• Tuesday, Mar 31, 2020
  • Last Update : 12:21 am

BSEC approves Express Insurance IPO

  • Published at 12:22 am February 19th, 2020
Express Insurance
Express Insurance logo

Six new independent directors for DSE, CSE each okayed

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved the initial public offerings (IPO) prospectus of Express Insurance Limited worth Tk26.70 crore. 

The commission gave the approval at a meeting presided over by its chairman M Khairul Hossain.

Under the fixed price method, Express Insurance will offload 2.60 crore ordinary shares worth Tk10 each. 

According to the financial statement ended on December 31, 2018, the company's net asset value (NAV) per share stood at Tk16.65, while the weighted average of earnings per share (EPS) was Tk1.42. 

AAA Finance and Investment Limited, IIDFC Capital Limited and BLI Capital Limited will act as the issue manager for the IPO process.

The commission meeting also approved the appointments of six new independent directors for Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) each for a three-year term.

The DSE’s new independent directors are former senior secretary Eunusur Rahman, former Bangladesh Bank executive director Habibullah Bahar, former  additional secretary Salma Nasreen, FBCCI senior vice-president Muntakim Ashraf, BUET industrial and production engineering department professor AKM Masud and DSE’ incumbent independent director Masudur Rahman.

Besides, the meeting approved a proposal of AFC Agro Biotech Ltd to issue a fully redeemable non-convertible zero coupon bond worth Tk100 crore.