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The Financial Express

Mamun Agro's share subscription begins Sunday


Mamun Agro's share subscription begins Sunday

Subscription to the shares of Mamun Agro Products through qualified investor offer (QIO) will begin tomorrow (Sunday), as it aims to raise Tk 100 million under the fixed-price method.

The qualified investors can apply for the shares through electronic subscription system (ESS) until 5:30pm on January 27, according to Dhaka Stock Exchange.

On October 28 last year, the stock market regulator, Bangladesh Securities and Exchange Commission (BSEC), approved the proposal of the SME firm to raise capital through QIO.

As per the regulatory approval, the Agro product manufacturer will issue 10 million ordinary shares of Tk 10 each and it will be listed on the SME platform of the stock exchanges.

The SME platform was introduced last year to ensure long-term financing for the small-capital companies.

Only the qualified investors are allowed to submit applications for the company's shares.

An individual investor having an investment of a minimum Tk 10 million in the listed securities as on January 13 will also be considered as a qualified investor.

The Central Depository Bangladesh Ltd (CDBL) shall send a report to the stock exchanges regarding the holding of QIs in the listed securities and the exchanges shall ensure the compliance in this regard.

As per the regulatory approval, the company will not be allowed to issue bonus shares in three years from the date of debut trading on the SME platform.

Mamun Agro will utilise the proceeds for construction of building and civil work, working capital growth and issue-management costs.

BMSL Investment Ltd and Uttara Finance Capital Management Ltd are acting as issue managers for the company.

According to the company's nine-month financial statement until 31 March 2021, its earnings per share were Tk 0.98, while the net asset value without revaluation reserve was Tk 15.25.

Incorporated in 2003, the company is engaged in manufacturing and supplying agro products, including insecticide, pesticide and certified seeds.

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