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DSE’s new policy to prevent GP from listing

Sarwar A Chowdhury
The Dhaka Stock Exchange (DSE) yesterday decided not to list any securities with a face value of Tk 1. a decision that will prevent Grameenphone's listing with the stock exchange.
The prospectus of Grameenphone's $65 million (Tk 449 crore) initial public offering (IPO) is awaiting the Securities and Exchange Commission (SEO approval. The face value of each of Grameenphone's share has been fixed at Tk 1, excluding premium.
Experts anticipate that such a decision will discourage other large companies, which are waiting to see the outcome of Grameenphone's listing, to come to the market
"The unrealistic decision will not be helpful for the market. Salahuddin Ahmed Khan, professor of finance department of Dhaka University, told The Daily Star yesterday.
He said if the listing of Grameenphone is delayed or it does not happen at all, big companies including multinational ones will think twice before entering the stock market.
DSE President Rakibur Rahman after a board meeting told journalists, "From now on we will discourage those companies' listings whose shares have a face value of Tk 1. The minimum face value of a share will have to be Tk 10 to get listed on the stock exchange."
The listing rules will be amended to implement the decision made by the DSE board, Rakibur said.
Citing the example of AIMS First Mutual Fund with shares having a face value of Tk 1, he pointed out that retail investors
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often evaluate a Tk-1 share wrongly as they are used to dealing with shares with face value ofTk 10 and Tk 100.
"The wrong judgement of investors creates market volatility," the DSE president said.
Based on AIMS, which is ‘^e only one that has securities with face value of Tk 1, it cannot be said Tk 1 shares create market volatility.
Asked why the DSE made such a decision when the largest mobile phone operator is waiting for the SEC nod, Rakibur said, "Considering investors' interest and to avoid market volatility, we decided not to encourage any securities with a face value of Tkl."
Asked about an allegation that many of the DSE board members are acting out of grudge as they did not get Grameenphone shares in pre-IPO placement, Rahman said, "We are not acting against Grameenphone."
Meanwhile, Grameenphone officials said they have no official comment on the issue. "We will wait for feedback from the SBC," a senior Grameenphone official told
The Daily Star.
Ifty Islam, managing partner of Asian Tiger Capital Partners, in a column published in The Daily Star on March 5 said a delay to the Grameenphone issue will almost certainly send a negative signal to international investors about Bangladesh's commitment to develop its capital market. "The risk is that they focus on other frontier markets in Asia such as Vietnam and Cambodia."
Even though Grameenphone finalised its plan to raise $300 million (Tk 2,058 crore)--$150 million from the stock market and the rest through private placement or pre-IPO--in July 2008, the company cut its planned IPO to $125 million -$65 million from the stock market and the rest $60 million through private placement.
The Gramecnphonc's $60 million pre-IPO has already been settled with a huge response from the local market.
It had three times the pre-IPO placement offer as it got a strong support from more than 50 local institutional investors.