Titas share offloading likely to be approved Thursday

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FHM Humayan Kabir
The government is likely to approve the offloading of 49 per cent share of the Titas Gas Transmission and Distribution Company Limited (TGTDCL) in the stock markets at a meeting Thursday next, official sources said.
According to sources, the Energy Division will place a proposal to this effect at the next meeting of the council of advisers on economic affairs scheduled for Thursday next.
The board of the Titas Gas at an Extra-ordinary General Meeting (EGM) on October 24 last approved the floatation of 25 per cent share of the company initially by December this year.
The company will float 21.55 million shares worth Tk 2.155 billion on the stock markets, the Titas Gas sources said. Titas is expected to be the largest listed company in the country.
Earlier on August 31, 2005, an inter-ministerial meeting, presided over by the then finance minister Saifur Rahman, decided to offload 49 per cent shares of the Titas Gas in the stock markets.
Titas Gas sources said the company would offload the shares through the state-owned Investment Corporation of Bangladesh (ICB).
Sources said after the final approval by the appropriate authorities, the shares would be floated under the direct listing regulations of the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).