BSEC approves UFS Progati Life Unit Fund IPO

Dhaka,  Sun,  11 December 2016
Published : 18 Oct 2016, 21:40:12

BSEC approves UFS Progati Life Unit Fund IPO

FE Report


The securities regulator has approved the draft prospectus of UFS Progati Life Unit Fund which will be floated with an initial size of Tk 100 million.

The approval came at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC) Tuesday.

At Tuesday's meeting, the securities' regulator has also decided to issue warning letter to Safko Spinning Mills and its auditor for submitting 'inconsistent' information with the proposal of rights offer.

As per the draft prospectus, the face value of the units of UFS Progati Life Unit Fund will be Tk 10 each. Of Tk 100 million, the sponsors will contribute Tk 10 million and remaining Tk 90 million will be collected through sales of units.

Universal Financial Solutions will work as sponsor and fund manager of the UFS Progati Life Unit Fund. Bangladesh General Insurance is the trustee, whereas the BRAC Bank is the custodian of the UFS Progati Life Unit Fund.

According to BSEC officials, the Safko Spinning Mill earlier sought the regulatory approval to the proposal of rights offer.

"The regulator found inconsistent information in cash flow statement submitted with the proposal of rights offer," the BSEC officials said.

According to them, the Safko Spinning Mills breached the rights issue rules by submitting 'inconsistent' information.

"That's why, the securities' regulator has decided to issue to warning letter to the company and its auditor Malek Siddiqui Wali," the BSEC officials said.

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