Essential Drugs to go public

FE Report State-owned pharmaceuticals company 'Essential Drugs Company Ltd' (EDCL) will offload its share in capital market next month as part of the government initiative to make the company public, Dr M Kadrul Huda, managing director of the company, told the FE. He said Investment Corporation of Bangladesh (ICB) Capital Management Ltd will act as issue manager for offloading EDCL share in the capital market through 'direct listing'. Marking the target, the company signed an agreement with ICB Wednesday where Chief Executive Officer (CEO) of ICB Capital Management Ltd Nasiruddin Ahmed and EDCL MD Kadrul Huda inked the deal on behalf their respective sides. "According to the ink, we hope that we will able to complete all processing by a short time to go capital market by October" said EDCL chief Mr Huda.