Two oil cos increase paid-up capital prior to going public

FE Team | Published: September 20, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
State-owned Jamuna and Meghna petroleum companies have enhanced their paid-up capital ahead of their listing on the bourses.
The paid-up capital of Jamuna now stands at Tk 450 million and that of Meghna Tk 400 million as against their previous paid-up capital of Taka 50 million and Tk 90 million respectively.
As per the permission of the SEC, both the companies will offload 49 per cent of their stakes soon.
Another state-owned investment agency -- the Investment Corporation of Bangladesh (ICB)- has started the financial assessment of both the oil companies for their share valuation.
Meanwhile, the state-owned Bangladesh Shilpa Rin Sangstha (BSRS), an industrial financing institution, is going to be listed on the stock markets soon.
Managing Director of the BSRS, FRM Hafizul Islam said modalities are being prepared to get the specialised bank listed on both the bourses -- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).
The finance ministry formed a three-member committee about a couple of months ago to conduct a feasibility study on the offloading the shares of the BSRS through the state-owned Investment Corporation of Bangladesh (ICB).
Managing Director of the ICB Ziaul Haque Khandaker is the head of the committee while FRM Hafizul Islam and deputy secretary of the finance ministry Kamrunnahar are its members.
"The formal trading of the two oil companies will start on the stock markets from end- October this year with Jamuna hitting the market about a week ahead of Meghna. The ICB has already engaged the Credit Rating and Information Services Limited (CRISL) for credit rating of the two companies. The CRISL is expected to submit its report within a week," he said.
According to the latest audit reports, Jamuna has a reserve worth Tk 460 million and Meghna Tk 540 million.
Both Jamuna and Meghna raised their paid-up capital with their reserve resources, sources said.
The committee for BSRS feasibility study at a meeting Tuesday decided that it would submit a report to the finance ministry in this connection September 22 next, a meeting source told the FE.
When asked Hafizul Islam said a certain percentage of BSRS shares will be offloaded.
"Currently, the amount of the paid-up capital of the BSRS is Tk 700 million and the value of its total asset is worth more than Tk 10.00 billion," he said.