The Securities and Exchange Commission approved two initial public offerings Tuesday, said an SEC official, reports bdnews24.com

The capital market regulator has approved the Tk 10 crore IPO of off-dock service provider Summit Alliance Port, SEC executive director Farhad Ahmed told reporters.

"The company with a paid-up capital of Tk 40 crore has been permitted to float 10 lakh shares with Tk 100 each."

Earnings per share (EPS) of the issue are Tk 29.54 while net asset value (NAV) is Tk 170.66, Farhad said.

Summit Alliance Port is a joint venture under the sponsorship of local business groups Alliance Holdings and Summit Group.

The company is engaged in operating as an inland container depot and container freight station.

"It is the first time in the history of Bangladesh that an infrastructure-based company is raising money from the capital market which is really a good thing," he said.

Meanwhile, Takaful Islami Insurance has also been permitted to float an IPO of Tk 9 crore with Tk 100 in book value each.

"The company's paid-up capital is Tk 6 crore, while the EPS and NAV are Tk 25.09 and Tk 140.34," said the SEC official.

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