Two firms to raise Tk 25cr through new SME board
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Two companies, namely Krishibid Seed and Annex Suites, are set to raise Tk 25 crore from the stock market through the newly introduced SME board in Dhaka bourse.
Khairul Bashar Abu Taher Mohammed, chief executive officer of MTB Capital, which will be the issue manager for both the companies, expects to submit the documents for listing within July once the annual statements arrive in June.
The entire listing process may be completed by this year.
Dhaka Stock Exchange (DSE) initiated the board last month with a view to letting small and medium-sized companies to raise capital form the stock market.
Krishibid Seed will raise Tk 15 crore at an offer price of Tk 10 each. The seed company will use the capital to set up a research and development unit.
At present, the company produces, processes and markets seeds of cereals and other high value crops.
“To produce more seeds the company needs more research, so, it is going to set an R&D department,” Mohammed said.
Annex Suites is a luxury resort situated at Jaleshwaritola in Bogura. It will raise Tk 10 crore under the fixed price method to renovate their suites.
Some 15-16 companies are also planning to raise funds through the SME board, said KAM Majedur Rahman, managing director of the DSE.
Rahman is hopeful that trade would commence on the SME board within the next five to six months.
Source: https://www.thedailystar.net
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