Dhaka, Bangladesh (BBN)- Western Marine Shipyard Limited (WMSL) has got the listing approval from the Dhaka Stock Exchange (DSE), taking the way to make its debut on the premier bourse.
The approval came at a DSE board meeting held on Monday at the DSE board room chaired by its Chairman Justice Siddiqur Rahman Miah.
Trading date of Western Marine Shipyard will be announced soon, said a DSE official. “We will fix the trading date after transferring shares to respective beneficiary owners’ (BO) accounts,” he said.
The public subscription of Western Marine Shipyard, a sister concern of Western Marine Group, was held between August 10 to August 14 for resident Bangladeshis and August 23 for non-resident Bangladeshis.
Using fixed price method, the company floated 45 million ordinary shares at an offer price of BDT 35, including a premium of BDT 25 and raised a fund worth BDT 1,575 million from the public.
A market lot is 100 shares. After completion of all procedures, Western Marine Shipyard will be the 28th company under the ‘Engineering’ sector in the Dhaka bourse.
The fund raised through IPO will be used for loan repayment 82.64 percent, infrastructure development 15.87 percent and expenses of IPO proceedings 1.49 percent, according to company’s IPO prospectus.
The company’s earnings per share (EPS) and net asset value (NAV) per share were BDT 3.87 (weighted average) and BDT 40.27 in accordance with the financial statement for the year ended on June 30, 2013.
Prime Finance Capital Management Ltd, ICB Capital Management Ltd, and EC Securities Ltd jointly managed the Western Marine Shipyard’s IPO.
According to the company’s website, Western Marine Shipyard builds Ocean going multi purpose vessel, passenger vessel and boat, oil tanker, fishing trawler, Dredger, Ro-Ro Ferry, Pontoon etc.
The stock market regulator — Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the company on June 3, this year.
BBN/SSR/BB-22Oct14-12:19 pm (BST)
