Offloading of Meghna, Jamuna Oil's shares under DSE direct listing

---

Refayet Ullah Mirdha
Shares of state-run Meghna Oil Company and Jamuna Oil Company will be offloaded under direct listing on the Dhaka Stock Exchange (DSE) by August next.
A senior official of the state-owned Investment Corporation of Bangladesh (ICB) said preparation for the direct listing of Meghna and Jamuna is now at the final stage.
"The ICB will be able to complete all procedures for direct listing of the two companies by the next month," the ICB senior official told the FE Monday.
He said shares worth more than Tk 500 million of Jamuna and Tk 600 million of Meghna might be floated through the ICB in due time.
He said as per the audit report of 2006, the total amount of paid-up capital of Jamuna Oil Company is Tk 50 million and that of Meghna Oil Company Tk 90 million.
According to the audit report of 2006, Jamuna has reserved money worth Tk 460 million and Meghna Tk 540 million.
"The ICB has already urged the government to take measures to increase the amount of paid-up capital of both the oil companies from the reserved fund. The issues of both the oil companies will be lucrative if the government raises their paid-up capital from reserve funds," the ICB official said.
The ICB sources said a certain portion of the shares of state-owned Bakhrabad Gas Field Company might also be offloaded soon through the ICB as the authorities of the company have already taken decision on the offloading of shares.
The ICB in April last recommended to the finance ministry to offload the shares of 11 state-owned profitable companies through the stock exchanges under direct listing.