Mamun Agro's subscription through QIO begins January 23

Mamun Agro's subscription through QIO begins January 23

The subscription for shares of Mamun Agro Products through qualified investor offer (QIO) will begin January 23, aiming to raise Tk 100 million.

The agro products manufacturer's subscription through electronic subscription system (ESS) under the fixed-price method will be continued till 5:30pm on January 27, according to Dhaka Stock Exchange.

The stock market regulator -- Bangladesh Securities and Exchange Commission (BSEC)--on October 28 approved the company's proposal for raising capital through QIO.

As per the regulatory approval, Mamun Agro will issue 10 million ordinary shares of Tk 10 each to raise the said amount under the fixed price method.

The fund will be raised through the exchanges' SME platform earlier introduced to ensure long-term financing for the small-capital companies.

Only the qualified investors are allowed to submit applications through QIO to the company's shares.

An individual investor having an investment of a minimum Tk 10 million in the listed securities as on January 13, will also be considered as qualified investor.

The Central Depository Bangladesh Ltd (CDBL) shall send a report to the exchange regarding the holding of QIs in the listed securities and the exchange shall ensure the compliance in this regard.

The company will not be allowed to issue bonus shares in three years from the date of debut trading on the SME platform.

The company will utilise the proceeds for construction of building and civil work, working capital and issue-management costs.

BMSL Investment Ltd and Uttara Finance Capital Management Ltd are acting as issue managers for the company.

According to the company's nine-month financial statement until 31 March, 2021, its earnings per share was Tk 0.98, while the net asset value without revaluation reserve was Tk 15.25.

Incorporated in 2003, the principal activities of the company are manufacturing and supplying agro products, including insecticide, pesticide and certified seeds.

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