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Emerald Oil IPO gets BSEC approval

The Bangladesh Securities and Exchange Commission on Tuesday (19 November 2013) Sec-bd-logo approved a Tk 20-crore initial public offering of Emerald Oil Industries Ltd.

The BSEC gave its nod to the IPO application of the company in a regular commission meeting presided over by its chairman M Khairul Hossain, a BSEC news release said.

The stock market regulator allowed Emerald Oil Industries to issue two crore ordinary shares at an issue price of Tk 10 each.

The company will use the IPO fund to pay off its term loan and to meet up working capital and IPO expenses, the BSEC release said.

The release said Emerald Oil Industries showed Tk 14.06 as its net asset value per share and earning per share of Tk 2.85 in its financial statement for June 30 this year.

The BSEC at the meeting also fined two brokerage houses of Dhaka and Chittagong stock exchanges Tk 1 lakh each for short selling of shares, violating short-sales regulations of their respective bourses.

The two brokerage houses are RN Trading Ltd of Dhaka Stock Exchange and Jalalabad Securities Ltd of Chittagong Stock Exchange.

The regulator also allowed the trustee of Continental Insurance First Mutual Fund to return one of its sponsors its investment in the fund and to abolish the fund after some procedural clarifications, the BSEC release said.
The BSEC’s consent came following a plea from the trustee of the mutual fund, the release added.


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