FE Report (January 18, 2011)
Far East Knitting & Dyeing Industries Limited, an export oriented garments company, will offload shares in the capital market under book building system, the company said.
Asif Moyeen, managing director of Fareast Knitting, said major portion of the proceeds from the capital market would be spent on establishing a spinning mill.
"The mill's capacity will be 26000 spindles. We aim to go into production by 2012," he told a roadshow in the city, organized to determine the indicative share price.
The rest of the money will be utilised to expand the current project and meet the liabilities, he added.
"Fareast knitting is specialised in fashion knitted tops and offers a wide range of fabrics. We produce fabrics includes 100 per cent cotton, viscose, viscose-Lycra, modal, Bamboo.
He said the company's export turnover was 1.3 billion taka In 2009-2010, he said.
The face value of each share of Far East Kinitting has been fixed at 10 taka and proposed premium at 40 taka. The company will offload 30 million ordinary shares to raise 1.50 billion taka.
The paid up capital of the company is 64 million taka. It got approval from the SEC (Securities and Exchange Commission) to offload share under book building system in December.
IDLC Finance is acting as the issue manger for the IPO.
Many institutional investors including representative from bank, insurance, non-banking financial institution took part at the road show for the subsequent price discovery under the book building method.
Fareast Knitting was incorporated on April 19, 1994 as a public limited company. As at September 30, 2010, the company's authorised and paid-up capital stood at 1.5 billion taka and 64 million taka respectively.
Far East Knitting & Dyeing Industries Limited, an export oriented garments company, will offload shares in the capital market under book building system, the company said.
Asif Moyeen, managing director of Fareast Knitting, said major portion of the proceeds from the capital market would be spent on establishing a spinning mill.
"The mill's capacity will be 26000 spindles. We aim to go into production by 2012," he told a roadshow in the city, organized to determine the indicative share price.
The rest of the money will be utilised to expand the current project and meet the liabilities, he added.
"Fareast knitting is specialised in fashion knitted tops and offers a wide range of fabrics. We produce fabrics includes 100 per cent cotton, viscose, viscose-Lycra, modal, Bamboo.
He said the company's export turnover was 1.3 billion taka In 2009-2010, he said.
The face value of each share of Far East Kinitting has been fixed at 10 taka and proposed premium at 40 taka. The company will offload 30 million ordinary shares to raise 1.50 billion taka.
The paid up capital of the company is 64 million taka. It got approval from the SEC (Securities and Exchange Commission) to offload share under book building system in December.
IDLC Finance is acting as the issue manger for the IPO.
Many institutional investors including representative from bank, insurance, non-banking financial institution took part at the road show for the subsequent price discovery under the book building method.
Fareast Knitting was incorporated on April 19, 1994 as a public limited company. As at September 30, 2010, the company's authorised and paid-up capital stood at 1.5 billion taka and 64 million taka respectively.
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