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Trading debut ceremony of Al-Madina Pharma

Staff Correspondent
30 May 2023 00:00:00 | Update: 30 May 2023 00:12:02
Trading debut ceremony of Al-Madina Pharma

Al-Madina Pharmaceuticals Ltd and the Dhaka Stock Exchange Ltd. (DSE) signed an agreement on Monday for the company’s listing on the exchange's SME Board.

Chief Regulatory Officer of DSE Khairul Bashar Abu Taher Mohammad, and Managing Director of Al-Madina Zakir Hossain Patwari signed the contract on behalf of the respective parties. The signing ceremony was attended by prominent officials and executives from both organisations.

Saifur Rahman Majumdar, managing director of DSE, expressed his optimism about Al-Madina's future prospects and the importance of strategic planning and branding for the company. He emphasised on the company’s new responsibilities ensuring the protection of investors' interests as a listed entity.

Al-Madina Pharmaceuticals has launched its qualified investor offer (QIO) and raised Tk 5 crore through the fixed price method. The Bangladesh Securities and Exchange Commission (BSEC) approved the company's fundraising plans on 1 February for the SME platform.

The company issued 50 lakh ordinary shares with a face value of Tk 10 per share. The funds will be used for business expansion and debt repayment, aligning with the company's growth strategy.

Prime Bank Investment Ltd. has been appointed as the issue manager for Al-Madina’s QIO.