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BSEC approves IPO of Aamra Networks

  • Published at 12:05 am December 22nd, 2016
BSEC approves IPO of Aamra Networks
“The commission has given the nod to Aamra Networks to fix cut-off price of its shares under book building method,” said the BSEC in a statement yesterday. The company will raise over Tk56 crore through Initial Public Offering (IPO), using the method and with the IPO proceeds, the raised fund will be spent for BMRE, setting up data centre and Wi-Fi Hotspot in different places of the country, bank loan payment and IPO expenditures. According to its financial statement ended on December 31, 2015, net asset value is around Tk22 and five-year weighted average earnings per share is Tk2.52. The BSEC has also approved United Airways proposal to raise nearly Tk313 crore through private placements. It will sell more than 31.3 crore shares valued Tk10 each to six companies-Swift Air Cargo Pte Ltd, Sterling Aerospace Limited, A-sonic Aviation Solutions Pte Ltd, Singapore, Arctic Tern Aviation Ote Ltd, Singapore, Phoenix Aircraft Investment (LABUAN) Bhd, Malaysia and Black Turnstone Aviation Pte Ltd, Singapore. The ailing private aircraft United Airways will buy seven aircrafts for improving its service. Meanwhile, in response to merchant bankers and stock brokers, the BSEC also approved time-extension for keeping provisions against their unrealised losses. From now on, the merchant bankers and stock brokers will be allowed to keep provision in five installments between December, 2016 and December, 2017.  l