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The Financial Express

South Bangla Bank's IPO proposal approved

| Updated: May 12, 2021 10:23:42


South Bangla Bank's IPO proposal approved

The securities regulator has approved the IPO (initial public offering) proposal of South Bangla Agriculture & Commerce Bank (SBAC) which will raise Tk 1.0 billion from the capital market.

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

South Bangla Agriculture & Commerce Bank will raise the fund under the fixed price method.

The bank fund will utilise the fund to purchase the government's securities and cater the IPO expense.

As per the financial statement for the year ended on September 30, 2020, the bank's net asset value without revaluation reserve is Tk 13.18 per share and the earnings per share is Tk 0.94.

The bank's weighted average EPS of last five years stood at Tk 1.24.

While approving the IPO proposal, the securities regulator said the bank will not be allowed to recommend, approve or distribute any dividend before its listing with the bourses.

ICB Capital Management is working as the issue manager of the South Bangla Agriculture & Commerce Bank.

At Sunday's meeting, the securities regulator has allowed two brokerage firms of Chittagong Stock Exchange (CSE) to open digital trading booths in Chittagong and Sylhet.

As per the BSEC approval, Kabir Securities will open a digital trading booth at Nazirhat and another one at Khatunganj in Chittagong.

Be Rich Ltd. will open a digital trading booth at north Dhupadighir Par in Sylhet city.

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