Mobil Jamuna Lubricants gets permission to be listed on exchange

The Dhaka Stock Exchange (DSE) has given permission for Mobil Jamuna Lubricants (MJL) to be listed on the exchange, with an indicative price cut of Tk 115 (US$1.55) per share. Earlier, MJL had raised money from investors at an indicative price of Tk 152.40 (US$2.06). The company will return the difference through refund warrants. Earlier, the capital market regulator, the Securities and Exchange Commission (SEC), directed Bangladesh’s two bourses to permit the listing of MJL. However, DSE rejected the compensation proposal. Thus, the SEC had to cancel its previous directive over MJL. DSE will announce a fresh date for the start of trading of MJL shares in approximately two weeks. (June 2,2011)