Coppertech gets DSE listing nod

The country's premier bourse has finally given the go-ahead to enlist the much-anticipated Coppertech Industries.

The Dhaka Stock Exchange (DSE) sent a letter to the company on Sunday, approving its listing proposal, a senior DSE official.

"The company will make its debut trading very soon on the DSE by completing some formality," said DSE managing director (in-charge) Abdul Matin Patwary.

On July 24, the Bangladesh Securities and Exchange Commission (BSEC) asked DSE to inform it within 10 working days of the steps taken to enlist Coppertech.

It also sought steps to this end as per section 5(4) of the listing regulations.

But DSE sought waiver of section 5(3) of the regulations so Coppertech could be listed on DSE, as the stipulated timeframe for its listing had expired.

Without exempting section 5(3), the securities regulator asked DSE to take steps for the company's listing as per section 5(4).

Section 5(4) provides that the exchange may relax any requirement/provision relating to the listing of any securities.

Earlier, approval for the listing proposal was delayed, as the company got mired in some 'controversies' over its financial statement.

BSEC approved Coppertech's IPO (initial public offering) proposal on December 26, 2018, for raising a capital of Tk 200 million under the fixed-price method.

Before being DSE-enlisted, the company got listing approval from the Chittagong Stock Exchange.