MI Cement makes upbeat debut

FE Report

MI Cement started its first trading day with positive note and was traded above the indicative price level at the Chittagong Stock Exchange (CSE) Sunday.

In the CSE, the open price of MI Cement share was Tk 122.70 and the closed price was Tk 125.40. The highest traded price was Tk 152 on the day.

Indicative price of MI Cement share was fixed at Tk 111.60 each through book building system.

A total of 647,600 shares were traded on the day. In value terms, the amount of total traded shares was Tk 84.49 million.

After a repeated listing proposals from the MI Cement authority, CSE board of directors finally decided to allow MI Cement listing last Thursday although the country's prime bourse Dhaka Stock Exchange (DSE) turned down the listing proposal.

On debut of MI Cement, CSE President Fakhruddin Ali Ahmed told the FE that as majority of shares of the company lay with the Depository Participants (DP) of DSE the transaction value remains relatively low in the opening day.

But, overall response from the investors was good, he added.

Mr Ahmed said DSE investors can easily trade their shares by transferring MI Cement shares to any CSE listed DP from the DSE listed DP.

When asked, one of the DSE members, on condition of anonymity, said yes, DSE investors can trade shares of MI Cement by transferring their shares to any DP of CSE.