Japanese co wants to subscribe for 11.1m shares in JMI Syringes

FE Report | Published: January 04, 2019 10:34:45 | Updated: January 06, 2019 14:42:23

A Japanese company has shown 'keen' interest to subscribe for a substantial amount of shares in the JMI Syringes & Medical Devices, a listed company.

The NIPRO Corporation of Japan is willing to subscribe for 11,100,000 ordinary shares, according to a disclosure posted on the website of the Dhaka Stock Exchange (DSE).

The JMI Syringes & Medical Devices has called an extra-ordinary general meeting (EGM) to take shareholders' consent on the NIPRO's proposal, it added.

The issue price of shares to be subscribed by the Japanese company will also be 'fixed' by the shareholders at the EGM.

The NIPRO has already informed the board of the JMI Syringes & Medical Devices of its interest.

The board of JMI Syringes has recommended the proposed subscription by NIPRO Corporation, subject to consent of the shareholders, the securities regulator and all other relevant regulatory bodies.

The paid-up capital of JMI Syringes will be raised through issuing 11,100,000 ordinary shares, subject to consent of the shareholders, Bangladesh Stock Exchange Commission (BSEC) and all other relevant regulatory bodies.

The issue price of the shares will be fixed by the shareholders in the 9th EGM scheduled for February 16, 2019.

Since its foundation in 1954, the NIPRO Corporation has expanded the scope of its business from gall materials to medical devices and pharmaceutical products in pursuit of technological innovation, according to NIPRO's website.

JMI Syringes & Medical Devices, an 'A' category company, was listed with the country's stock exchanges in 2013.

The company's sponsor-directors hold 49.31 per cent shares, institutes 14.63 per cent, foreign shareholders 11.82 per cent and general public 24.24 per cent as of November 30, 2018.

The company's share price closed 3.93 per cent higher at Tk 311.20 on the DSE on Thursday.


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