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CSE defers Nitol Ins trading
FE Report
11/21/2005
The Chittagong Stock Exchange (CSE) has deferred the trading of Nitol Insurance on the bourse at the verbal request of the Securities and Exchange Commission (SEC).
Market sources said the debut trading of the company shares will be held December 1 which was earlier scheduled for Sunday on the CSE.
"We asked the CSE to defer the trading on request from Nitol Insurance as the country's main bourse Dhaka Stock Exchange (DSE) is yet to enlist the company," one SEC source told the FE.
The source further said that Nitol was optimistic about the listing of the company shares on the DSE within a few days so that trading of the company could take place simultaneously on both the bourses.
Nitol's primary offer was oversubscribed by 2.75 times during the subscription period, which ended on July 28. The company offered a total of 900,000 shares with the face-value of Tk 100 each.
The earning per share (EPS) of the company as per prospectus was Tk 12.32 while the net asset value was Tk 134.
Nitol's prospectus said the IPO (Initial Public Offering) money would be invested in procuring assets, shares and in term deposits with different banks. It also planned to purchase suitable lands and set up joint venture hospitals.
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