Tung Hai Knitting and Dyeing Limited yesterday got green signal from the securities regulator to go public.
The commission approved initial public offering of the company to raise Tk35 crore for strengthening its capital base, purchasing machineries, pay term loans and meeting IPO expenses, said Bangladesh Securities and Exchange Commission (BSEC) in a statement.
The company will issue 3.5 crore ordinary shares with offer value of Tk10 a share. Its earnings per share is Tk1.15 and net asset value Tk13.73, according to its financial statement ended on December, 2012. The commission also approved prospectus of an open-end mutual fund titled ICB AMCL Converted First Unit Fund. The size of the fund is Tk50 crore and its offer value is Tk10.
The fund was converted from close-end to open-end mutual fund taking opinions from its shareholders. Units of the fund have been allotted among unit holders of close-end ICB AMCL First Mutual Fund and sponsor ICB Capital Management Ltd. The commission gave consent to the redemption of Padma Islami Life First Mutual Fund in response to the application of its trustee Eastern Bank Ltd.