Wednesday, February 21, 2024

Listed SoEs start offloading additional shares

Meghna Petroleum, Jamuna Oil to offload 1.07 crore shares from today
Two state-owned enterprises listed with the Dhaka bourse will today start offloading additional shares as part of the government’s measure to increase the quantum of shares in the market.
The state-run Bangladesh Petroleum Corporation on Tuesday announced that it would offload more shares of two of its enterprises, Meghna Petroleum Ltd and Jamuna Oil Company Ltd, on the Dhaka Stock Exchange within 30 days.
The BPC said that it intended to sell 54,97,800 shares out of its total holdings of 3,23,39,994 shares of Meghna Petroleum, and 53,55,000 shares out of its total holdings of 3,14,99,994 shares of Jamuna Oil at the prevailing market prices within a month.
MD Fayekuzzaman, managing director of the Investment Corporation of Bangladesh which deals with the shares of the state-owned enterprises (SOE), told New Age that the sales of the shares of the companies would start from today.
The BPC had earlier offloaded 30 per cent of the total shares of the two companies which were listed with the Dhaka Stock Exchange in 2007.
Out of the total 4,85,10,000 shares of Meghna Petroleum, BPC holds 70 per cent, institutional investors 13.69 per cent and general investors 16.31 per cent. The BPC holds 70 per cent of the 5,40,00,000 shares of Jamuna Oil, institutional investors 15.04 per cent and general investors 14.96 per cent.
BPC’s chairman Muktadir Ali told New Age that they would offload an additional amount of 17 per cent shares of the companies as per the government’s directive.
‘Once we complete offloading of around 54 lakh shares of Meghna Petroleum and 53 lakh shares of Jumuna Oil by 30 days, the total amount of offloaded shares of the companies would reach 47 per cent,’ he said.
Officials of the finance ministry said that more shares of other listed SoEs, such as Titas Gas, Dhaka Electric Supply Company and the Power Grid Company of Bangladesh, would soon be offloaded after announcement on the DSE’s website.
They said that at least 16 other SoEs would be listed with the Dhaka and Chittagong bourse in the coming months.
The government last year announced the offloading of more shares of already listed companies and listing of other SoEs to increase the supply of securities to the booming capital market, but failed to do so because of bureaucratic red tape and obstruction by certain quarters.
Finance minister AMA Muhith on Thursday
disclosed that offloading shares of the listed
SoEs on the capital market was being held back because of the reluctance of ‘some people’.
‘I could not ensure the offloading of the shares within a month, but I am still trying,’ said the minister.
Muktadir told New Age that the BPC would soon list LP Gas Ltd with the bourse.
The other SoEs which are intended to be listed and whose shares offloaded include Bakhrabad Gas Transmission and Distribution Company, Telephone Shilpa Sangstha and Submarine Cables Company Ltd, Rupantarito Prakritik Gas Company Ltd, Pragati Industries Ltd, Chittagong Dry Dock Ltd, Biman Bangladesh Airlines Ltd, Bangladesh Cables Ltd, Essential Drugs Company Ltd, Teletalk Bangladesh Ltd, BTCL, Jalalabad Gas T&T System Ltd, West Zone Gas Company Ltd and Gas Transmission Company Ltd.
A number of stockbrokers told New Age that
the announcement of offloading of additional shares of Jamuna and Meghna had an immediate affect on Tuesday — the price of Jamuna’s shares declining by 3.91 per cent and Meghna Petroleum’s by 3.87 per cent.
The price of each of DESCO’s shares slid by 2.30 per cent, of Titas Gas by 1.80 per cent and Power Grid by 1.23 per cent.
‘The price of the SoE’s shares might fluctuate heavily because of increase in supply in the coming days,’ said a stockbroker.

