A latest binding instruction comes for ministries concerned to act promptly for offloading shares of profitable state-owned enterprises (SOEs) and some multinational companies bearing government stakes for breathing life into limping bourses, sources said.
For years, there has been no visible progress and development regarding such divestiture although the government made decisions and attempts to offload shares of such companies, they added.
The offloading of shares of SoEs and such MNCs lies in limbo mainly due to procedural complexities despite the moves made so far, they also said.
They have claimed that it is not possible to progress due to procedural bottlenecks and the dilly-dallying attitude of the authorities concerned despite the moves from government high-ups. Repeated reminders from government officials were given during the past regime.
The finance ministry has now instructed four ministries, including ministries of Power, Energy and Mineral Resources, Commerce, and Industries, and power division for taking next course of action.
The companies are Unilever Bangladesh, Karnaphuli Fertiliser Company, Synovia Pharma, Novartis, Syngenta Bangladesh, Nestlé Bangladesh PLC, North-West Power Generation Company Limited (NWPGCL), Pashchimanchal Gas Company Limited, Sylhet Gas Fields Limited and Karnaphuli Gas Distribution Company Limited.
According to the state-run BCIC, the corporation owns the highest 45.32-percent stake in Synovia Pharmaceuticals, formerly Sanofi Bangladesh. In 2021, the now-embroiled Beximco Pharmaceuticals bought out majority stake of Sanofi Bangladesh, re-named Synovia Pharma PLC.
Its owns 40- percent stake in Novartis Bangladesh, 40 per cent in Bayer CorpScience BD, and 40 per cent in Syngenta Bangladesh.
The government owns 39.6-percent stake in Unilever Bangladesh. Karnaphuli Fertiliser Company (Kafco) is a cent-percent joint-venture company (JV). Its shareholders include the Government of Bangladesh, BCIC and private sectors of Japan, Denmark and the Netherlands.
A high-level meeting was held on July 31, 2025 at the finance ministry with Dr Anisuzzaman Chowdhury, special assistant to the Chief Advisor, in the chair as part of efforts to push through directives from the head of interim government for the authorities "to review, strengthen, and expand the country's capital market".
The meeting has asked for preparing a list of the companies and also asked the financial institutions division (FID), Bangladesh Securities and Exchange Commission (BSEC) and the state-run ICB to take necessary step to expedite the offloading of state companies and foreign-held shares of multinational companies (MNCs).
An FID source says listing the companies of SoEs and MNCs on the capital market "will bring positive results for the companies as well as benefit the country's capital market".
The Chief Adviser asked a meeting held on May 11, 2025 to review the overall condition of the capital market and to develop and strengthen it. The meeting directed taking necessary steps to reduce government shareholding in the government-owned multinational companies and include them in the capital market.
The official says a list of several companies has already been prepared for listing with the capital market as per the CA's instructions.
"We have already given reminders to the ministries concerned to expedite the process, and bring the SoEs, which are yet to offload their shares, in the capital market as early as possible," he mentions.
The meeting discussed the interim government's move to offload at least 5 per cent of its holdings - and an equal portion of foreign-owned shares - in companies where it holds equity.
A BSEC source says if multinational companies and domestic state-owned companies are listed on the capital market, the real financial status of the companies, including their market value, will be known. "It will increase the dividend of investors and increase the tax of the government."
He mentions that multinational companies in various countries of the world, including neighbouring India, Pakistan and Sri Lanka, have a legal obligation to list with the capital market.
According to Section 10 of the Securities and Exchange Ordinance 1969, the Commission may, considering the nature and transaction of any security, consult with the stock exchange in public interest and give an opportunity to the issuer to be heard and direct the stock exchange to list the security.
For years, the officials concerned of the deposed government had met with dozens of its state-run firms and MNCs (state-owned stakes in foreign ventures) to offload shares on the capital market with a view to strengthening the overall capital market. But there had been no headway in sight.
"During the last government's era, the authorities concerned missed their deadlines several times, although they had pledged earlier for floating their shares," a senior official of the Investment Corporation of Bangladesh (ICB) who is involved with the initiative told the FE.
The possibility of offloading the shares of the rest of SoEs is gradually fading away due to some procedural complexities of the authorities concerned. As a result, the government could not float the SoEs' shares on the capital market despite repeated suggestions from experts and investors, he said.
"The officials of FID are frequently corresponding with the SoEs to complete their preparations for offloading shares. But there is no significant progress yet," said a senior official of FID.
Currently, more than a dozen SoEs are supposed to offload their stakes on the capital market.
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