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Summit Power set to make DSE debut on Nov 15
FE Report
11/9/2005
Trading of the shares of Summit Power Ltd begins on the Dhaka Stock Exchange (DSE) on November 15.
The listing sub-committee of DSE in a meeting Tuesday recommended trading of the company shares from the middle of this month.
"We fixed the date considering the possible restriction of general people's movement because of the toughest security measures taken on the occasion of the ensuing SAARC Summit scheduled for November 12 and 13," one DSE source told the FE.
The next board meeting of the DSE will formally approve the listing of the company.
Summit Power Ltd is the lone power company in the private sector which floated shares for public subscription which ended on August 31.
Summit will be the 245th listed company on the DSE.
The lottery draw for allotment of shares of the company was held on October 3 at the Bangladesh-China Friendship Conference Centre in the city.
A total of 289,508 applicants had applied for 40,000 lots, each worth Tk 7,000 including a premium of Tk 2,000. There were 2.0 million ordinary shares worth Tk 280 million up for grab. Each share was worth Tk 140 including a premium of Tk 40 per share.
This witnessed one of the highest numbers of applications and one of the highest amounts of subscriptions, totalling Tk 2.390 billion after introduction of the compulsory use of Beneficiary Owners' account.
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