Omera to raise Tk 2.38 billion

Company holds IPO roadshow in city

FE REPORT | Published: October 21, 2019 10:30:12 | Updated: October 21, 2019 11:28:10

Azam J Chowdhury, director of Omera Petroleum Limited, addressing the IPO road show of the company on Sunday

The country's largest LPG firm, Omera Petroleum Limited, will raise funds worth Tk 2.38 billion from the capital market.

The company will raise the amount by floating initial public offering (IPO) using the book building method.

The company intends to use the money for purchasing an ocean-going vessel and repay loans, among other purposes.

The company unveiled its future plan of investments alongside presenting the financials at an IPO road show held at a city hotel in the capital on Sunday.

Officials of the company said more than Tk 1.86 billion will used for purchasing a large ship with a capacity of carrying 3,800 tonnes of LPG.

Besides, Tk 467.50 million will be used for loan repayment.

The investors, including merchant banks, asset management companies, stock brokers and dealers, among others, attended the road show.

Company directors Azam J. Chowdhury, Tanjil Chowdhury, Raed W. Abul Nasr Bassatne, Bahaeddine Mohamed Aboul Nasr Bassatne, Richard Verbove, and chief financial officer Aktar Hossain Sannamat, among others, were present at the road show.

Omera is also a subsidiary of MJL Bangladesh with a combined capacity of 100,000 tonnes a year.

In partnership with European energy giant BB Energy, the company has installed an LPG import and storage terminal with a capacity of 3,600 tonnes at Mongla, Bagerhat, according to the company's website.


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