Ocean Containers makes debut today

FE Report

Share trading of the Ocean Containers Limited (OCL), a leading off-dock provider, will begin today (Thursday) under direct listing regulations in both the bourses-Dhaka Stock Exchange and Chittagong Stock Exchange.

This is the first time a company will make debut in the stock market after price discovered through Book Building Method (BBM) introduced March last year.

The opening price will be at Tk 145, which is a cut-off price of the scrip determined through the BBM. Its face value is Tk 10 and market lot 100 shares.

"Trading of the scrip will begin today in demat (electronic) form through normal trading and settlement system under the 'N' category. There will be no price limit on the scrip applicable for the first five trading days," said CSE in a press release Wednesday.

The company floated 50 per cent or 11.90 million shares out of its total 23.80 million shares.

It will have to offer for sale at least 5.95 million shares or 25 percent out of total offloaded shares within 30 trading days as per direct listing regulations.

It has already sold 10 percent or 1.19 million shares out of aforesaid 25 percent shares to the eligible institutional investors (EIIs) through book building bidding that held from 22nd to 24th February 2010.

Shares allotted for the EIIs will be locked in for 15 trading days from the first trading day as per regulation.

To offload the above shares the company has appointed three stockbrokers -- ICB Securities Trading Company, Alliance Securities and Management Ltd and Platinum Securities.