-With New Age input

Related News

Shwapno opens new outlet in Pabna

Business Desk : dhakamirror.com Popular retail chain shop “Shwapno” has opened a new outlet in Pabna’s Sujanagar at Molla Super Market. The inauguration took place at 5:30pm on 30 December, reads a press release. Present at the event were Ahmed Firoz Kabir, Member of Parliament for Pabna-2 (Sujanagar, Aminpur), Chairman Shahinujjaman Shahin of Sujanagar Upazila, ... Read more

Shwapno launches new outlet at Bashundhara

Business Desk : dhakamirror.com Shwapno, the largest retail chain in Bangladesh, launched an outlet in the Bashundhara area on Thursday offering a month-long discount with a home delivery facility. On behalf of Bashundhara Group, media advisor Mohammad Abu Tayeb inaugurated the outlet as guest of honour at the Rupayan shopping centre in the residential area, ... Read more

With ‘Face ID’ and ‘Fingerprint’ login bKash app is now more secure, user-friendly

Business Desk : dhakamirror.com bKash app introduces biometric ‘Face ID’ and ‘Fingerprint’ login features to make users’ daily transactions easier and safer. Alongside, exciting new features – ‘Group Send Money’, ‘Request Money’, ‘Savings Marketplace’ and selecting ‘Default Card’ to use the ‘Add money’ service from VISA card to bKash – are also included in the ... Read more

Grameenphone wins ‘Bangladesh Sustainability Excellence Awards 2023’ in Financial Inclusion

Business Desk : dhakamirror.com It was an evening to rejoice and remember for Grameenphone at the Bangladesh Sustainability Excellence Awards 2023, as the organization’s sincere efforts with flagship initiatives GP Accelerator and GP Academy received due recognition. Renowned media house The Daily Star, along with CSR Window, honored the winners at the Bangladesh Sustainability Excellence ... Read more

Banglalink wins the best sustainability award

Business Desk : dhakamirror.com Banglalink has won the ‘Best Sustainability Excellence Initiative’ award in the ‘Disaster Response’ category at the ‘Bangladesh Sustainability Excellence Awards 2023,’ jointly presented by The Daily Star and CSR Window Bangladesh. The award is in recognition of Banglalink’s contribution to societal welfare through the innovative integration of an Early Warning System ... Read more

StanChart wins Mastercard Excellence Awards

Business Desk : dhakamirror.com Standard Chartered Bangladesh has clinched awards in three categories at the “Mastercard Excellence Awards 2023”. The categories are “Excellence in Mastercard Contactless (Issuing)”, “Excellence in Mastercard Credit Business (International)”, and “Excellence in Mastercard Business (Innovation)”. Naser Ezaz Bijoy, chief executive officer of the multinational bank, received an award from Atiur Rahman, ... Read more

Nagad wins Mastercard Excellence Award 2023

Business Desk : dhakamirror.com Nagad, a popular mobile financial service provider in Bangladesh, has clinched “Mastercard Excellence Award” 2023 for its contribution to credit card bill payments. The mobile money carrier has been honoured with this prestigious award as the “Master Evolution”, reads a press release. On behalf of his company, Nagad’s Executive Director Maruful ... Read more

Prime Bank clinches Mastercard Excellence Awards 2023

Business Desk : dhakamirror.com Prime Bank PLC, a leading private commercial bank of the country, has won Mastercard Excellence Awards 2023 for Debit Business (Domestic) category. Nazeem A Choudhury, deputy managing director of the bank, and Masudul Haque Bhuiyan, head of Cards & Alternative Delivery Channel, received the award from Dr Atiur Rahman, former governor ... Read more

Zakia Rouf Chowdhury elected as vice chairman of Bank Asia

Business Desk : dhakamirror.com Zakia Rouf Chowdhury has been elected as Vice Chairman of Bank Asia Limited recently at the 508th meeting of the Board of Directors of the bank. She has an illustrious business career of more than 35 years in the private sector of Bangladesh. Since inception, she has been holding leadership positions ... Read more

Yamaha celebrates 7 years with ACI Motors

Business Desk : dhakamirror.com ACI Marts is the sole distributor and technical collaboration partner of Yamaha motorcycles in Bangladesh. ACI Motors started its journey in 2007 as a subsidiary of renowned company ACI Limited. In 2016, Yamaha started a new journey in Bangladesh with ACI Motors. At present, more than 116 Yamaha 3S (Sales, Service ... Read more

