Chittagong Stock Exchange yesterday approved the listing of MI Cement as per the directives of the Securities and Exchange Commission although the Dhaka bourse did not give the approval to the company.
Fakhor Uddin Ali Ahmed, CSE president, said, "We approved the listing of MI Cement by following the directives of the SEC. The company's share trading will start on Sunday."
Muktar Hossain Talukder, chief finance officer of MI Cement, said: "The CSE has approved our listing process by following our conditions."
However, Dhaka bourse on Tuesday requested the SEC to ask the company to return the initial public offering money to investors.
Earlier, MI Cement proposed that sponsor directors compensate the investors if its share prices go below the offer price within the first six months of trading.
As per the data available with the Dhaka bourse, earnings per share of the company is Tk 93.87 and net asset value is Tk 37.01 per share as of June 2009.
Source: The Daily Star (May 5, 2011)
