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Stocks high on positive Moody's rating
Star Business Report
Turnover on the Dhaka Stock Exchange hit 14-month high yesterday, as investors injected fresh funds anticipating a bull-run in the market.
Turnover stood atTk 1,288 crore, a 18.23 percent rise compared to the previous day.
It was the highest for the premier bourse since July 31,2011, when it stood to Tk 1,341 crore.
DGEN, the benchmark General Index of Dhaka Stock Exchange, finished the day at 4,678 points,
SEC to file criminal case against RN Spinning
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The company eventually managed to sell Tk 180 crore worth of rights shares.
A rights issue is an issue of additional shares by a listed company to raise capital from existing shareholders. With the issued rights, the existing shareholders have the privilege to buy a specified number of new shares from the firm at a particular price within a specified time.
A rights issue is in contrast to an initial public offering, where shares are issued to the general public through market exchanges.
The SEC in June launched a probe into the delay in crediting the rights shares by the company.
RN Spinning undertook a rights issue this year which closed on March 13, but it did not credit the rights shares to the beneficiary owners' accounts within the stipulated time.
At yesterday's meeting, the SEC also approved rights offer of Islamic Finance and Investment, which will raise Tk 25.42 crore from existing shareholders through 2.54 crore rights shares ofTk 10 each.
The company will offer one rights share against three existing shares.
AAA Consultants and Financial Advisers is the issue manager for Islamic Finance's rights issue.
The SEC also gave a go-ahead to Mymco Jute Mills (Composite) Ltd, a non-listed firm, to increase its paid-up capital toTk33.07 crore fromTk 13.07 crore now.
The company will issue two crore ordinary shares of
Stock regulator to take action against 12 big investors
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According to the investigation report, all the 10 big players, from political leaders to general investors, took credit or margin facilities against high-priced and non-marginable securities from merchant banks.
Since the opening of their accounts, they took out around Tk 450 crore from the market till June 15 last year, the probe report said.
Even after the withdrawal of Tk 450 crore, they had a deposit of around Tk 250 crore in their 19 accounts up to June 15 last year. But, their total investment was around Tk 350 crore, which brought them a gain of around Tk 350 crore.
Although the merchant banks were not allowed to provide credit against high-priced and non-marginable securities, these big investors managed to take the loans in absence of a proper loan management system at the merchant banks.
The merchant banks in written explanations to the SEC said that they had weaknesses in the margin loan management system.
An omnibus account is a specific kind of stockholding account that involves multiple investors. In an omnibus account, the account manager holds investments of various clients in one account, which he or she trades on behalf of the client base.
In an omnibus account, there are hundreds or even thousands of investors, and a merchant bank acts as a portfolio manager of the accounts and deals with share transaction with only one benefi-
BB warns U banks against higher spread
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But even after that the bank continued offering higher interest.
The BB report said, due to the higher rates of interest, credit flow into small and medium enterprises is being hindered.
Some weak banks are hampering the healthy competition in the banking sector, said the managing director of a private commercial bank.
These banks resort to various ill practices to attract depositors, the official said, requesting not to be named. "As a result, other banks have to increase their rate of interest as well."
Another official of a private bank said, if the rate of interest on deposit could be kept low, the rate of interest on credit will also remain low and in turn the spread will come down.
He said the central bank should strengthen monitoring so that banks do not go for any unhealthy competition.