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SEC okays Tk 115 crore IPO of First Security Bank PDF Print E-mail
Wednesday, 04 June 2008

The Securities and Exchange Commission Tuesday approved the initial public offering of First Security Bank and right-share issuance of BRAC Bank, an official said, reports bdnews24.com

The capital market regulator also gave its nod for direct listing of Titas Gas Transmission and Distribution Company and issued a licence for an asset management company.

Approval for the Tk 115 crore IPO of First Security Bank with face value of each share at Tk 100 came at a meeting, SEC executive director Farhad Ahmed told reporters.

"There are about 14 IPOs in the pipeline and we are trying our best to approve them as soon as possible in a bid to increase supply of shares to the market," he said.

First Security Bank was incorporated as a public limited company in 1999 and operates 20 branches across the country.

The bank's authorised capital is Tk 360 crore, while its net asset value per share was Tk 113 as of December 2007.

SEC also approved BRAC Bank's issuance of Tk 132 crore worth right shares. Book value of the share is Tk 100 with a premium of Tk 400.

"Shareholders will get one right share against an existing five," said Farhad.

The bank's authorised capital is Tk 200 crore and its NAV per share Tk 224.33 as of December 2007.

Meanwhile, SEC has sent its observations to the stock exchanges about the direct listing of Titas Gas Transmission and Distribution Company, said Farhad.

"We have sent our observations to the stock exchanges about the matter which means there are no barriers to initiating the listing," Farhad said.

The SEC official said the state-owned company's authorised capital is Tk 2,000 crore.

"The company is set to offload 25 percent or Tk 241.11 crore worth of shares," he added.

The capital market regulator has issued an asset management licence to LR Global Bangladesh Asset Management Company, a US-based investment with Tk 2 crore in paid-up capital.

"The parent company is LR Global Partners founded in 1997 and currently manages assets worth $384 million," said Farhad.

Currently, three asset management companies are operating in Bangladesh: Investment Corporation of Bangladesh, AIMS of Bangladesh and Venture Investment Partners Bangladesh.

Comments Add New
nazmul  - right share |2009-09-18 13:14:23
Assalamualikum,
i'm a share holder of FSB. When i get my right share.
is there any price effect for declaring right share. pls let me soon.

allah hafez.
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