Bangladesh Securities and Exchange Commission on Wednesday approved the initial public offering of Fareast Finance and Investment Limited to raise Tk 45 crore
with each share being priced at Tk 10.
The BSEC decision came at a regular meeting on the day presided over by its chairman M Khairul Hossain.
Fareast Finance will float 4.5 crore ordinary shares under the fixed price method for strengthening the company’s capital base and liquidity condition.
According to the audited financial statement of the company, as of June 30, 2011, the net asset value per share was Tk 15.06 while the earning per share was Tk 1.04.
In the same meeting, the BSEC fined Petro Synthetic Products Limited and Saleh Carpet Mills Limited Tk 1 lakh each for their failure to submit the audited financial statement on time.
-With New Age input
