Titas Gas to offload 25pc shares by Dec

---

FE Report
The Titas Gas Transmission and Distribution Company Limited (TGTDCL) will float 21.55 million shares worth Tk 2.16 billion through stock market by December this year, sources said.
The TGTDCL, a subsidiary of the state-owned oil, gas and mineral corporation Petrobangla, will offload 25 per cent shares of the company, to become the largest listed company.
An extra-ordinary General Meeting (EGM) of the company, held at its conference room in the city Wednesday, approved the floatation of the shares.
Chairman of the Board of Directors and also the Secretary of the Energy Division, AMM Nasiruddin, presided over the meeting.
Managing Director of the TGTDCL, Engr Md. Abdullah, Thursday told the FE that the company would offload the shares through the state-owned Investment Corporation of Bangladesh (ICB).
The final approval on share floatation through Direct Listing Regulations of the Dhaka Stock Exchange and Chittagong Stock Exchange (CSE), however, will need the formal nod from the Committee of the Advisers' Council on Economic Affairs.
Currently, Shahjalal Islami Bank is the largest public limited company, listed on the stock exchanges for floating shares worth Tk 935.82 million.
The Bank got listed in early, 2007 in the DSE and CSE.
According to the TGTDCL sources, the paid-up capital of the company stands at around Tk 4.31 billion and the authorised capital is worth Tk 3.50 billion upto June this year.
The sources said the company's authorised capital has also been enhanced to Tk 20.0 billion from Tk 3.50 billion and the face value of each share has been fixed at Tk 100 instead of Tk 500.
Currently, the company's total share also rose to 200 million.
Meanwhile, the EGM also approved the proposal to distribute 43,100,675 bonus shares worth Tk 4.31 billion to its existing shareholders from the reserve of the company.
According to the latest annual report of the Titas Gas, the company in fiscal 2005-06 earned revenue worth Tk 35.405 billion through selling 10164.52 million cubic metre (mmcm) of natural gas and earned Tk 2.064 billion in net profit.
The TGTDCL, one of the 12 companies under the state-owned Petrobangla, purchases gas from nine gas fields throughout the country and supply it to the consumers in Dhaka and its adjacent districts through its own transmission and distribution lines.
The Titas Gas, the largest gas distributing company in the country, supplies gas to some big power plants in public and private sectors, different kinds of industries, government-owned fertiliser factories, CNG refuelling stations, various business establishments and domestic users.