Saiham Cotton trade start from sunday

Saiham Cotton Mills Limited: Trading of the shares of Saiham Cotton Mills Limited will now commence on June 24, 2012 under 'N' category. DSE Trading Code for Saiham Cotton Mills Limited is "SAIHAMCOT" and DSE Company Code is 17453.

Envoy Textile subcription Start From 29 July

Envoy Textile subcription Starting  From 29 July to 02 august.
Using a fixed-price method, Envoy Textiles will float three crore ordinary shares of Tk 10 each at an offer price of Tk 30, including a premium of Tk 20, the SEC said in a statement.
The company will use the IPO proceeds to purchase machinery and as working capital.
The company’s earnings per share are Tk 4.42, according to its 2011 financial statements.
LankaBangla Investments Ltd is the issue manager of the Envoy Textiles’ IPO.
Envoy Textiles, a subsidiary of Envoy Group, will be the 27th company in the textile sector to list on the bourse. Set up in 2005, Envoy Textiles is a manufacturer of fashion denim.

Bangladesh Submarine Cable Trade will start at DSE from 14 June

Trading of the shares of Bangladesh Submarine Cable Company Limited will start at DSE from June 14, 2012 under 'N' category. DSE Trading Code for Bangladesh Submarine Cable Company Limited is "BSCCL" and DSE Company Code is 27002.

GBB Power Trade will start at DSE from 13 June

Trading of the shares of GBB Power Ltd. will start at DSE from June 13, 2012 under 'N' category. DSE Trading Code for GBB Power Ltd. is "GBBPOWER" and DSE Company Code is 15315.

Saiham Cotton Trade will start at DSE from 17 June

Saiham Cotton Mills Limited: Trading of the shares of Saiham Cotton Mills Limited will start at DSE from June 17, 2012 under 'N' category. DSE Trading Code for Saiham Cotton Mills Limited is "SAIHAMCOT" and DSE Company Code is 17453.

JICA funded refinance scheme

Bangladesh Bank (BB) on Monday opened a Tk 5 billion fund to provide financing facilities to the country's small and medium enterprises (SMEs).

Under the two-step fund, provided by Japan International Cooperation Agency (JICA), 41 banks and financial institutions (FIs) will be provided with re-finance or pre-finance for lending to SMEs.

The fund will be disbursed to the participatory banks and FIs at a maximum interest rate of 5 percent for medium (2-year) and long term (8-year) period. The banks and FIs may charge the market rate in case of lending. BB has signed separate agreements with 22 participatory banks and 19 FIs to this effect. BB Governor Dr Atiur Rahman and Chief Representative of JICA Bangladesh Office Dr. Takao Toda were present while the deals were signed during a function at BB headquarters on Monday.

While speaking at the function, Dr Atiur said the central bank has identified that there is a huge gap in the country’s financial market for the SMEs to get for mid-term and long-term funding for investment in technology and other productive areas.

Bangladesh Bank signed an agreement with JICA in 2010 for a fund worth 5000 million Japanese Yen as Overseas Development Assistance (ODA). Of the total fund, JICA has released 1000 million Yen (Tk 1 billion) in March this year, the BB governor informed the function. He said the fund aims to develop a medium to long-term credit market to support the SMEs to meet their investment requirements. JICA chief represen-tative in Bangladesh Takao Toda observed that Bangladesh would be able to create more job opportunities by financing the SME sector, which also has a huge potential to grow further like those in other Asian countries.

Trust Bank okays 10pc cash, 10pc bonus share

Trust Bank Limited (TBL) has approved 10 percent cash dividend and 10 percent bonus share for its shareholders for the year 2011.

The approval came at the bank’s 13th annual general meeting (AGM) held at Golf Garden, Army Gold Club, Dhaka Cantonment Wednesday, said a press release Monday.

Total financial growth, audit report and future plan of the bank were presented at the meeting in presence of a large number of shareholders.

Bangladesh Army Chief and TBL Chairman General Mohammad Abdul Mubeen, NDC, PSC was present at the meeting.

Bangladesh Army’s Adjutant General and TBL vice chairman Major General Ashraf Abdullah Yusuf, managing director and chief executive officer Shah Alam were also present.

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Regulator approves Envoy Textiles’ IPO

The Securities and Exchange Commission yesterday approved Envoy Textiles’ initial public offering to raise Tk 90 crore from public. The approval came at the stockmarket regulator’s meeting chaired by SEC Chairman M Khairul Hossain.
Using a fixed-price method, Envoy Textiles will float three crore ordinary shares of Tk 10 each at an offer price of Tk 30, including a premium of Tk 20, the SEC said in a statement.
The company will use the IPO proceeds to purchase machinery and as working capital.
The company’s earnings per share are Tk 4.42, according to its 2011 financial statements.
LankaBangla Investments Ltd is the issue manager of the Envoy Textiles’ IPO.
Envoy Textiles, a subsidiary of Envoy Group, will be the 27th company in the textile sector to list on the bourse. Set up in 2005, Envoy Textiles is a manufacturer of fashion denim.

Regulator okays IPO prospectus of Argon Denims

The Securities and Exchange Commission yesterday approved initial public offering (IPO) prospectus of Argon Denims Ltd, which will raise Tk 132 crore from public.
The approval came at a meeting of the stockmarket regulator with its Chairman M Khairul Hossain in the chair.
Using a fixed-price method, Argon Denims will float three crore ordinary shares of Tk 10 each at an offer price of Tk 44, including a premium of Tk 34, the SEC said in a statement.

The company will use the IPO proceeds to repay its bank loans and use in project expansion.
The company’s earnings per share is Tk 5.46, according to its 2011 financial statements.
LankaBangla Investments Ltd is the issue manager of Argon Denims’ IPO.
Argon Denims, a subsidiary of Evince Group, will be the 26th company in the textile sector to be listed on the bourse.The market regulator also decided to instruct the institutions concerned to implement the recommendations made by a government committee on compensating the retail investors who lost money to last year’s downswings. Earlier, the committee singled out 9.33 lakh small investors who will get 20 percent IPO quota under the stock compensation package. At yesterday’s meeting the stockmarket watchdog also fined issue manager, auditor and valuer of Apollo Ispat Complex Ltd for providing incorrect information in the IPO prospectus. The SEC imposed Tk 1 lakh fine each on ICB Capital Management Ltd, the issue manager, and Ms Zoha Zaman Kabir Rashid and Co Ltd, the auditor, and Tk 2 lakh fine on Ms Mosih Muhit and Co, the valuer.

NBFIs must raise capital to Tk 1b

Bangladesh Bank has not extended deadline for raising paid-up capital of Non-Banking Financial Institutions (NBFIs) to Tk 1 billion, hence they must fulfill the condition by June 30.BB Deputy Governor SK Sur Chowdhury said it to the journalists after a meeting with Bangladesh Leasing and Finance Companies Association (BLFCA) yesterday in the city. President of BLFCA Asad Khan, however, told the journalists that increasing paid-up capital to Tk 1 billion is quite impossible by June 30 as some of NBFIs even have not got SEC approval yet to release IPO.Central bank Governor Dr. Atiur Rahman presided over the meeting held at the BB conference room. BLFCA members and BB officials were also present at the meeting. “We have not extended the deadline. Hence, the five NBFIs who are yet to increase their paid-up capital to Tk 1 billion must meet requirement by June 30 (today),” said SK Sur Chowdhury. The NBFIs also need to start working on issuing IPO (Initial Public Offering) in the stock market, he added. The central bank deputy governor warned of tougher action against those who would fail to meet the requirements.