DSE detects anomalies in Coppertech’s IPO prospectus
The Dhaka Stock Exchange has found irregularities in the initial public offering prospectus of Coppertech Industries Ltd, which has received a nod to raise funds from the capital market and is waiting to be listed.
The premier bourse has now decided to send a letter to the Bangladesh Securities and Exchange Commission (BSEC) to take a decision whether the company will be allowed to go public.
The issue was discussed at a board meeting of the DSE yesterday when bourse placed a scrutiny report.
On May 9, the Dhaka bourse decided to pore over the financial statement of Coppertech after allegations surfaced that it had provided fake information to get the IPO approval.
“The DSE has found the allegation to be true,” said a member of the board, requesting not to be named.
He said the bourse would send the findings to the BSEC.
The board also decided to write to the commission requesting it to take an initiative against ACI as the listed conglomerate is stuck in the red because of recurring losses of one of its subsidiaries.
“We found no reason why a subsidiary would take such a long time to return to profit,” the board member added.
