Dhaka, Bangladesh (BBN) – The Securities and Exchange Commission (SEC) has approved the proposal of rights offering of Lafarge Surma Cement which will issue one right share against one existing share, officials said.

The approval came at a commission meeting held at its office in Dhaka on Thursday with its Chairman Professor M Khairul Hossain in the chair.

Lafarge Surma has got the regulatory approval of issuing more than 58 million right shares at an offer price of BDT 100, without taking any premium, SEC Executive Director Mohammad Saifur Rahman said.

BRAC EPL has been appointed the issue manager of the company’s rights offer.

The share percentage of the company was distributed as per sponsor/director 58.87 per cent, institutions 5.77 percent, foreign 13.91 percent, and public 21.45 percent.

BBN/SSR/AD-09Sept11-3:08 am (BST)