Dhaka, Bangladesh (BBN)- Navana CNG Ltd, a sister concern of Navana Group Monday submitted its application to the Dhaka Stock Exchange (DSE) for being listed under the Direct Listing Regulations.

The company proposed to raise BDT 180 million under the direct listing regulations in the country’s stock market. Its existing paid up capital is BDT 300 million, proposed face value BDT 10 each, earning per share BDT 8 and net asset value BDT 12.

As per the process, the DSE listing committee will scrutinize the documents and send to the DSE board for approval, DSE officials said.

Earlier, Aftab Automobiles, another concern of the Group, in its Board of Directors meeting, decided that it will invest in Navana CNG Limited for acquisition of 4.5 million shares of BDT 10 each (i.e. 15 per cent of total holding) at face value from Shafiul Islam, the Chairman, Navana CNG Limited.

Share price of the engineering company, listed in 1987, started surging from mid-January on the rumour that Navana CNG Ltd will be listed directly on the stock exchanges.

Navana CNG Ltd is one of the leading CNG service providers in the country.

BBN/SS/SI/AD-26May09-2:05 am (BST)