, corporates, insurance companies, among others, through private placement.

National Credit and Commerce Bank will raise capital worth Tk 5.0 billion issuing perpetual bond which will be issued to different financial institutions, banks and other eligible investors through private placement.

At the meeting, the securities regulator fined managing director, company secretary and all directors, other than independent ones, of Tung Hai Knitting & Dyeing Tk 0.1 million each for not complying with rules regarding financial statement.

The securities regulator has also fined one individual and a TREC (trading right entitlement certificate)-holder for breaching securities rules.

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