Jamuna, Meghna oil cos to place action plan for offloading shares
Friday, 10 August 2007
FE report
The authorities of two state-owned oil companies - Jamuna and Meghna - will place an action plan on offloading of shares before the Advisory Committee on Economic Affairs on August 13 for approval, official sources said.
After the approval, the two oil companies under the Bangladesh Petroleum Corporation (BPC) will complete the process of share offloading and float up to 49 per cent share in the stock markets.
According to sources, the authorities of the Jamuna Oil Company Limited and Meghna Petroleum Company Limited will complete all procedures for offloading shares by September 30.
Three oil companies -- Jamuna, Meghna and Padma -- are the subsidiaries of the state-owned BPC, which supply fuel to the dealers and agents across the country.
The BPC offloaded 50 per cent share of the Padma Oil Company Limited to the stock market in 1976. Of which, 42 per cent is owned by the different government and non-government institutions and the rest 8.0 per cent is held by the members of the public.
Official sources said the two companies have already been registered themselves as the public limited company with the Registrar of Joint Stock Companies and Firms.
"Initially, the two oil companies are expected to offload up to 49 per cent of their shares in the stock markets in early October this year," a senior energy ministry official said.
According to the state-owned Investment Corporation of Bangladesh (ICB) sources, shares worth more than Tk 500 million of Jamuna and Tk 600 million of Meghna might be floated through the ICB.
The sources said that as per the audit report of 2006, the total paid-up capital of Jamuna Oil Company Ltd is Tk 50 million and that of Meghna Petroleum Company Ltd is Tk 90 million.
According to the audit report, Jamuna has reserved money worth Tk 460 million and Meghna Tk 540 million.
The ICB has already urged the government to take measures to raise the amount of paid-up capital of both the oil companies from the reserved fund, an ICB source said.
The authorities of two state-owned oil companies - Jamuna and Meghna - will place an action plan on offloading of shares before the Advisory Committee on Economic Affairs on August 13 for approval, official sources said.
After the approval, the two oil companies under the Bangladesh Petroleum Corporation (BPC) will complete the process of share offloading and float up to 49 per cent share in the stock markets.
According to sources, the authorities of the Jamuna Oil Company Limited and Meghna Petroleum Company Limited will complete all procedures for offloading shares by September 30.
Three oil companies -- Jamuna, Meghna and Padma -- are the subsidiaries of the state-owned BPC, which supply fuel to the dealers and agents across the country.
The BPC offloaded 50 per cent share of the Padma Oil Company Limited to the stock market in 1976. Of which, 42 per cent is owned by the different government and non-government institutions and the rest 8.0 per cent is held by the members of the public.
Official sources said the two companies have already been registered themselves as the public limited company with the Registrar of Joint Stock Companies and Firms.
"Initially, the two oil companies are expected to offload up to 49 per cent of their shares in the stock markets in early October this year," a senior energy ministry official said.
According to the state-owned Investment Corporation of Bangladesh (ICB) sources, shares worth more than Tk 500 million of Jamuna and Tk 600 million of Meghna might be floated through the ICB.
The sources said that as per the audit report of 2006, the total paid-up capital of Jamuna Oil Company Ltd is Tk 50 million and that of Meghna Petroleum Company Ltd is Tk 90 million.
According to the audit report, Jamuna has reserved money worth Tk 460 million and Meghna Tk 540 million.
The ICB has already urged the government to take measures to raise the amount of paid-up capital of both the oil companies from the reserved fund, an ICB source said.