DPDC, REB to go public soon
Tuesday, 9 February 2010
Sheikh Shahariar Zaman
The power division is going ahead with a plan to offload shares of its three companies on the stock market.
The division will hold a meeting today (Tuesday) to decide how much money it will raise by offloading shares of DPDC, PGCB and Rural Power Company, power division secretary Md Abul Kalam Azad told the FE.
The other details will also be discussed at the meeting, he said.
The division is working in line with the government decision to offload shares of state-owned companies as there is a dearth of good scrips in the market.
The finance minister after an inter-ministerial meeting on January 13 announced that the government would offload the shares.
At the meeting, it was decided that DPDC and PGCB would offload 15 per cent more shares on the market by May next. Rural Power Company would offload 49 per cent of its shares by June.
Shares of nine companies from energy ministry, three from power division, two each from civil aviation and industries ministries, four from post and telecommunication ministry, Bangabandhu Bridge, Essential Drugs Company and Bangladesh Shipping Corporation will be offloaded by June, the meeting resolution said.
The meeting also decided that shares of Fisons, Organon, BATBC, Hoechst, Industrial Promotion Development, Mirpur Ceramics, Reckitt and Benckiser and Unilever would be offloaded. The government holds partial stake in these multinational companies.
At the meeting, finance minister AMA Muhith said that it is very important to supply good scrips to make the stock market developed and vibrant, the resolution said.
Mr Muhith said there was a dilly-dallying tendency on the part of the government officials to raise money from the market, but they should get rid of the tendency and make the process faster.
The minister rued that the SoEs do not want to float shares and termed it 'foolishness'.
"They come to government for recapitalisation of Tk 400 million whereas they can raise Tk 2 billion from the market," he said.
The minister said 62 SoEs were identified for offloading in 2005 but it came down to 38 and 6 of them have already been floated.
Following is the list of the state-owned enterprises to be offloaded:
Implementing ministry Company Name Decision
Energy and Mineral Resources Liquefied Petroleum Gas Ltd (LPGL) 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Padma Oil Company Ltd Right shares to be issued so that government can retain 51 per cent ownership
Energy and Mineral Resources Bakhrabad Gas Transmission 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Gas Transmission Company 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Jalalabad Gas 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Paschimanchal (Western) Gas Company 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Sylhet Gas Fields Company 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Bangladesh Gas Fields Co 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Rupantarito Prakritik Gas 49 per cent shares to be offloaded by June, 2010
Power Division DPDC 15 per cent more shares to be offloaded by May, 2010
Power Division PGCB 15 per cent more shares to be offloaded by May, 2010
Power Division Rural Power Company 15 per cent more shares to be offloaded by May, 2010
Industry Ministry Progoti Industries 49 per cent shares to be offloaded by June, 2010
Industry Ministry Chittagong Drydock 49 per cent shares to be offloaded by June, 2010
Industry Ministry Fisons, Organon, BATBC, Hoechst, Industrial Promotion Development, Mirpur Ceramics, Reckitt and Benckiser and Unilever Govt appointed directors in the companies will pursue the boards to offload shares
Bridge Division Bangabandhu Bridge Bond to be issued by April, 2010
Civil Aviation and Tourism Ministry Sheraton Hotel Shares to be offloaded through IPO
Civil Aviation and Tourism Ministry Sonargaon Hotel Shares to be offloaded through IPO
Post and Telecom Ministry Teletalk Bangladesh Shares to be offloaded by June, 2010
Post and Telecom Ministry BTCL Shares to be offloaded by June, 2010
Post and Telecom Ministry Bangladesh Cable Shilpa Shares to be offloaded after making the organisation profitable
Post and Telecom Ministry Telephone Shilpa Sangstha Shares to be offloaded by June, 2010
Health Ministry Essential Drugs 25 per cent shares will be offloaded by May, 20101
Shipping Ministry BSC Shares to be offloaded through RPO by April 2010
The power division is going ahead with a plan to offload shares of its three companies on the stock market.
