The Bangladesh Securities and Exchange Commission (BSEC) has declined to grant approval to Mir Akhter Hossain Limited for its proposed issuance of Tk 250 crore in redeemable, cumulative, non-convertible, and non-participative preference shares, according to a regulatory disclosure.
Referring to an earlier announcement published on 22 December 2024 through the Dhaka Stock Exchange (DSE), Mir Akhter Hossain Limited had sought to raise capital exclusively through this preference share offering.
In a formal communication, BSEC informed the company that the Commission is not in a position to accord consent for the capital raising initiative via this structure.
The decision effectively blocks Mir Akhter Hossain Limited’s attempt to secure financing through this particular preference share issuance. No further explanation or rationale for the rejection was disclosed in the public filing.
Market analysts suggest that the BSEC’s denial may reflect a cautious regulatory approach toward non-convertible preference instruments, especially given the current economic and investment environment.
As of the filing of this report, Mir Akhter Hossain Limited has not released a statement in response to the Commission’s decision.
Mir Akhter Hossain is a leading construction company in Bangladesh that is listed with the bourses of Dhaka and Chattogram.