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12 June, 2013 06:00 AM Source: Dhaka Stock Exchange
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The securities regulator Tuesday approved initial public offering (IPO) prospectus of Bangladesh Building System Ltd, which will raise Tk 140 million from public. The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) with its Chairman M Khairul Hossain in the chair. Using a fixed-price method, Bangladesh Building System will float 14 million ordinary shares of Tk 10 each without premium, the BSEC said in a statement. The company will use the IPO proceeds to repay its bank loans and IPO expenses. The company's earnings per share is Tk 2.58 and Net Asset value (NAV) is Tk 13.07, according to its 30 June, 2012 financial statements. Janata Capital and Investments Ltd, merchant banking wing of state-owned Janata Bank is the issue manager of Bangladesh Building System's IPO. According to the Bangladesh Building System website, it launched commercial operation in 2005 and now has the capacity of producing 15,000 tonnes steel building products with an installation of 4.0 million square feet floor a year. The BBS's factory located in Gazipur is involved in manufacturing of pre-engineered steel buildings in Bangladesh to meet growing demand, especially in the industrial sector.

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