Dhaka, Bangladesh (BBN)-Bangladesh securities regulator on Wednesday approved the proposal of raising capital worth above BDT 4.0 billion through private placement by the United Airways (BD).
The approval came at a meeting of Bangladesh Securities and Exchange Commission (BSEC) held at the BSEC office chaired by its chairman Prof. M Khairul Hossain.
According to the BSEC approval, the United Airways (BD) would raise a fund worth above BDT 4.0 million for the purpose of purchasing new aircraft and repayment of liabilities.
The company will raise the fund by issuing shares to, other than existing shareholders, the Swift Air Cargo Pte Limited, Phoenix Aircraft Leasing Pte Limited and TAC Aviation Limited.
ICB Capital Management is working as the issue manager of United Airways (BD).
At Wednesday’s meeting, the Bangladesh securities regulator also slapped a financial penalty of BDT 3.0 million on Abul Kalam Yazdani, chief executive officer (CEO) of the Prime Islami Securities, for his alleged involvement in manipulating the share price of Shahjibazar Power Company.
The securities regulator fined the CEO of Prime Islami Securities after conducting an investigation over the abnormal price hike of the shares of Shahjibazar Power Company.
According to the BSEC, Yazdani breached Section 18 of the Securities and Exchange Ordinance, 1969 by providing false information about his own portfolio.
“Yazdani involved different quarters directly and indirectly in purchasing the shares of Shahjibazar Power Company. As a result, an artificial demand and shortage of tradable shares were created and the share price increased,” said the securities regulator in a statment.
Yazdani also the stock broker, stock dealer and authorised representative broke rules, 2000 by getting involved with the share price manipulation of the Shahjibazar Power Company.