Ashuganj Power Station Co’s bond subscription deadline extended

Staff Correspondent | Published: 00:00, Oct 18,2019


The Bangladesh Securities and Exchange Commission on Thursday extended the deadline for subscription of Ashuganj Power Station Company Limited’s bonds till November 18 after the company failed to meet the minimum subscription requirement within the October 6 deadline.

The commission, in a meeting held on the day, exempted the state owned company from three related sections in public issue rules as the company failed to raise 65 per cent of the Tk 100-crore bonds through initial public offerings.

The timeline for subscription of the company’s bonds was set between September 23 and October 6 but the company failed to sell bonds worth Tk 35 crore during the period.

The commission meeting, headed by BSEC chairman M Khairul Hossain, extended the time for selling the unsubscribed bonds till November 18.

Earlier on July 2, the commission allowed the company to raise Tk 100 crore through issuance of two lakh non-convertible bonds in an initial public offering.

The face value of each unit of the bond has been set at Tk 5,000 and the bond will be fully redeemable in seven years.

The regulator also decided at the meeting to publish a list of chartered accountants of audit firms from the auditors’ panel. As per the decision, only listed accountants will be able to audit financial reports of listed companies.

The decision also bars practicing chartered accountants from auditing financial accounts of listed companies and IPO applicants.  

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