Tung Hai Knitting & Dyeing Ltd IPO Form and Prospectus. Tung Hai Knitting & Dyeing Ltd IPO (Initial Public Offering) Form and Prospectus has approved by BSEC. Bangladesh Securities and Exchange Commission gave a green light to Tung Hai Knitting and Dyeing yesterday to raise Tk 35 crore from the public to float 3.50 crore shares at face value at Tk 10.
Tung Hai Knitting & Dyeing Ltd IPO
The BSEC made the approval in 510th regular commission meeting presided over by its chairman M Khairul Hossain. The BSEC also approved the prospectus of ICB AMCL Converted First Unit Fund that an open-ended fund & initial size is Tk 50 crore converting a close-ended fund, ICB AMCL First Mutual Fund on this Tuesday.
Current there are 32 textile companies are listed on the Dhaka Stock Exchange, accounting for about 5 percent of the total market capitalization. The BSEC cancelled registration of the fund of Tung Hai Knitting & Dyeing Ltd IPO earlier while the asset manager did not file any documents after getting approval in March 2011.
The textile company will propose 3.5 crore ordinary shares worth Tk 10 each to raise the fund to meet working needs capital, purchases machineries and pay the bank term loans. In a statement the commission said AFC Capital and Imperial Capital will control the IPO (Initial Public Offering).
According to the group’s website (www.Tunghaigroup-bd.com) , Tung Hai Knitting and Dyeing is a subsidiary of Tung Hai Group that a leading manufacturer and exporter of knitted sweaters and jerseys. The group’s annual turnover is over $50 million. The regulator approved a Tk 50 crore open-end mutual fund, ICB AMCL Converted First Unit Fund too.
Subscription open : 18 May 2014
Subscription close : 22 May 2014
Subscription close for NRB : 18 May 2014 to 31 May 2014
ICB Asset Management Company is the supervisor of the first of its kind fund will be converted from a closed-end mutual fund to an open-end unit fund. The price of every unit of the fund is Tk 10, which will be reserved for unit holders of ICB AMCL 1st Mutual Fund and sponsors of the fund.
The company’s financial statements for the year ended on 31st December 2012, The earnings per share = Tk 1.15, Net asset value = Tk 13.73 per share and Face value = Tk 10 of Tung Hai Knitting & Dyeing Ltd.
The old regulator proposals to exchange loans into ordinary shares by two listed firms—Paper processing & Packaging and Monospool Paper industrialized Company. Both companies failed to present essential documents for the conversion. The conversion will have to be completed by 20th February 2014.
In another progress, the regulator allowed Asian Tiger Capital Partners Asset Management to submit a complete prospectus of Sandhani Life Growth Fund in three months. BSEC also decided in principle to allow redemption of Padma Islami Life First Mutual Fund. You will get Tung Hai Knitting & Dyeing Ltd IPO result from our website. We will provide you other IPO (Initial Public Offering) approval, information and news at this website. So, keep on with us.