The MJL Bangladesh Limited on Tuesday submitted a fresh listing proposal to the Securities and Exchange Commission, mentioning that the company would give 200 per cent cash dividend to its shareholders before listing and compensate from the directors' account of the company if its share prices are traded below the IPO issue price within the six months of listing.
'We have received a proposal from MJL Bangladesh and we will place it in the next commission's meeting,' an SEC official told New Age.
'The company has proposed that to be listed it will give 200 per cent cash dividend to its IPO shareholders. It has also agreed to compensate upto Tk 10 for each shares from the directors' account if the prices of the IPO shares fall below the issue prices within the six months after listing,' he said.
He said, 'The directors of the company have to deposit in a bank account Tk 40 crore to be used for compensation.'
'We have submitted a fresh proposal to the SEC and we are hopeful that the company will get regulator's nod to be listed this time.' MJL Bangladesh chairman Azam J Chowdhury told New Age.
MJL Bangladesh has been facing a listing deadlock after it went for initial public offering with a share price of Tk 152.40 under the controversial and currently suspended book-building method.
The company was trapped between the regulators' face off over its listing issue. The SEC twice extended listing deadline of the company.
Source: New Age
