Move to entice foreign cos into stock market

The government is likely to sit with the representatives of foreign companies of the Export Processing Zones (EPZ) aiming to motivate them for listing these companies with the stock market, officials said.
In a recent meeting on listing of the multinational companies (MNCs) with the bourses, the Bangladesh Securities and Exchange Commission (BSEC) has proposed to hold a meeting with the representatives of the MNCs to bring them to the capital market, they added.
"We are working on the issue. No major progress has been made yet. The meeting is likely to be held at the end of the current month or early January next," a high official of the BSEC said.
The Bangladesh Export Processing Zones Authority (BEPZA) is likely to help conduct the meeting, he added.
"Foreign companies who invest in EPZs first have to register with the Registrar of Joint Stock Companies and Firms (RJSC). So, it is not possible to bring them to the capital market by force. But the government authorities can take various initiatives to motivate them to enlist the foreign companies with the stock market," he mentioned.
The finance ministry had asked the regulator and relevant agencies to recommend within 15 working days the ways to lure the MNCs in the meeting, he also said.
The multinational companies/foreign companies operating business in the country were not listed with the stock market at expected level. It is less than those in India and Pakistan, a finance ministry source said.
The move will help make the country's stock market vibrant if it is shaped finally, he said, adding that it is high time for listing of new multinational companies as the bourses are performing well now.
The government wants to make the market more stable for the sake of the investors and the economy. Enlistment of several new MNCs would help prop up the stock market, he said.
Currently, there are 258 foreign companies and 71 joint-ventures in the country, according to Bangladesh Export Processing Zones Authority (BEPZA).
Only 13 multinational companies are now listed on the two bourses of the country while 42 others are yet to offload their shares.
    rezamumu@gmai.com