The Bangladesh Securities and Exchange Commission (BSEC) has approved the merger of Bangladesh Steel Re-Rolling Mills Limited (BSRM Limited) with BSRM Steel Mills.
BSRM Steel Mills, a non-listed company, will merge with BSRM Limited, a listed company in the stock market, according to a press release signed by the spokesperson and executive director of the commission Mohammad Rezaul Karim.
The merger will increase the paid-up capital of BSRM Limited by 26.48%, from Tk236.07 crore to Tk298.58 crore.
BSRM Limited will issue 6.25 crore shares to its shareholders of BSRM Steel Mills against 39.44 crore shares worth Tk10 each.
The High Court approved the issue of shares with an exchange ratio of 1: 0.288.
The commission also decided to transfer the Investment Corporation of Bangladesh (ICB) to an independent trustee in another corner registered by the BSEC.
ICB Asset Management Company Limited, a subsidiary of ICB, is the asset manager of two non-term mutual funds.
The two non-term mutual funds- ICB AMCL Unit Fund and Bangladesh Fund- operated under the trusteeship of the trustees of ICB Capital Management Limited.