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The Financial Express

Regulator approves IPO of Sena Kalyan Insurance

| Updated: August 14, 2021 10:04:08


Regulator approves IPO of Sena Kalyan Insurance

The securities regulator has approved the IPO (initial public offering) proposal of Sena Kalyan Insurance Company which will raise a capital worth Tk 160 million under the fixed price method.

The approval came Wednesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

The company will utilise the fund for the purpose of purchasing the government securities, investing in listed securities, purchasing office space, and catering the IPO expense.

As per the financial statement for the year ended on December 31, 2020 the company's net asset value per share is Tk 21.09 (without revaluation) and the earnings per share (EPS) is Tk 3.93. And the weighted average of the EPS for last five years has stood at Tk 2.65.

AAA Finance & Investment is working as issue manager of the Sena Kalyan Insurance Company.

At Wednesday's meeting, the securities regulator has also taken a decision of confiscating 7.5 per cent of subscription funds of the investors' who made more than two IPO applications for the shares of Sonali Life Insurance Company against one bank account.

Recently, the securities regulator took the decision of confiscating 15 per cent of the IPO funds for making more than two IPO applications against one bank account.

"The commission has reduced the confiscated amount taking into accounts investors' applications," according the BSEC officials.

The securities regulator has also said such applications will not considered in future if investors make more than two IPO applications against one bank account. The securities regulator has taken another decision of restructuring the board of Nurani Dyeing & Sweater along with taking measures against the auditors of the concern year as the company remains closed without any price sensitive information.

In a report of Dhaka Stock Exchange (DSE), the securities regulator has found that the factory and corporate office of Nurani Dyeing remains closed for long days.

The BSEC will restructure the company's board and take measure against the auditors as the company's financial statement and other reports submitted to the stock exchanges showed the continuation of company's operations.

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