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According to the securities rules, listing of a company must be completed within 30 days of its initial public offering subscription
The board of Dhaka Stock Exchange (DSE) on Monday decided in favour of listing and trading of the shares of much-talked-about Coppertech Industries Limited.
The decision came at a board meeting of the DSE at its office in capital.
The deadline for the listing of Coppertech Industries expired on June 23, leaving no scope for the company to be listed.
However, the DSE decided to enrol the company with the approval of the Bangladesh Securities and Exchange Commission (BSEC) for extending the time.
According to the securities rules, listing of a company must be completed within 30 days of its initial public offering subscription.
Recently, the Chittagong Stock Exchange (CSE) approved the company’s listing proposal.
The BSEC had approved the Coppertech’s IPO proposal on December 26, 2018 for raising a capital of Tk20 crore under the fixed-price method.
But after controversies over the financial statement of the company surfaced, the DSE sought a guideline from the securities regulator regarding listing of the company.
The DSE has not yet received any guideline from the securities regulator.
The company will utilize the IPO proceeds to purchase machinery, repay bank loans, construct buildings and bear the IPO expenses. MTB Capital is working as the issue manager of the IPO.
As per the financial statement for the year ended on June 30, 2018, the company’s net asset value (NAV) per share—without revaluation—stood at Tk12.06. For the same period, the earnings per share (EPS) of the Coppertech Industries stood at Tk2.60, whereas the diluted EPS was Tk1.03. The weighted average EPS stood at Tk0.87.
Located in Habiganj, the company commenced commercial operations in June 2014, and produces copper bars, copper rods, copper strips, copper wire, copper pipes, and copper tubes.
(DT)
