Govt to devise appropriate formula for Unilever share offloading
Monday, 31 December 2007
FE Report
The ministry of industry will hold a meeting today (Monday) to devise ways to off-load a part of the government shares in the Unilever Bangladesh Limited, sources said.
It has to find out an appropriate formula to off-load some portion of the 39.25 per cent shares of the Unilever held by the government following difference of opinion with the local operator of the multinational company.
In line with the government decision to off-load its shares in different business entities, the industry ministry suggested a guideline in August last for offloading the Unilever shares, sources added.
But the board of directors of the company did not accept the guideline. The government also rejected a proposal, submitted by Unilever, on the share off-load issue.
The industry ministry is likely to prepare new plans in the today's meeting.
Lever Brothers Bangladesh Ltd, one of the leading multinational consumer products manufacturing companies, has been renamed Unilever Bangladesh Limited by changing its four-decade long corporate identity in 2004.
The Rotterdam-based Anglo-Dutch consumer goods company, Unilever owns 69.75 per cent of the company that was established at Kalurghat in Chittagong in 1964.
Unilever Bangladesh Ltd offers more than 14 different brands of consumer products including washing powder, shampoo, toothpaste, laundry and bath soaps, skincare products, and tea.
The company has been achieving more than a double-digit growth during the last five years in country's fast growing consumer products market.
It is also paying more than Tk 2.0 billion annually as tax.
The ministry of industry will hold a meeting today (Monday) to devise ways to off-load a part of the government shares in the Unilever Bangladesh Limited, sources said.
It has to find out an appropriate formula to off-load some portion of the 39.25 per cent shares of the Unilever held by the government following difference of opinion with the local operator of the multinational company.
In line with the government decision to off-load its shares in different business entities, the industry ministry suggested a guideline in August last for offloading the Unilever shares, sources added.
But the board of directors of the company did not accept the guideline. The government also rejected a proposal, submitted by Unilever, on the share off-load issue.
The industry ministry is likely to prepare new plans in the today's meeting.
Lever Brothers Bangladesh Ltd, one of the leading multinational consumer products manufacturing companies, has been renamed Unilever Bangladesh Limited by changing its four-decade long corporate identity in 2004.
The Rotterdam-based Anglo-Dutch consumer goods company, Unilever owns 69.75 per cent of the company that was established at Kalurghat in Chittagong in 1964.
Unilever Bangladesh Ltd offers more than 14 different brands of consumer products including washing powder, shampoo, toothpaste, laundry and bath soaps, skincare products, and tea.
The company has been achieving more than a double-digit growth during the last five years in country's fast growing consumer products market.
It is also paying more than Tk 2.0 billion annually as tax.