BBS Cables IPO approved

Regulator has approved initial public offering prospectus of BBS Cables Limited to raise Tk20 crore from the capital market. The approval came at meeting of Bangladesh Securities and Exchange Commission on Thursday. BSEC Chairman Prof M Khairul Hossain presided over the meeting. According to the approval, the company will offload 20m ordinary shares of Tk10 each using fixed price method. As per the latest financial statement ended on June 30, 2016, earning per share (EPS) stood at Tk2.46, while net assets value  (NAV) without revaluation was Tk16.87 per share. IPO will help repay loan taken from the commercial banks. Banco Finance and Investment Limited and ICB Capital Management Limited will act as issue manager of the IPO process. The commission also approved the proposal of Dutch Bangla Bank Ltd to collect Tk500 crore through offering non-convertible subordinated bond to meet capital base for Tier II.