OCL to be listed with CSE under book building method

Ocean Containers Limited (OCL), a local enterprise engaged in container business, is going to be listed with the Chittagong Stock Exchange (CSE) under book building method.
This the first time a company will be listed under book building method and it will also be directly listed with the bourse, said its upbeat chairman Muhammad Aziz Khan, also the chairman of Summit Group.
He said it is expected that the listing process to be completed by early December.
The company will offer 5.355 million shares for the general investors and 1.19 million shares for institutional investors, he said.
"We expect that the investors will pay at least Tk 126.58 per share as the company is performing very well," he added.
The face value of per share has been determined at Tk 10 and the company will be allowed to offload 11.9 million shares.
The company received 'A plus' rating for long term and 'ST-2' for short term with its business of inland container depot and container freight station.
Mr Aziz claimed that OCL is the largest off-dock in the country handling 20 per cent of total export volume.
"It handled 61,961 twenty-feet equivalent containers in 2008 and 45,468 TEUs up to September this year," he said.
It earned Tk 109 million net profit in the last year and its net asset value is Tk 1.232 billion.
The OCL chairman said containarised trade will continue to grow as this is the more efficient trend in transportation of goods worldwide.
The company arranged a road show on Monday to demonstrate the performance of the company in front of the investors.
Deputy managing director of OCL Yasser Rizvi in a presentation said the company handled about 300 containers per day.
"It has a long-term contract with Maersk Logistics, which handles 35 per cent to 40 per cent of Bangladesh's total export volume," he said.
It is the first company to have the ISO certification for inland container depot and container freight station services, he added.
A large number of investors, officials from Dhaka and Chittagong exchanges were present at the road show.