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 Debut of RAK Ceramics, UCB normal trading today

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Posts : 105
Join date : 2010-05-27

PostSubject: Debut of RAK Ceramics, UCB normal trading today   Sun Jun 13, 2010 6:24 am

FE Report

The debut trading of RAK Ceramics and the re-entrance of United Commercial Bank Limited (UCBL) with the bourses for normal trading will occur today (Sunday).

RAK Ceramics, a Bangladesh-UAE joint venture, has gone public under book-building method---a modern pricing mechanism--- for Initial Public Offering (IPO).

Public subscription of the RAK opened on April 25 and ended on April 29. The SPO was oversubscribed by 13 times at cut-off price of Tk.48.

RAK offered 34.51 million equity shares under the book-building method. Of this, 20 per cent was subscribed by eligible institutional investors, 10 per cent by mutual funds, 10 per cent by non-resident Bangladeshis and 60 per cent by public.

Bidding for Eligible Institutional Investors (EIIs) was open on March 1-3, and the offer was over subscribed by more than 15 times. Face value of each share is Tk 10 with the indicative price at Tk 40 and its market lot is 200.

The highest bidding price was Tk 48 and the lowest bidding price Tk 40, while the weighted average price and the cut-off price was Tk 48.

RAK's pre-IPO paid-up capital was Tk 1.95 billion. As of December 2009, the company's net asset value was Tk 13.69 per share and the earning per share was Tk 1.83.

On the other hand, following a recent decision of the Securities and Exchange Commission (SEC), the UCBL shares' trading starts today ending its two years of trading on the over-the-counter (OTC) market.

As the bank held its pending annual general meetings (AGMs) on June 7 last, the SEC approved the normal trading of the bank.

The last trade of the UCBL occurred on August 6 of 2008. General shareholders own 52 per cent shares of the bank.

The SEC sent the bank on the OTC market on September 6 of 2009, because of a pending case filed with the Supreme Court (SC).

On April 7 last, the SC cleared the obstacles to arranging AGMs by delivering verdict on the writ petition.
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