One of the listed new companies listed in the capital market Islami Commercial Insurance could not start trading due to a mistake of the Dhaka Stock Exchange (DSE). Islami Commercial Insurance was traded on CSE on Wednesday (December 14) but not on DSE. For that reason, the new date has been fixed on December 18.
In this regard, it has been said on behalf of DSE, “Due to unavoidable reasons, the share trading of Islami Commercial Insurance Company will start on December 18 instead of December 14.”
In the tumultuous capital market, the shares of the company raised in the IPO were not traded at the scheduled time amid a series of mistakes by DSE.
Sources responded the trades could not be started due to an error in the company’s trading code. Due to this the trade time has been changed and fixed on December 18.
When asked, a senior DSE official told Orthosongbad that the trade could not be started due to a mistake in the trading code. A new date has been set. The trade will start from next Sunday. But IT people can tell what kind of mistake has happened.
DSE Chief Regulatory Officer (CRO) Khairul Bashar phoned Abu Taher Mohammad’s several times to inquire about this, but he did not answered. At the same time, he texts but did not get any response either.
Prior on October 24 and October 30 this year, due to technical errors, transactions were not possible at the scheduled time in DSE. In this incident, Chief Technology Officer (CTO) Ziaul Karim was sent on compulsory leave by the regulatory agency BSEC.
The company’s IPO was approved in the 838th meeting of the Bangladesh Securities and Exchange Commission (BSEC) on September 15. (N) Category Islami Commercial Insurance’s trading code on DSE will be ICICL, and its company code is 25756. The company sent the shares allotted in the IPO to the applicants as Beneficiary Owners (BOs) on December 13. Applications for the company’s IPO were accepted from November 20 to November 24.
The general insurance sector company issued 2 crore 2 lakh 61 thousand 106 shares at the price of 10 taka each to raise 20 crore 26 lakh 11 thousand 60 taka from the sharemarket.
As per the last published audited financial statement for the financial year ended December 31, 2021, the company’s earnings per share (EPS) stood at Tk 1.82 paisa.
During this period the net asset value per share (NAVPS) including revaluation stands at Tk 20.96 paisa. And excluding revaluation, it is 17 taka 48 paisa.
ICB Capital Management, Prime Finance Capital Management and EC Securities Limited are acting as IPO issue managers of the company. Islam Aftab Kamrul & Company is acting as an auditor.
