Stocks
BSEC Declines Islam Oxygen’s IPO Application
The initial public offering (IPO) application of Islamic Oxygen Limited, seeking to be listed on the stock market through the primary public offering, has been rejected by the Bangladesh Securities and Exchange Commission (BSEC). The institution’s application was canceled by the regulatory authority due to the involvement of controversial figure Kazi Saifur, who had multiple previous convictions by the BSEC for various offenses. Moreover, Kazi Saifur had also been banned from the stock market for an extended period of time.
On Thursday, June 1, the Managing Director and spokesperson of the Bangladesh Securities and Exchange Commission (BSEC), Mohammad Rezaul Karim, confirmed the cancellation of the IPO application of Islam Oxygen Limited. It had been pending for a considerable period. However, the company has showcased its financial stability by demonstrating substantial assets. Nevertheless, the company failed to provide evidence of sales. In addition, there is an ongoing writ petition in the High Court regarding the value-added tax (VAT) exemption by the National Board of Revenue (NBR). Considering these factors, the IPO application of the company has been revoked.
Kazi Saifur, who had previously been involved in facilitating the listing of several weak companies in the stock market, was working as a pathway to bring Islam Oxygen into the share market. He particularly assisted these companies in preparing fabricated financial statements for listing.
Notably, Islam Oxygen Limited had sought to raise Tk 93 crore through the book-building method from the stock market. The company held its roadshow on October 25, 2021. Janata Capital and Investment Limited was responsible for managing the issue, while Sonali Investment Limited acted as the registrar to the issue. However, indirectly, the primary responsibility of the issue management was carried out by the controversial Shahjalal Equity Management. This same institution had already listed several weak companies in the stock market by providing fabricated financial statements. Furthermore, Kazi Saifur Rahman, a controversial figure in the stock market, is also associated with the ownership of Shahjalal Equity Management.
Dhaka Stock Exchange DSE, Bourse on the last working day of the week, September 27, ended with price Index mixed & turnover drops. This information is known from DSE sources.
422 crores 30 lakh shares were traded on this day. 27 crore 71 lakh less trading was done in DSE today compared to the previous workday, 26 September, Shares worth Tk 450 crores 1 lakh shares were traded last time, Tuesday.
The benchmark DSEX added 0.83 points or 6,284 The Shariah-based index DSES lost 0.03 points or 1,359, and the blue-chip index DS30 increased by 1.85 points or 2,140.
Of the issues traded, 70 advanced, 78 declined and 154 remained unchanged.
Apex Foods Limited ranked top gainer on DSE, the share price increased by Tk 34.30 paisa or 8.73 percent. On this day, the share was last traded at Tk 427.10 paisa
Miracle Industries Ltd ranked top loser on the DSE, the share price dropped by Tk 3.00 paisa or 6.06 percent. On this day, the share was last traded at Tk 46.50 paisa.
DSE topped on trade is City General Insurance Company Ltd 42 crore 46 lakh takas of shares of the company have been traded.
A total of 63 companies’ shares were traded in the Block on Dhaka Stock Exchange, 95 lakh 91 thousand 220 shares of the companies were traded. The financial value of which is 43 crore 86 lakh taka.
One of the Listed Companies, Bay Leasing & Investment Limited has recommended no Dividend for the year ended June 30, 2023.
In terms of financial performance, the company has reported Consolidated Earnings Per Share (EPS) loss of Tk. 5.88 for the year ending June 30, 2023. Consolidated Net Asset Value (NAV) per share stands at Tk. 11.93.
The Annual General Meeting (AGM) of the company will be held on November 30 through the digital platform. The record date for this has been fixed at October 18.
One of the Listed Companies, eGeneration Limited has recommended 10% cash Dividend for the year ended June 30, 2023.
In terms of financial performance, the company has reported an Earnings Per Share (EPS) of Tk. 1.45 for the year ending June 30, 2023. The Net Asset Value (NAV) per share stands at Tk. 22.50.
The Annual General Meeting (AGM) of the company will be held on December 26 through the digital platform. The record date for this has been fixed at November 8.
