Offloading of 25pc Titas Gas shares thru' stock markets approved
Friday, 23 November 2007
FE Report
The government approved Thursday offloading of 25 per cent share of the Titas Gas Transmission and Distribution Company Limited (TGTDCL) through the stock markets.
A meeting of the advisory council on economic affairs of the government gave the approval on partial privatisation of the Titas Gas authority.
Presided over by the Finance and Planning Adviser, Mirza Azizul Islam, the meeting of the advisory council was held at Cabinet Division in the secretariat.
After the meeting, Islam said all official formalities on offloading of the TGTDCL's stakes are expected to be completed within two to three months time. The relevant ministry (energy division) and the Securities and Exchange Commission (SEC) will complete the process, he told newsmen.
As per the decision of an inter-ministerial meeting held on Aug 31, 2005, the Energy Division placed the proposal on flotation of 49 per cent share of Titas Gas through the share markets.
However, the meeting approved offloading of 25 per cent shares of the state-owned gas distribution company.
The board of the Titas Gas at an extra-ordinary general meeting (EGM) on October 24 endorsed the floatation of 25 per cent share of the company initially.
The TGTDCL, a company under the country's oil, gas and mineral corporation - Petrobangla - in the meeting decided to float 21.55 million shares worth Tk 2.155 billion on stock markets.
TGTDCL sources said the company would offload the shares through the state-owned Investment Corporation of Bangladesh (ICB).
The 25 per cent stakes will be floated under the Direct Listing Regulations through the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE), the sources added.
According to the company, the paid-up capital of the Titas gas stands at around Tk 4.31 billion upto June last year. The face value of each share has been fixed at Tk 100.
The council of advisers Thursday also approved procurement of 0.1 million tonnes of urea fertiliser from Qatar and the United Arab Emirates.
Besides, the meeting approved the summary on possible consequence of scraping of a contract with a Japanese consultancy firm on deep-sea port site selection in the Bay and waiver of public procurement regulations (PPR) 2003 for appointing a consultant for preparing the second poverty reduction strategy paper (PRSP).
The government approved Thursday offloading of 25 per cent share of the Titas Gas Transmission and Distribution Company Limited (TGTDCL) through the stock markets.
A meeting of the advisory council on economic affairs of the government gave the approval on partial privatisation of the Titas Gas authority.
Presided over by the Finance and Planning Adviser, Mirza Azizul Islam, the meeting of the advisory council was held at Cabinet Division in the secretariat.
After the meeting, Islam said all official formalities on offloading of the TGTDCL's stakes are expected to be completed within two to three months time. The relevant ministry (energy division) and the Securities and Exchange Commission (SEC) will complete the process, he told newsmen.
As per the decision of an inter-ministerial meeting held on Aug 31, 2005, the Energy Division placed the proposal on flotation of 49 per cent share of Titas Gas through the share markets.
However, the meeting approved offloading of 25 per cent shares of the state-owned gas distribution company.
The board of the Titas Gas at an extra-ordinary general meeting (EGM) on October 24 endorsed the floatation of 25 per cent share of the company initially.
The TGTDCL, a company under the country's oil, gas and mineral corporation - Petrobangla - in the meeting decided to float 21.55 million shares worth Tk 2.155 billion on stock markets.
TGTDCL sources said the company would offload the shares through the state-owned Investment Corporation of Bangladesh (ICB).
The 25 per cent stakes will be floated under the Direct Listing Regulations through the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE), the sources added.
According to the company, the paid-up capital of the Titas gas stands at around Tk 4.31 billion upto June last year. The face value of each share has been fixed at Tk 100.
The council of advisers Thursday also approved procurement of 0.1 million tonnes of urea fertiliser from Qatar and the United Arab Emirates.
Besides, the meeting approved the summary on possible consequence of scraping of a contract with a Japanese consultancy firm on deep-sea port site selection in the Bay and waiver of public procurement regulations (PPR) 2003 for appointing a consultant for preparing the second poverty reduction strategy paper (PRSP).