DHAKA: The Securities and Exchange Commission Tuesday approved Tk 324.64 crore preference shares of Summit Power and BDCOM Online Ltd for trading.

In a meeting, the SEC also extended by three more months from June 30 to September 30 time for banking and financial institutions to form separate subsidiary companies.

Anwarul Kabir Bhuiyan, executive director of SEC, disclosed the developments to reporters after the meeting.

Of companies, Summit Power will offload preference shares of Tk 3 crore on the market having the face value of TK 100.

The preference share will turn into normal share on August 31, 2011 cutting 20 percent from the market price. Normal shareholders of the company will be given one preference share against two normal. The rest of shares will be allotted through ‘placement’.

BDCOM Online Ltd will offload 2,46,40,000 preference shares with Tk 10 face value each. Normal shareholders of the company will get one preference share against one normal share.

The rest of 1,23,20,000 shares will be allotted as placement, which will turn into normal share on January 10, 2011.

The preference shares of both the companies will be locked for one year as per lock-in rule.  

BDST 1943 HRS, JULY 13, 2010