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BSEC rejects two textile and apparel IPOs


Bangladesh Securities and Exchange Commission (BSEC) a statutory body attached to the Ministry of Finance and regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) – rejected the IPOs of Beka Garments and Textile and SF Textile Industries for data manipulation, claimed media reports.

As per reports, BSEC rejected the IPOs as it found that the companies inflated revenues and profits and overstated inventories and assets in their financial statements.

According to the IPO prospectus, the principal activities of Beka Garments are to carry import, export, manufacturing, printing, dyeing, washing, embossing and trading of different types of readymade garments, knitwear, shirts, paints and other wearing apparels while as per the IPO prospectus of SF Textile, its main activities are to carry on the business of spinning mills to manufacture all types of cotton,viscose and CVC yarn for export to 100 per cent export-oriented dyeing or textiles industries and export thereof.