Dhaka, Bangladesh (BBN)– The Dhaka Stock Exchange (DSE) has turned down the listing permission of Mobil Jamuna Lubricants (MJL) and MI Cement Limited under the terms and condition offered by the companies.

The DSE board in a meeting on Thursday took the decision, the board members said.

DSE Senior Vice President Ahsanul Islam Titu said the terms and condition proposed by the MJL and MI Cement authorities appeared to be unlawful. “We have already taken legal opinion over the issue,” he added.

He also said the DSE will soon convey their opinion to the capital market regulator, Securities and Exchange Commission (SEC) in this regard.

MJL and MI Cement, two aspirant companies to be listed with the two bourses of the country had proposed to compensate their primary share holders if the prices fall below offer prices within six months of start of the trading.

Meanwhile, the SEC on Thursday extended the deadline for MJL Bangladesh listing by two more weeks.

The extended time will be counted from the next day of the legitimate deadline of March 31 for listing, according to reports.

MJL and MI Cement already raised money from the investors. MI Cement has floated 30 million shares with face value of BDT 10 per share. Under the book building system, MI Cement authority has raised BDT 101.60 premium per share issued at BDT 111.60 to the investors.

MJL floated 40 million shares with face value of BDT 10 per share. MJL has raised BDT 142.60 premium against per share.

BBN/SI/AD-25Mar11-1:56 am (BST)