Dhaka: Ananda Shipyards & Slipways' plan to raise funds through IPO was put on ice after the Bangladeshi government banned fund-raising in the wake of the turmoil in the country's stock market.
Yard executive director Tariqul Islam confirmed it had pushed back its plans until April or May due to the orders issued last week that prohibit any fund raising from the market following a 30% plunge in values.
The Dhaka-based shipbuilder planned to issue 30 million shares to raise funds.
Islam says Ananda was looking for nearly $40m to modernize its existing facility near the capital.
Ananda's orderbook is currently comprised of 10 newbuildings worth $129m. [02/02/11]
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