SEC directs bourses not to allow cos sans SoEs for direct listing

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FE Report
The Securities and Exchange Commission (SEC) has directed the bourses not to allow companies other than state-owned enterprises (SoEs) to be listed under direct listing regulations from now on.
"This is the finance ministry' decision. We just conveyed the message to the bourses today," said a senior official of the SEC Wednesday, asking not to be named.
Earlier, three private companies -- Shinepukur Ceramics, ACI Formulations and Navana CNG--made their debut in Dhaka Stock Exchange and Chittagong Stock Exchange under direct listing regulations.
The SoEs that have been listed so far under the regulations are Titas Gas Transmission and Distribution Company, Dhaka Electricity Supply Company (DESCO), Power Grid Company of Bangladesh (PGCB), Jamuna Oil Company and Meghna Petroleum Company.
On February 23, 2006, the Commission approved direct listing regulations for the bourses to encourage the local and multinational profit-making companies to raise fund from the capital market.Earlier, the chairman of the standing committee on finance said the government has taken decision to scrap the direct listing method.
Issuers can float shares through book-building and initial public offering method, he said.