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Saif Powertec Ltd gets IPO nod

Untitled-1Bangladesh Securities and Exchange Commission yesterday gave a go-ahead to Saif Powertec to raise Tk 36 crore from the public.

The power generation equipment and service provider will float 1.2 crore ordinary shares of Tk 10 each, in addition of Tk 20 as premium, to raise the fund, which will be used in its new battery project.

ICB Capital Management will manage the initial public offering, the stockmarket regulator said in a statement.

The five-year weighted average earnings per share of Saif Powertec stood at Tk 3.01 and revalued net asset value per share at Tk 24.29 as of June 2013.

At present, 15 fuel and power companies are listed on the Dhaka Stock Exchange, accounting for about 15 percent of the total market capitalisation.

Saif Powertec is engaged in sales and services of construction, material handling and power generation equipment in Bangladesh through exclusive agreements with world renowned manufacturers such as Dossan Infracore Co (Daewoo Heavy Industries), Mitsubishi Heavy Industries, Babcock Borsig Power Service, Karrena, Foster Wheeler, Ana Navids and Carmanah Technologies.

Source: Daily Star

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