FE Report
The securities regulator approved Thursday the IPO (initial public offering) proposal of Pacific Denims and the prospectus of CAMP BDBL Mutual Fund-1, officials said.
The approval was given at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at its office on the day.
At the meeting, the securities regulator also lifted the restriction on margin facility against shares of Shahjibazar Power Company and approved the proposal for converting the 7th ICB Mutual Fund (MF) into open-end MF from the existing form of closed-end one.
As per the IPO proposal, Pacific Denims will offload 75 million ordinary shares at an offer price of Tk 10 each under the fixed price method and raise funds of Tk 750 million.
The company's IPO funds will be used in business expansion and repayments of loans along with bearing the cost of public offering.
As per the financial statement for the year ended December 31, 2015, the Pacific Denims' earnings per share (EPS) is of Tk 2.63.
The company's net asset values (NAVs) per share are Tk 22.59 calculated without evaluation and Tk 22.43 calculated considering revaluation.
AFC Capital is working as issue manager of the Pacific Denims, which produces ready-made garments and Denims fabrics.
According to the company's official website, the Pacific Denims produces 260,000 pieces of woven garments per month with the assortment of the infant to adult and women.
At Thursday's meeting, the securities regulator lifted the restriction on margin facility against the shares of Shahjibazar Power Company.
Earlier, the regulator imposed penalties on some parties after probing into 'abnormal' price hike of the shares of Shahjibazar Power Company.
At the same time, the BSEC then restricted margin facility against the shares of Shahjibazar Power Company since November 19, 2014.
"As the company was beyond margin facility for a long time, the securities regulator has lifted the restriction following a plea of the company," said Mohammad Saifur Rahman, a BSEC executive director.
mufazzal.fe@gmail.com
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