BSEC okays National Feed Mill IPO

Approves Tk 300cr SIBL Mudaraba bond
The Bangladesh Securities and Exchange Commission on Tuesday approved a Tk 18-crore initial public offering of National Feed Mill Limited. The capital market regulator took the decision at a commission meeting presided over by its chairman M Khairual Hossain, a BSEC news release said. As per the BSEC approval, National Feed Mill will float 1.80 crore shares at an issue price of Tk 10 each through the IPO process.
The company will use the IPO fund to expand its business, repay bank loan, meet working capital requirement and IPO expenses, BSEC release said.
According to the audited financial statement of the company for the year ended on June 30. 2013, the net asset value per share of the company stood at Tk 14.55 with an earning per share of Tk 1.85.
ICB Capital Management Limited and PLFS Investments are the issue managers of the National Feed Mill’s IPO.
The BSEC on the day also allowed Social Islami Bank to issue Mudaraba Subordinated Bond worth Tk 300 crore with a maturity period of six years, the BSEC release said.
Banks, insurance companies, financial institutions, corporate houses and individual investors will be eligible to purchase units of the bonds, it said.
Face value of a unit of Mudaraba Subordinated Bond was set at Tk 5 lakh.
Individual investors will be allowed to purchase one unit, while the minimum purchase limit for the institutional investors would be 20 units of the bond, the BSEC release said.
As per the offer document of Mudaraba Subordinated Bond, Social Islami Bank will use the fund to meet its capital requirement under the Tier-2 requirement of the Bangladesh Bank.

-With New Age input

Related News

New MD appointed to state-owned Sonali, Agrani, Rupali banks

Business Desk : dhakamirror.com The government appointed new Managing Directors to Sonali Bank, Rupali Bank and Agrani Bank. The Ministry of Finance’s Financial Institution Division issued three separate circulars regarding the appointments on Sunday. Afzal Karim, managing director of Bangladesh House Building Finance Corporation, has been appointed as the chief executive officer (CEO) and managing ... Read more

Pacific jeans installs rooftop solar power plant

Business Desk : dhakamirror.com A rooftop solar power plant with automatic cleaning system and a capacity of 3.5mw per day has been installed at Universal Jeans Ltd, a concern of Pacific Jeans, at the Chattogram EPZ, at a cost of $0.5 million as part of its green energy initiative. This 3.5mw electricity will meet 10% ... Read more

Bangladesh sets stagger industry holidays amid energy crisis

Business Desk : dhakamirror.com To lessen the frequency and duration of power outages in the midst of an ongoing energy crisis, the Bangladeshi government has established staggered weekly holidays for industrial hubs. A notification establishing the area-wise weekly off was published by the Department of Inspection for Factories and Establishments under the Ministry of Labour ... Read more

BCCCI signs MoU with BIAC

Business Desk : dhakamirror.com The Bangladesh China Chamber of Commerce and Industry (BCCCI) and Bangladesh International Arbitration Centre (BIAC) signed a memorandum of understanding (MoU) in Dhaka on Wednesday. Kaiser A Chowdhury, chief executive officer of the BIAC, and Al Mamun Mridha, acting secretary general of the BCCCI, signed the deal at the BIAC secretariat ... Read more

HSBC facilitates social loan financing for Brac

Business Desk : dhakamirror.com In a recent program, the Hongkong and Shanghai Banking Corporation (HSBC) in Bangladesh facilitated social loan financing for brac. In accordance with the agreement, HSBC will provide money to BRAC in the amount of Tk 6.12 billion to carry out social development projects, said a press release. This is the country’s ... Read more

StanChart’s first automated over-the-weekend loan for Nestlé Bangladesh

Business Desk : dhakamirror.com In accordance with its distributor finance program, Standard Chartered Bangladesh has completed the country’s first automated over-the-weekend loan disbursement, according to a press release. The first client to receive the funds from a distributor financing loan on a weekend was Nestle Bangladesh, This enhancement will empower distributors, which are usually small ... Read more

Bangladesh’s Meghna Aviation orders 2 Bell helicopters to purchase

Business Desk : dhakamirror.com Meghna Aviation Ltd. in Bangladesh has inked a contract to buy two Bell helicopters—a Bell 505 and a Bell 407GXi—according to a statement from Bell Textron. Meghna Aviation was founded in 2011 which is a member of the Meghna Group of Industries, a significant conglomerate with headquarters in Bangladesh that employs ... Read more

