Regulator Gives Green Light To Building Systems For IPO

The stock market regulator yesterday approved the initial public offering (IPO) prospectus for Bangladesh Building Systems to raise Tk 14 core.
The regulatory nod came at a meeting of Bangladesh Securities and Exchange Commission.
Using the fixed-price method, Bangladesh Building Systems will float 1.4 core ordinary shares of Tk 10 each. Janata Capital and Investment will act as the issue manager.
The company will use the IPO proceeds to repay its bank loans, the BSEC said in a statement.
The company’s earning per share stands at Tk 2.58, with its net asset value per share coming to Tk 13.07, according to its 2012 financial statements.
The company is involved in the manufacturing of pre-engineered steel buildings in Bangladesh.
At yesterday’s meeting, the BSEC also imposed a Tk 5 lac fine on Shaymol Equity Management, a stockbroker, for violating securities rules.
Earlier, a regulatory investigation found that the stockbroker provided share credit facilities to its clients without agreement, together with extending margin facilities to its managing director and directors and depositing clients’ money to the managing director’s account.

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