Doer Services loses approval to raise Tk5cr from stock market
Staff Reporter :
The Bangladesh Securities and Exchange Commission (BSEC) has suspended the Qualified Investor Offer (QIO) of Doer Services PLC an IT company to allow it to get funds from the stock market.
The BSEC took the decision at its 939th commission meeting, citing concerns requiring further investigation, According to a press release signed by BSEC’s Executive Director and Spokesperson Mohammad Rezaul Karim.
According to the press release, the move follows allegations of irregularities involving the company.
On December 5, 2024, the company was initially given a letter of consent to proceed with the share issuance.
But BSEC has now decided to suspend this approval and has formed an investigation committee comprising officials from both BSEC and the Dhaka Stock Exchange (DSE) to scrutinise the allegations against the company.
Doer Services had applied to the commission in April last year for approval to raise funds from the market.
Later, the BSEC led by Shibli Rubayat decided to issue a letter of intent (LoI) with certain conditions.
The company later proposed to issue 5 million ordinary shares to raise Tk 50 million, with the funds earmarked for improving services in several areas, including its Doer School Management Software, D-Courier, call centre and tracking system, and AI-based software.
Recent media reports highlighted concerns about Doer Services’ service agreements and discrepancies in its reported revenue and profits, prompting the BSEC to initiate a closer examination.
The BSEC said in its press release that the investigation aims to ensure the integrity of the market and protect the interests of investors.
Established in 2014, Doer Services began its operations in February 2015. The company counts Agrani Bank and the Insurance Development Regulatory Authority as its largest clients.