Walton boosts TV exports to Denmark, Ireland

Business Desk : dhakamirror.com Bangladeshi global electronics brand Walton has boosted up its exports of television to Denmark, Ireland and other European countries as the demand of Walton television goes high in those countries in recent times, according to a press release. Walton Global Business Unit’s Vice-President Syed Al Imran said that Walton has been ... Read more

Mutual Trust Bank launches privilege centres in Dhaka

Business Desk : dhakamirror.com Mutual Trust Bank Ltd recently launched its two revamped privilege centres in Dhanmondi and Uttara celebrating “MTB Retail Fest 2023”. Syed Mahbubur Rahman, managing director and CEO of the bank, inaugurated the centres as the chief guest, said a press release. Privilege Banking customers enjoy a wide range of exclusive benefits, ... Read more

Prime Bank Investment launches PrimeInvest

Business Desk : dhakamirror.com Prime Bank Investment Ltd (PBIL), a subsidiary of Prime Bank, launched PrimeInvest, a comprehensive discretionary product suite that aims to foster access to investment for individuals and institutional investors. CQK Mustaq Ahmed, chairman of PBIL, inaugurated the product at its head office in Banani in the capital, said a press release. ... Read more

Midland Bank strikes deal with Bangladesh Bank

Business Desk : dhakamirror.com Midland Bank Ltd recently signed a participation agreement with the Financial Sector Support and Strategic Planning Department (FSSSPD) of the Bangladesh Bank for availing refinance facility in US dollars. Liza Fahmida, director of the BB department, and Md Ahsan-uz Zaman, managing director of Midland Bank, inked the deal at the BB ... Read more

National Bank signs deal with Bangladesh Bank

Business Desk : dhakamirror.com National Bank Ltd has signed an agreement on “Financial Inclusion Credit Guarantee Scheme” with Bangladesh Bank, aiming to boost financing to cottage, micro, small and medium enterprises (CMSME). Manoj Kumar Howlader, director of the credit guarantee department of the central bank, and Md Mehmood Husain, managing director and CEO of National ... Read more

foodpanda and Toffee: Doubling Up on Benefits for Customers

Business Desk : dhakamirror.com foodpanda Bangladesh partnered with Toffee of Banglalink Digital Communications Ltd, a digital streaming entertainment app, to enhance the experience of Toffee subscribers by offering them exclusive foodpanda discount vouchers. An agreement has been signed between Toffee and foodpanda on this partnership on Thursday, reads a press release. Through this partnership, any ... Read more

US-Bangla gets recognition of IATA

Business Desk : dhakamirror.com US-Bangla Airlines, one of the largest airlines in Bangladesh, has become the first domestic private airline to be recognised as an International Air Transport Association (IATA) airline. By 2023, 18 airlines in the world have achieved accreditation as IATA Airlines, among which US-Bangla is one, reads a press release. Although several ... Read more

Emirates crowned as 2024 APEX World Class Airline

Business Desk : dhakamirror.com Having mastered the guest experience and providing exceptional customer service, Emirates was recently named a 2024 APEX World Class Airline winner at the 2024 APEX/IFSA Awards, held in Long Beach, California. Emirates is one of just eight airlines globally to achieve this accolade, reads a press release. Emirates also received a ... Read more

LAYS launches campaign with Shakib Al Hasan, Soumya Sarkar and Taskin Ahmed Tazim

Business Desk : dhakamirror.com Lay’s, one of the world’s most loved potato chip brands under the PepsiCo umbrella, has launched an engaging campaign featuring Bangladesh cricket stars Shakib Al Hasan, Taskin Ahmed and Soumya Sarkar as its brand ambassadors. Together, this dynamic trio will play essential roles in the upcoming Lay’s campaigns, endorsing the brand ... Read more

1,000 can win bKash World Cup Quiz everyday

Business Desk : dhakamirror.com A thousand winners can get Tk50 each everyday by participating in the bKash World Cup quiz. By answering 3 simple cricket related questions in the shortest possible time and making a transaction through bKash app one can win the prize. The quiz competition will continue till October 25, reads a press ... Read more