The trading of shares of MI Cement began at the CSE on 8 May,2011 with opening price of BDT 122.70 per share. The shares of the company rose further to close at BDT 125.40, shedding from day's highest value of BDT 152. A total of 647,600 shares worth BDT 84.49 million were traded on the day.
MI Cement offloaded total 30 million ordinary shares under the book building method which is currently suspended by the government. The company offered shares at an offer price of BDT 111.60 against face value of BDT 10 each.
CSE President Fakhor Uddin Ali Ahmed said," We decided to enlist MI Cement considering the investor's interest." He also stressed on amending securities lows to restore investor's confidence and help flourish the country’s stock market. He told the reporters that investors will be able to sell their shares by opening clearing accounts with DP instead of linking accounts. He expected that the present crisis over the country’s stock market would overcome soon. He suggested the investors for considering fundamental base of any company before investing their capital and also encouraged them for planning long-term investment.
Md. Jahangir Alam, Chairman of MI Cement said that share price of MI Cement was not overpriced as fundamental of the company is stronger.
“Considering the investors’ interest we have deposited BDT 50 million in escrow account to compensate the investors if the share prices go below the offer price within six months of debut of the shares. We also lined 7.5 million shares from directors for more security.
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