Mostafa Metal starts trading

Mostafa Metal Industries, which has completed the qualified investor offer (QIO) process, started trading on the SME platform on Sunday.

According to the Dhaka Stock Exchange (DSE), the company’s share trading ended at Tk 12 on the first day.

Mostafa Metal’s trading code on the DSE is: “MOSTFAMETL” and the company code is: 73002.

At the 780th meeting on June 30, the Bangladesh Securities and Exchange Commission (BSEC) approved Mostafa Metal Industries to raise funds through QIO by small capital companies.

Mostafa Metal Industries raised Tk 11 crore through QIO by issuing 1 crore 10 lakh shares at the rate of Tk 10 each. The money raised by the company will be spent on bank loan repayment, working capital and issue management costs.

According to the company’s financial report for the year ended on December 30, 2020, the earnings per share (EPS) stood at Tk 0.76 and the net asset value (NAVPS) without revaluation reserves stood at Tk 10.90.

The issuing company will not be able to issue any bonus shares for the next three years from the date of transaction on the SME platform.

NBL Capital and Equity Management and Swadesh Investment Management were in-charge of issue management of the company respectively.