Global Heavy gets green light for IPO

The Securities and Exchange Commission yesterday approved the IPO prospectus of Global Heavy Chemicals Ltd, which will raise Tk 24 crore from public.

The approval to the initial public offering (IPO) of the sister concern of Opsonin Group came at a meeting presided over by SEC Chairman M Khairul Hossain.

Global Heavy will float 1.2 crore ordinary shares of Tk 10 at an offer price of Tk 20 each, including Tk 10 as premium, the SEC said in a statement.

As per the latest financial report, earnings per share of the company are Tk 3.71. BMSL Investment Ltd and AFC Capital Ltd are the issue managers of the IPO.

At yesterday’s meeting, the SEC also gave a go-ahead to Fiber @ Homes Ltd, Infrastructure Development Company Ltd (Idcol) and National Feed Mill Ltd, the non-listed firms, to increase their paid-up capital.

Fiber @ Homes will raise its paid-up capital to Tk 64.50 crore from existing Tk 44 crore through issuing 2.05 lakh ordinary shares of Tk 10 each.

Idcol will issue 33 lakh ordinary shares of Tk 100 each to raise its paid-up capital to Tk 120 crore from Tk 87 crore now.

National Feed will raise its paid-up capital by Tk 15 crore through giving stock dividends to existing shareholders and issuing new shares to others.

The company will give 20 percent stock dividends, or 50 lakh shares of Tk 10 each, to the existing shareholders, while it will issue one crore ordinary shares of Tk 10 each to others than existing shareholders.

The SEC also warned Swadesh Investment Management Ltd, an issue manager and underwriter, for making delays to subscribe the undersubscribed portion of the rights issue of Saiham Textile Mills.

Source: The Daily Star, September 27, 2012