HSBC to introduce Female Entrepreneur Fund in Bangladesh today

Business Desk : dhakamirror.com Hongkong and Shanghai Banking Corporation (HSBC) will introduce the “Female Entrepreneur Fund (FEF)” in Bangladesh today as part of its global commitment for assisting female entrepreneurs. According to a news release, the program’s goal is to enhance financial literacy, networking, and funding for women entrepreneurs in Bangladesh through the FEF project. ... Read more

First female head of retail banking at HSBC

Tanmi Haque has been appointed Country Head of Retail Banking, HSBC Bangladesh, effective from Monday. Tanmi succeeds Ahmed Saiful Islam who is moving to a new regional role in Hongkong within the bank according to a press release. Before joining HSBC, Tanmi was Head of Priority and Wealth, Standard Chartered Bank and has also worked ... Read more

Nova Intima will put $28 million into Bepza Economic Zone

Business Desk : dhakamirror.com The manufacturer of women’s underwear Nova Intima signed a contract yesterday with the Bangladesh Export Processing Zones Authority (Bepza) to invest $28 million in the Mirsharai Bepza economic zone of Chattogram. With this investment, 60 million units of underwear and related materials and accessories will be produced yearly, resulting in 5,625 ... Read more

vivo launches short film contest to win X80

vivo has recently announced ‘Visual Creator Short Film Contest’ in Bangladesh and winners will get its latest X-series smartphone vivo X80, said a press release. The smartphone, released recently, was used to shoot a short film titled ‘Chakrakar’ starring Afsana Mimi, Yash Rohan and Nova Firoze. The competition will take place from June 15 to ... Read more

RAK Ceramics will establish bathroom accessories plant

According to business executives, RAK Ceramics (Bangladesh) would invest Tk 95 crore to build a bathroom fittings plant with the ability to create 1,500 faucets, shower heads, and all other relevant accessories in an effort to offer less expensive alternatives to imports. On Thursday, the listed international ceramics company announced its choice in a filing ... Read more

Syngenta Bangladesh appoints new country general manager

Mohammad Hedayet Ullah was recently promoted by Syngenta Bangladesh to the position of country general manager. Hedayet Ullah will simultaneously assume the role of a member of the Syngenta Asia Group Leadership Team, according to a press release, Hedayet replaces AMM Golam Towhid, who has been appointed as regional commercial operations lead for new farming ... Read more

Brac Bank raises Astha fund transfer limits

Brac Bank has enhanced the fund transfer limits on its Astha mobile app and Astha web interface to provide customers with a better digital banking experience.Account to account transfer limits in Astha has been increased to Tk 10 lakh daily. These new limits are applied to all four types of transfers – other bank transfers ... Read more

Electro Mart rolls out new Konka TVs

Electro Mart, a leading consumer electronics company in Bangladesh, recently unveiled new models of Konka android voice-control televisions at the group’s corporate office in Gulshan, Dhaka, according to a press release.

Elon Musk cancels $44 billion Twitter agreement

Business Desk : dhakamirror.comThe CEO of Tesla and richest man in the world, Elon Musk, said that he was canceling his $44 billion agreement to purchase Twitter. According to Musk, the social media business violated numerous terms of the merger agreement, and as a result, the deal is being terminated. On the other hand. Twitter ... Read more

286 ISPs will be unplugged

Business Desk : dhakamirror.comFor failing to transfer their licenses in compliance with regulations, the telecom regulator has ordered International Internet Gateway (IIG) service providers to unplugged bandwidth connections of 286 internet service providers (ISP).The existing ISP licensees were required to convert their existing licenses to four new categories by December 2021 in accordance with the ... Read more

SIM ban unexpected, says GP since it outperformed benchmark

Business Desk : dhakamirror.com According to Grameenphone the latest ban on SIM sales from the telecom watchdog was unexpected. The operator will decide how to proceed after reviewing the regulator’s letter relating to the suspension. The leading telecom operator was directed not to sell new SIM cards by the Bangladesh Telecommunication Regulatory Commission (BTRC) on ... Read more

BASIS to promote local IT in Europe

The Bangladesh Association of Software and Information Services (BASIS) is set to promote local IT products and services in the European market. A delegation of the top ICT trade body in collaboration with the Export Promotion Bureau (EPB) will visit four European countries – Austria, Hungary, Slovakia and the

LG teams up with Rangs Industries

LG Electronics in Bangladesh, the global leader in technology and manufacturing, has signed a partnership agreement with Rangs Industries. Peter Ko, managing director of LG Electronics in Bangladesh, and Yeamin Sharif, divisional director of Rancon Electronics Division, signed the deal at the Rangs eMart showroom in