August 3, 2005
Press Release
Industrial Promotion and Development Company of Bangladesh Ltd. (IPDC) the pioneer of issuing asset backed securitized zero coupon bonds worth BDT 784.64 million submitted application for listing in CSE OTC Market. The subscription of the bond opened on 15th May, 2005 and closed on 1st August, 2005. The total amount of Bonds issued Class A: BDT 667,038,000 and Class B: BDT 117,608,000.
This is an epoch making step for both IPDC and CSE to develop the OTC market as well as for the capital market of the country. IPDC envisages placing this bond to professional institutional investors by Private Placement basis. The face value of each bond will be BDT 1,000. The IPDC aspiring to take pride to be the Bangladesh’s first arranger/originator to list in the CSE OTC market.
The name of the Securitisation trusts will be “IPDC Securitisation Trust 2005-A” which will be issuing the bonds. The IPDC of Bangladesh Ltd. is acting as the Arranger, Servicer and Originator/Seller to the issue. The “Bangladesh General Insurance Company Ltd.” is the proposed Trustee to the issue.
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For Chittagong Stock Exchange