Formal trading of Jamuna Oil's shares begins by month-end
Friday, 7 September 2007
Refayet Ullah Mirdha
The formal trading of shares of state-run Jamuna Oil Company will begin on the Dhaka Stock Exchange (DSE) by the end of the current month.
Chief Executive Officer (CEO) of the DSE, Salahuddin Ahmed Khan said the process for formal trading of Jamuna Oil Company is in the final stage now.
"I hope the trading of this oil company will begin on the DSE by the end of September," Salahuddin Ahmed Khan told the FE Thursday.
He said the trading of Jamuna Oil Company on the DSE will obviously help boost the total market capitalisation and the total number of investors as the company is a profit-making one.
Khan hopes the formal trading of another state-run Meghna Oil Company will begin on the DSE soon after the beginning of the trading of Jamuna Oil Company.
The process of offloading the shares of Meghna Oil Company has been progressing fast to be listed under direct listing method on the DSE soon, he said.
Earlier, 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.
He said shares worth more than Tk 500 million of Jamuna and Tk 600 million of Meghna will 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 ICB senior official said.
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.
A senior official of the ICB told the FE that the ICB had suggested the ministry for direct listing of the 11 profit-making state-owned companies.
The companies include: Sylhet Gas Fields Limited, Bangladesh Gas Fields Company Limited, Gas Transmission Company Limited, Rupantarito Prakritik Gas Company Limited, TSP Complex Limited, Bangladesh Insulator and Sanitaryware Factory Limited, Karnaphuli Paper Mills Limited, Gazi Wares Limited, Pragati Industries Limited, Chittagong Dry-dock Limited and Essential Drugs Company Limited.
In a letter sent to the finance ministry, the ICB said from the current share trading trend it has been noticed that the investors are interested to invest in cement, engineering, energy, IT and drugs and chemical sectors rather than ceramic, foods and accessories, jute, tannery, paper and printing, service and real estate sector and textiles.
The government can offload the shares of the companies like Chittagong Urea Fertiliser Company Limited, Jamuna Fertiliser Company Limited, Zia Fertiliser Company Limited, Urea Fertiliser Company Limited, Natural Gas Fertiliser Company Limited, Palash Urea Fertiliser Company Limited, Chhatak Cement Company Limited, Khulna Hardboard Mills and D A P Fertiliser Company Limited, the ICB said.
The ICB observed that all the companies under the Petrobangla could be offloaded as they were making profit.
The formal trading of shares of state-run Jamuna Oil Company will begin on the Dhaka Stock Exchange (DSE) by the end of the current month.
Chief Executive Officer (CEO) of the DSE, Salahuddin Ahmed Khan said the process for formal trading of Jamuna Oil Company is in the final stage now.
"I hope the trading of this oil company will begin on the DSE by the end of September," Salahuddin Ahmed Khan told the FE Thursday.
He said the trading of Jamuna Oil Company on the DSE will obviously help boost the total market capitalisation and the total number of investors as the company is a profit-making one.
Khan hopes the formal trading of another state-run Meghna Oil Company will begin on the DSE soon after the beginning of the trading of Jamuna Oil Company.
The process of offloading the shares of Meghna Oil Company has been progressing fast to be listed under direct listing method on the DSE soon, he said.
Earlier, 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.
He said shares worth more than Tk 500 million of Jamuna and Tk 600 million of Meghna will 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 ICB senior official said.
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.
A senior official of the ICB told the FE that the ICB had suggested the ministry for direct listing of the 11 profit-making state-owned companies.
The companies include: Sylhet Gas Fields Limited, Bangladesh Gas Fields Company Limited, Gas Transmission Company Limited, Rupantarito Prakritik Gas Company Limited, TSP Complex Limited, Bangladesh Insulator and Sanitaryware Factory Limited, Karnaphuli Paper Mills Limited, Gazi Wares Limited, Pragati Industries Limited, Chittagong Dry-dock Limited and Essential Drugs Company Limited.
In a letter sent to the finance ministry, the ICB said from the current share trading trend it has been noticed that the investors are interested to invest in cement, engineering, energy, IT and drugs and chemical sectors rather than ceramic, foods and accessories, jute, tannery, paper and printing, service and real estate sector and textiles.
The government can offload the shares of the companies like Chittagong Urea Fertiliser Company Limited, Jamuna Fertiliser Company Limited, Zia Fertiliser Company Limited, Urea Fertiliser Company Limited, Natural Gas Fertiliser Company Limited, Palash Urea Fertiliser Company Limited, Chhatak Cement Company Limited, Khulna Hardboard Mills and D A P Fertiliser Company Limited, the ICB said.
The ICB observed that all the companies under the Petrobangla could be offloaded as they were making profit.