FE Report

Navana CNG Ltd has initiated steps to make direct listing of its shares with Dhaka Stock Exchange Ltd and Chittagong Stock Exchange Ltd.

"The company has fulfilled all conditions for such listing under the DSE/CSE Direct Listing Regulations and is expected to submit applications to the bourses within May 15 next, said a DSE source.

Navana CNG and Aftab Automobiles are sister concerns of Navana Group.

Aftab Automobiles has informed that in a meeting of the Board of Directors it has been decided that the company will invest in Navana CNG Limited for acquisition of 45,00,000 shares of Tk. 10 each (i.e. 15% of total holding) at face value from Mr. Shafiul Islam, the Chairman, Navana CNG Limited.

Per share price of Aftab Automobiles in recent months streaked to Tk 1269.25 from below Tk 300 amid the rumour that Navana CNG will go public.

Aftab Auto got listed on DSE in 1987 with the face value of Tk 100 per share.

The company now has 2319570 shares in the market with the paid-up capital of Tk 232 million.

The company earned Tk 57.42 million as net profit in the year ended December 31,2008.