Aamra Technologies’ IPO approved

February 21, 2012

The Securities and Exchange Commission yesterday approved the initial public offering prospectus of Aamra Technologies Ltd (ATL) to raise Tk 51.77 crore from the public.
The approval came at a meeting of the stockmarket regulator with SEC Chairman M Khairul Hossain in the chair. Using the fixed price method, ATL will float 2.15 crore ordinary shares of Tk 10 each at an offer price of Tk 24, including a premium of Tk 14, the SEC said in a statement.
With the proceedings from the IPO, the company will repay its bank loans and set up ATM (automated teller machine) and POS (point of sale) terminals.
The company’s earning per share is Tk 2.61, while the net asset value per share is Tk 24.81, according to its 2010 financial statements.
ATL was incorporated in Bangladesh as a private limited company in February 3, 2010. ATL was previously known as Texas Electronics Ltd and was renamed on December 31, 2007.
ATL provides IT solutions and services, including systems integration, information systems outsourcing, core banking software and switching and networking solution supply.
It will be the sixth IT company to be listed on the Bangladesh stockmarket.
At yesterday’s meeting, SEC also approved the takeover of Toyo Composite Knit Garments Ltd and Pure Cotton Knit Wears Ltd by Mithun Knitting, a listed company.
Mithun Knitting will issue 66.66 lakh shares to take over the above two companies. The newly issued shares will be locked-in for three years, which means the shares cannot be sold or transferred in that time.
The SEC also fined all directors of Mac Enterprise Tk 1 lakh each for failing to submit quarterly financial reports to the regulator.

-With The Daily Star input

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