Coppertech listing: DSE to seek opinion from BSEC

FE Report | Published: May 24, 2019 10:52:12 | Updated: May 26, 2019 12:24:13

The country's premier bourse has decide to seek an opinion from the securities regulator on the next course of action regarding the listing of Coppertech Industries Ltd. mired in 'controversies' over its financials.

The Dhaka Stock Exchange (DSE) took the decision at its board meeting on Thursday as the company made an appeal for a listing on the bourse.

After the meeting, a DSE board member said the premier bourse has found evidence of most of the alleged inconsistencies in the financial statement of the Coppertech Industries.

The Financial Reporting Council (FRC) has now been awaiting an opinion from the Institutes of Chartered Accountants of Bangladesh (ICAB) on the company's financial statement, he said.

"Under such circumstances, the securities regulator should decide on the next course of action regarding the company's listing," said the DSE board member, who declined to be named.

Contacted, DSE Managing Director KAM Majedur Rahman said they would refer the issue regarding the listing of Coppertech Industries to the securities regulator.

"We also have time in hand. We will put forward our explanations and observations to the securities regulator," he said.

The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Coppertech Industries on December 26, 2018, allowing it to raise a capital of Tk 200 million under the fixed-price method.

On completion of the IPO lottery draw, the company submitted its proposal for its listing on the stock exchanges.


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