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DSE board decides on Coppertech listing

FE Report | Published: July 12, 2019 11:27:46 | Updated: July 14, 2019 10:59:47


The board of the country's premier bourse has asked its management to take an initiative for the listing and trading of the shares of much-talked-about Coppertech Industries on the Dhaka Stock Exchange (DSE) as per existing rules and regulations.

The decision to list the company came at a board meeting of the DSE held at its office in the city on Thursday.

Following the decision, the stalemate over the listing of the Coppertech Industries, mired in controversies over its financial statements, has finally been resolved.

"The board has taken the decision considering overall situation surrounding the company," said a senior official of the premier bourse.

He also said the company's shares have already been credited to the shareholders' accounts and the IPO (initial public offering) fund has also been remitted into the issuer's account.

"Besides, the Chittagong Stock Exchange (CSE) has recently approved the company's listing proposal. Under such a situation, the DSE board asked its management to take an initiative for the listing and share trading of the Coppertech Industries," said the DSE official.

The Bangladesh Securities and Exchange Commission (BSEC) had approved the Coppertech's IPO proposal on December 26, 2018 for raising a capital of Tk 200 million under the fixed-price method.

But after controversies over the financial statement of the company surfaced, the DSE scrutinised the financial statement and sought a guideline from the securities regulator regarding the listing of the company.

But the premier bourse has not yet received any guideline from the securities regulator.

Rather, on July1, the BSEC requested the DSE to remit the subscription money of the eligible investors (EIs) into the account of Coppertech Industries. Under such circumstances, the DSE board asked its management on Thursday to take an initiative for the listing and trading of the share of the company.

mufazzal.fe@gmail.com

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