The Cabinet Committee on Economic Affairs today Monday approved a proposal of the Energy Ministry to offload shares of Mobil Jamuna Lubricants (MJL) Bangladesh Ltd on the capital market under the book building system, reports UNB.
Finance Minister AMA Muhith presided over the meeting, which was also attended by senior ministers.
MJL is a joint venture company formed by the state-owned Jamuna Oil Company Ltd and the private company EC Securities Limited, which is owned by Azam J Chowdhury.
At present, the stake of Jamuna Oil Company is 25 per cent, while the stake of EC Securities is 75 per cent.
The Energy Ministry proposed to offload shares of MJL valued Tk 400 million.
Before the offloading initiative, the paid up capital of MJL was raised to Tk 1.05 billion (105.24 crore) through issuing bonus shares as 1:3.
The total shares of MJL was raised to 180,320, with a value of Tk 1.802 billion (180.32 crore). Of the total shares, 22.18 per cent (40,000 shares) will be offloaded through the capital market.
After offloading, the stakes of Jamuna Oil Company, EC Securities and IPO in the MJL will be 19.46 per cent, 58.36 percent and 22.18 per cent respectively.
The market value of each of the MJL shares was proposed to be Tk 150.
It was mentioned in the proposal that the shares of MJL are being offloaded to public as part of the government plan to offload government shares of the state-owned enterprises.
MJ shares to be offloaded under book building system
FE Team | Published: November 23, 2010 00:00:00 | Updated: February 01, 2018 00:00:00
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