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Swasti Lankabangla Swasti Lankabangla

Draft prospectus of SAML Income Unit Fund approved

Four cos to be de-listed to settle the claims of shareholders


| Updated: October 04, 2020 11:15:44


Draft prospectus of SAML Income Unit Fund approved

The securities regulator has approved the draft prospectus of SAML Income Unit Fund whose initial size will be Tk 100 million.

The approval came Wednesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

At the meeting, the securities regulator has also decided to start de-listing process of two listed debentures and four companies of OTC (over-the-counter) market to settle the claims of shareholders.

As per the BSEC approval, SAML Income Unit Fund will raise Tk 90 million from the unit holders selling units of Tk 10 each.

The sponsors will contribute remaining Tk 10 million of the open-end mutual fund.

Shahjalal Asset Management is the sponsor and asset manager of SAML Income Unit Fund.

As per another decision, BD Zipper 14% Debenture, BD. Luggage 14% Debenture and four other companies of OTC market will be de-listed.

The four companies which will be de-listed are: Bangladesh Chemical Industries, Bangladesh Dyeing & Finishing, Bangladesh Luggage Industries and Bangladesh Zipper Industries.

The trades of these securities will be closed to settle the claims of general investors and initial shareholders.

At Wednesday's meeting, the securities regulator took another decision of upgrading the category of Union Capital subject to fulfillment of corporate governance code.

Besides, the securities regulator will appoint two independent directors at Union Capital.

Union Capital was placed in 'Z' category from 'B' category with effect from August 04, 2020 as the company recommended 'no dividend' dividend for the year ended on December 31, 2019.

After the company's shifting in 'Z' category, the company held discussion with the securities regulator.

"The BSEC has decided to allow the upgradation of the company's category taking into account its future plan," said Mohammad Rezaul Karim, the BSEC spokesperson.

He said two independent directors will also be appointed at Union Capital as per the decision taken by commission on Wednesday.

mufazzal.fe@gmail.com

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