Dhaka, Bangladesh (BBN) – Far East Knitting & Dyeing Industries Limited, an export oriented garments company, will offload shares in the capital market under book building system.
Asif Moyeen, managing director of Fareast Knitting, said major portion of the proceeds from the capital market would be spent on establishing a spinning mill.
“The mill’s capacity will be 26000 spindles. We aim to go into production by 2012,” he told a road-show in Dhaka, organized to determine the indicative share price.
The rest of the money will be utilized to expand the current project and meet the liabilities, he added.
The face value of each share of Far East Kinitting has been fixed at BDT 10 and proposed premium at BDT 40. The company will offload 30 million ordinary shares to raise BDT 1.50 billion.
The paid up capital of the company is BDT 64 million. It got approval from the SEC (Securities and Exchange Commission) to offload share under book building system in December.
IDLC Finance is acting as the issue manger for the IPO.
BBN/SI/SSR-18Jan11-12:05 pm (BST)
