Staff Correspondent,
bdnews24.com
Published: 17 Dec 2020 11:07 AM BdST
Updated: 17 Dec 2020 11:32 AM BdST
Best Holdings Limited, the owning company of Le Méridien Dhaka hotel, has attempted to debut on the stock market through a direct listing to raise capital, but people related to the market describe the bid as “fraudulent”. );
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The Dhaka Stock Exchange has backed the private company’s bid to use the alternative route to an initial public offering or IPO. But the problem is that the direct listing privilege is afforded to government firms only.
That Best Holdings can raise funds without the expense of an IPO is based on the argument that some state-owned banks have invested in the firm.
Staff Correspondent,
bdnews24.com
Published: 17 Dec 2020 07:13 PM BdST
Updated: 18 Dec 2020 12:01 PM BdST
The finance ministry has issued a notice directing the authorities not to take any action on the basis of a letter, purportedly signed by Finance Minister AHM Mustafa Kamal, amid a controversy over Best Holdings’ bid for a direct listing. );
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In his letter dated Sept 8, Kamal had recommended an amendment to the rules on the process of direct listing in the capital market relaxing the requirements for the infrastructure development firms.
It also called for the rules for fixing share prices to be relaxed.
The office of the finance minister issued the latest notice on Thursday, halting the implementation of the recommendations of the previous letter until further notice.