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MJL listing blocked as Calumet seeks funding

Mobil Jamuna Lubricants is seeking more time after its listing application was blocked for the Bangladesh Stock Exchange.

Initially, MJL had been given the go-ahead for the public listing.  However both the country's bourses - or Stock Exchanges - have since refused to accept the listing on the grounds that they believe the company is overpriced.

MJL has asked the authorities for two more weeks after it was revealed that a wider investigation into 17 different companies also found "significant inconsistencies" in the MJL profile.

MJL had already floated 40 million shares at a total value of Tk400m ($5.4m) and although the company has offered a 30% stock dividend in compensation to its shareholders, it may still be forced to refund all the money if the decision of the bourses remains final.

Meanwhile in the US, oil refiner Calumet Specialty Products is set to sell $375m in unsecured notes to raise money to pay off its debts.  The notes, due in 2019, plus some additional borrowing will be used to fully repay a secured-term loan, interest and fees.  The company owns two refineries plus manufacturing and distribution plants across the US.

Tags: Asia, Corporate News, N America

Published 14th April, 2011

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