BSEC Postpones QIO Subscription of Doer Services PLC

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Dhaka: The Bangladesh Securities and Exchange Commission (BSEC) has suspended the Qualified Investor Offer (QIO) of Doer Services PLC to allow it to get funds from the stock market. The decision was made during the BSEC’s 939th commission meeting, where concerns requiring further investigation were cited as the reason for the suspension, according to a press release.



According to Bangladesh Sangbad Sangstha, the move follows allegations of irregularities involving Doer Services PLC. The company was initially granted a letter of consent on December 5, 2024, to proceed with its share issuance. However, BSEC has now decided to halt this approval and has formed an investigation committee. This committee includes officials from both BSEC and the Dhaka Stock Exchange (DSE), who will examine the allegations against the company in detail.



Doer Services had initially applied to the commission in April of the previous year, seeking approval to raise funds from the market. The BSEC, led by Shibli Rubayat, subsequently issued a letter of intent (LoI) with specific conditions. The company proposed issuing 5 million ordinary shares to raise Tk 50 million, with the intention of using the funds to enhance services in areas such as Doer School Management Software, D-Courier, call centre and tracking system, and AI-based software.



Recent media reports have brought to light concerns regarding Doer Services’ service agreements and discrepancies in its reported revenue and profits. These reports prompted the BSEC to take a closer look at the company’s operations. In its press release, the BSEC stated that the investigation aims to ensure the integrity of the market and protect the interests of investors.