The securities regulator Tuesday gave its final consent to Acme Laboratories for raising a fund worth above Tk 4.09 billion through the IPO (initial public offering) approved under the book building system, officials said.
The stock market regulator has also approved the auditor's report and asset valuation statement of the 1st ICB Mutual Fund (MF) for the purpose of converting the closed-end MF into open-end one. The approvals came at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC). As per the BSEC approval, the Acme Laboratories will offload a total of 50 million ordinary shares.
The regulator approved the cut-off price of Tk 85.20, including a premium of Tk 75.20 for each ten taka shares, for 25 million shares allocated for eligible institutional investors (EII) and 5.0 million shares allocated for MFs. The remaining 40percent or 20 million shares will be issued to general investors, affected investors and non-resident Bangladeshis (NRBs) at a price of Tk 77, which is 10 percent lower than the cut-off price. As per the securities regulator, the Acme Laboratories will utilize the IPO fund to implement three new projects along with bearing the cost of IPO expenses. The company's earnings per share (EPS), the weighted average of last five years, has stood at Tk 4.7. The company's EPS has stood at Tk 5.70 in accordance with the financial statement for the year ended on June 30, 2015. The company's net asset value (NAV) is of Tk 70.37 as per the financial statement for the year ended on June 30, 2015. As per the auditor's report and valuation statement, the NAV of 1st ICB MF has stood at above Tk 1.40 billion. The fund's NAV per unit has stood at Tk 1876.62. After the fund's conversion into open-end one, the fund's name will be 1st ICB Unit Fund. The BSEC Tuesday approved the prospectus of1st, ICB Unit Fund. The targeted size of the fund will be Tk 1.42 billion. The previous unit holders will be eligible for 1,407,463,401 units of the 1st ICB Unit Fund. On December 9,2015 the majority number of unit holders exercised their votes in favor of converting the 2nd ICB MF into open-end one.
At Tuesday's meeting, the securities regulator approved the proposal of converting the 2nd ICB MF into open-end one. The regulator has also asked the Investment Corporation of Bangladesh (ICB) to complete the conversion or liquidation activities of the 4th ICB MF by April 25, 2015 as per the unit holders' decision to be taken at a special meeting.
The managing directors and the directors, other than independent ones, of the Quasem Textile Mills, Quasem Silk Milk, Excelsior Shoes and Beach Hatchery will have to pay of penalty of Tk 0.1 million each for not submitting their companies' audited financial statements.
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