2024-08-04 14:46:43
Brain Station 23 plc has withdrawn its proposal to raise funds through a Qualified Investor Offer (QIO) from the capital market. The company has taken this decision considering the overall situation in the country and due to the network disconnection for a few days.
On Sunday (August 4), Dhaka and Chittagong Stock Exchange (DSE-CSE) said this information.
A QIO of Tk 5 crore was granted to Brain Station 23 plc to create long-term financing opportunities in the SME sector. The company wanted to raise capital of Rs 5 crore through QIO by issuing 50 lakh shares of Rs 10 each to eligible investors. The company was supposed to spend the money raised on computer and IT equipment and issue management expenses.
On June 9, capital market regulator Bangladesh Securities Exchange Commission (BSEC) approved the QIO. Besides, the time for accepting applications in QIO was fixed next month.
Company Secretary Anwar Hossain said that the business of information technology sector companies is not good in the current situation of the country. In the meantime, the nationwide shutdown of the network for a few days has had a negative impact on the outside world and business. Therefore, the company’s proposal to withdraw money through QIO has been withdrawn.