FE Report

The RAK Ceramics, a United Arab Emirates-based company, is keen to go public to raise Tk 300 million under the newly introduced book building method.

The manufacturing company evinced the interest at a meeting between the Dhaka Stock Exchange (DSE) president Md Rakibur Rahman and the RAK managing director Ekramuzzaman on Thursday.

Commencing commercial operation in 2001 in Bangladesh, currently the company's paid up capital is Tk 650 million.

The local entrepreneurs owned 10 per cent stake and the rest 90 per cent by the foreign entrepreneurs of the company. After floating shares the local investor's stake is expected to rise to 20 per cent.

The RAK Group controls 80 per cent of the sanitary and 35 per cent of ceramic markets in the country.

DSE senior vice-president Saiful Islam, vice president Shakil Rizvi, directors and chief executive officer AFM Shariful Islam were present at the meeting.

Meanwhile, DSE and Chittagong Stock Exchange (CSE) held a meeting at the DSE boardroom on the day to discuss ways and means to develop the stock market.

The meeting demanded avoidance of double taxation and reducing the trading charge imposed by the Central Depository Bangladesh Ltd (CDBL).

CSE president Nasiruddin Ahmed Chowdhury was in the chair.