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Apparel maker Tosrifa wins approval for IPO

Dhaka bourse to hold first AGM today after demutualisation

Star Business Report
Bangladesh Securities and Exchange Commission yesterday gave a green light to apparel maker Tosrifa Industries to raiseTk 63.87 crore from the public.
The company is set to float 2.46 crore ordinary shares worth Tk 10 each forTk 26, withTk 16 as premium, the stockmarket regulator said in a statement.
Tosrifa, a flagship of Northern Tosrifa Group, will use the funds from the initial public offering for its ongoing expansion project.
The company’s earnings per share (EPS) as of December 2013 stood atTk 2.49 with a net asset value per share ofTk 34.41.
IDLC Investments is the issue manager forthe IPO.
Presently, 38 textile companies are listed on Dhaka Stock Exchange that accounts for around 5 percent of the premier bourse's total market capitalisation.
In another development, the BSEC rejected a proposal by Paper Processing and Packaging, a non-listed firm, to raise its paid-up capital by issuing shares to nonshareholders.
At yesterday's meeting, the regulator also fined Joytun Securities Tk 10 lakh for violating rules.
In addition, BSEC warned BLI Capital, another stockbroker, for breaching securities rules.
Meanwhile, the DSE will hold its first annual general meeting after demutualisation at Radisson Blu Water Garden Hotel in Dhaka today.
The bourse was demutualised in November 2013 to bring more transparency and accountability into the capital market.
At the 53rd AGM, the bourse will not propose any dividend for its shareholders for the first financial year after demutualisation, in a move to improve its financial strength and make the bourse's shares more attractive for prospective strategic and institutional investors.
The DSE's net income wasTk 133.95 crore with an EPS ofTk0.74, against Tk 115.51 crore and Tk 0.64 a year ago. Most of the income was generated from interest on fixed deposits, rather than the bourse's core business.
Its net asset value per share stood at Tk 10.93 at the end of June 2014, up from Tk 10.19 a year ago.
As per the demutualisation scheme, 60 percent shares of the bourse have been kept in a block account for strategic and institutional investors and the general public. The rest 40 percent was allotted to existing shareholders.
After demutualisation, which converted the bourse from a mutual organisation to a corporate entity owned by shareholders, the DSE's paid-up capital stood atTk 180.38 crore.