MoF asks entities to submit report on progress by Sept 30

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Mohammad Mufazzal | Published: September 05, 2016 00:00:00 | Updated: February 01, 2018 00:00:00

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The State Owned Enterprises (SoEs) have been asked to submit report on the latest progress of offloading shares in the capital market by September 30 this year.
The instruction came Sunday at a meeting held at the ministry of finance (MoF). Representatives of different SoEs attended.
"The participants have been asked to submit report on the latest progress of offloading shares through recommendation of their respective ministries by September 30 next," said a meeting participant.
He said at Sunday's meeting, the participants were again reminded about the Prime Minister's previous instruction on offloading of shares, now owned by the government.
"In their report, the respective companies will have to mention their latest position of offloading shares. They will have to explain the status on offloading shares," the meeting participant said.  
He said at the meeting the representatives of some SoEs raised different reasons behind the delay of offloading shares.
"The reasons included the disagreement of board and ministry and legal obligations in offloading shares," the participant said.  
At the meeting, only the Ashuganj Power Station Company (APSC) was praised as it was able to uphold its positive development of issuing bonds worth Tk 6.0 billion this year.
The company also informed the meeting that it would issue bonds worth Tk 4.0 billion in the next year.
According to arranger of bond issue, the APSC, meanwhile, has achieved significant progress in raising funds through bond issue.
Another meeting participant said 'no significant' progress regarding the SoEs' preparation of offloading shares was observed at Sunday's meeting.
"It's an old issue but the progress is not satisfactory. That's why no concrete decision was taken at Sunday's meeting," the participant said.
He said after getting their report, an overall progress of offloading shares by the SoEs can be assessed.
The representatives of the SoEs of different ministries such Ministry of Industries, Telecommunication Ministry and Ministry of Civil Aviation and Tourism attended the Sunday's meeting.
The offloading of shares by the SoEs remains pending despite the finance minister's repeated requests since 2009.
Later, Prime Minister Sheikh Hasina also instructed the SoEs to offload shares.
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