Dhaka, Bangladesh (BBN)- Share trading of Far East Knitting and Dyeing Industries Ltd (FEKDIL) will commence at the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) from August 28 (Thursday) under ‘N’ category, officials said.
Far East Knitting and Dyeing is the 34th listed company under the ‘textile’ sector in the Dhaka bourse while it is the 30th listed firm in the CSE under the ‘textile & clothing’ sector.
The company’s IPO subscription was held on June 15 to June 19 for resident Bangladeshis while it was continued till June 28 for Non-resident Bangladeshis. A market lot is 200 shares.
The company received around 6 times higher IPO subscription against its demand offer. IPO lottery was held on July 17, this year.
Using the fixed price method, the company offloaded 25 million ordinary shares at an offer price of BDT 27, including a premium of BDT 17 for each share and raised BDT 675 million.
The funds that collected from the capital market through IPO will be used for the purpose of BMRE (balancing, modernisation, rehabilitation and expansion) and repayment of term loans.
According to the financial statement of the company for the year ended on June 30, 2013 and audited financial statement of previous five years, the company’s weighted average earning per share (EPS) and the re-valued net asset value (NAV) are of BDT 3.28 and BDT 19.08 respectively.
The IDLC Investments Limited has acted as the issue manager of Far East Knitting and Dyeing IPO.
The stock market regulator – Bangladesh Securities and Exchange Commission (BSEC) approved the initial public offering (IPO) of the company on March 25, this year.
BBN/SSR/AD-25Aug14-8:44 pm (BST)
