QIO proposal of MK Footwear approved

The securities regulator approved the qualified investor offer (QIO) of MK Footwear PLC through which the company will raise a capital worth Tk 10 crore.

The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at its headquarters in the capital with its Chairman Professor Shibli Rubayat-Ul-Islam in the chair yesterday.

To raise the fund, as per a BSEC statement, the company will issue 1 crore ordinary shares at Tk 10 each.

The firm will utilise the fund to purchases machinery and meet the issue management.

In a bid to create long-term financing opportunities for small and medium-sized enterprises (SMEs), the stock regulator gave the company nod to raise this fund, the BSEC statement read.

The SME company’s diluted earnings per share stood at Tk 3.19 at the end of the fiscal year 2021-22, while its net asset value (NAV) per share was Tk 12.95 without revaluation.

The company will not be allowed to issue any bonus shares for the next three years from the date of transaction opening on the SME Platform.

Alpha Capital Management Limited will act as the issue manager and underwriter of the company with regard to the QIO process.