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Two firms get nod to raise Tk 19cr

Star Business Report
The stock market regulator yesterday approved the initial public offering (IPO) prospectus of two companies, Summit Alliance Port and Takaful Island Insurance, to raise a total of Tk 19 crore from the stockmarket.
Summit Alliance will raise Tk 10 crore from the public to fund its expansion, while Takaful Insurance will raise Tk 9 crore to meet the regulatory requirements.
The approvals came at a meeting of the Securities and Exchange Commission (SEC)
in Dhaka, presided over by its chairman, Faruq Ahmad Siddiqi.
SEC executive director, Farhad Ahmed said Summit Alliance is the first inland container depot to be listed on die stock exchange by floating 10 Iakh shares ofTk 100 each
The money raised will be invested on infrastructure, which includes land development and building warehouses and sheds.
As at December 2007, the net profit of the off-dock service provider was Tk 8.27 crore and the net asset value (NAV) wasatTk 170.66.
Diluted earnings per share (EPS) of the company, which is a joint venture of the Summit Group and Alliance Holdings, isTk29.54.
The company commenced operations in February 2007 and as of now; the current paid up capital of the company is Tk 40 crore while die authorised capital isTk 100 crore
Credit Rating Information and Services Ltd (CRISL) rated the company as ’A-’ in die long term and ’ST-3' in short term and the Alliance Finance Services Ltd was the issue manager for Summit Alliance's IPO.
Takaful Island Insurance will
float 9 lakh ordinary shares of Tk 100 each to raise a total ofTk 9 crore, the SEC executive director said.
As at December 2007, the net profit of the insurance company stood at Tk 1.5 crore, the EPS was Tk 25.09 and the NAVwasTk40.34.
The existing paid up capital of the company isTk 6 crore.
Credit Rating Agency of Bangladesh (CRAB) rated the company as BBT in the long term and 'ST-4' in the short term, while Prime Finance and Investment Ltd was the issue manager for Takaful Insurance's IPO.