The division will hold a meeting today (Tuesday) to decide how much money it will raise by offloading shares of DPDC, PGCB and Rural Power Company, power division secretary Md Abul Kalam Azad told the FE.
The other details will also be discussed at the meeting, he said.
The division is working in line with the government decision to offload shares of state-owned companies as there is a dearth of good scrips in the market.
The finance minister after an inter-ministerial meeting on January 13 announced that the government would offload the shares.
At the meeting, it was decided that DPDC and PGCB would offload 15 per cent more shares on the market by May next. Rural Power Company would offload 49 per cent of its shares by June.
Shares of nine companies from energy ministry, three from power division, two each from civil aviation and industries ministries, four from post and telecommunication ministry, Bangabandhu Bridge, Essential Drugs Company and Bangladesh Shipping Corporation will be offloaded by June, the meeting resolution said.
The meeting also decided that shares of Fisons, Organon, BATBC, Hoechst, Industrial Promotion Development, Mirpur Ceramics, Reckitt and Benckiser and Unilever would be offloaded. The government holds partial stake in these multinational companies.
At the meeting, finance minister AMA Muhith said that it is very important to supply good scrips to make the stock market developed and vibrant, the resolution said.
Mr Muhith said there was a dilly-dallying tendency on the part of the government officials to raise money from the market, but they should get rid of the tendency and make the process faster.
The minister rued that the SoEs do not want to float shares and termed it 'foolishness'.
"They come to government for recapitalisation of Tk 400 million whereas they can raise Tk 2 billion from the market," he said.
The minister said 62 SoEs were identified for offloading in 2005 but it came down to 38 and 6 of them have already been floated.
Following is the list of the state-owned enterprises to be offloaded:
Implementing ministry Company Name Decision
Energy and Mineral Resources Liquefied Petroleum Gas Ltd (LPGL) 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Padma Oil Company Ltd Right shares to be issued so that government can retain 51 per cent ownership
Energy and Mineral Resources Bakhrabad Gas Transmission 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Gas Transmission Company 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Jalalabad Gas 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Paschimanchal (Western) Gas Company 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Sylhet Gas Fields Company 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Bangladesh Gas Fields Co 49 per cent shares to be offloaded by June, 2010
Energy and Mineral Resources Rupantarito Prakritik Gas 49 per cent shares to be offloaded by June, 2010
Power Division DPDC 15 per cent more shares to be offloaded by May, 2010
Power Division PGCB 15 per cent more shares to be offloaded by May, 2010
Power Division Rural Power Company 15 per cent more shares to be offloaded by May, 2010
Industry Ministry Progoti Industries 49 per cent shares to be offloaded by June, 2010
Industry Ministry Chittagong Drydock 49 per cent shares to be offloaded by June, 2010
Industry Ministry Fisons, Organon, BATBC, Hoechst, Industrial Promotion Development, Mirpur Ceramics, Reckitt and Benckiser and Unilever Govt appointed directors in the companies will pursue the boards to offload shares
Bridge Division Bangabandhu Bridge Bond to be issued by April, 2010
Civil Aviation and Tourism Ministry Sheraton Hotel Shares to be offloaded through IPO
Civil Aviation and Tourism Ministry Sonargaon Hotel Shares to be offloaded through IPO
Post and Telecom Ministry Teletalk Bangladesh Shares to be offloaded by June, 2010
Post and Telecom Ministry BTCL Shares to be offloaded by June, 2010
Post and Telecom Ministry Bangladesh Cable Shilpa Shares to be offloaded after making the organisation profitable
Post and Telecom Ministry Telephone Shilpa Sangstha Shares to be offloaded by June, 2010
Health Ministry Essential Drugs 25 per cent shares will be offloaded by May, 20101
Shipping Ministry BSC Shares to be offloaded through RPO by April 2010