Govt to offload shares of more state-run power cos

The government has initiated a fresh move to offload shares of more state-run power sector entities in the capital market to raise funds for financing various development projects under the Power Division.

The decision was taken at a meeting held on Thursday at the division under the Ministry of Power, Energy and Mineral Resources.

At the meeting, a committee, headed by Power Division Secretary Monowar Islam, was formed. Representatives of the Bangladesh Securities and Exchange Commission (BSEC), the stock exchanges and the Investment Corporation of Bangladesh (ICB) were also included in committee.

The committee will make a comprehensive work-plan with recommendations, and submit its report within 30 working days, meeting sources said.

"We discussed how funds can be raised from the capital market and invest the money in different projects of the companies under the Power Division," said an official, present at the meeting.

Prime Minister's Energy Advisor Dr. Tawfiq-e-Elahi Chowdhury, State Minister for Power, Energy and Mineral Resources Nasrul Hamid, BSEC Chairman Dr. M. Khairul Hossain, Managing Director of Dhaka Stock Exchange (DSE) Dr. Swapan Kumar Bala, and Managing Director of ICB Md. Fayekuzzaman were present, among others.

Stock market experts have long been demanding offloading of shares of the state-run companies, which they believe will definitely make the market vibrant and robust.

Earlier, the government announced different deadlines to offload their shares, but failed due to reluctance of the ministries concerned as well as bearish trend of the market.

babulfexpress@gmail.com