BSEC seeks opinion on GPH Ispat’s preference share proposal

Staff Reporter :

The Bangladesh Securities and Exchange Commission (BSEC) has decided to seek the opinions of the stock exchanges regarding GPH Ispat Limited’s application to issue preference shares worth Tk500 crore. GPH Ispat is one of the leading steel manufacturers in Bangladesh.

In October, the steel manufacturer decided to issue preference shares to raise Tk500 crore to refinance its existing loans.

BSEC Executive Director and Spokesman Mohammad Rezaul Karim said that the commission aims to increase the involvement of stock exchanges in matters such as preference shares and rights shares, similar to initial public offerings (IPOs).

He emphasised that the regulator will consider the opinions of stock exchanges when making decisions on such issues. Although this requirement is not explicitly mentioned in the relevant regulations, the commission values the input of stock exchanges, he added.