Dhaka, Bangladesh (BBN)- Ananda Shipyard and Slipways Limited has planned to go public by March 2011 to raise money to finance its expansion, its chairman has said.
"We’ve almost finalized offloading of Ananda shares in the capital market. Part of the raised money would be used as working capital," Abdullahel Bari was quoted by the Financial Express (FE), a local newspaper, as saying in an exclusive interview.
"An issue manager has been appointed to look after listing-related issues. We’ve submitted a proposal for listing to the Securities and Exchange Commission (SEC). If we get approval, Ananda may float shares by March, 2011," he added.
Mr. Bari said the company wants to follow in the footsteps of leading Indian ship makers, which have raised hundreds of millions of dollars in the past couple of years from the Mumbai stock exchange to fund their expansion.
The company entered the export market in 2005, a milestone for the company and the country. It was soon joined by Western Marine and Karnaphuli Shipyard - both Chittagong-based private firms.
BBN/SI/AD-27Dec10-11:21 am (BST)