Six listed SoEs asked to state their shares offloading status

The Ministry of Finance (MoF) has asked six listed state-owned enterprises (SoEs) to inform the ministry about their status of offloading additional shares.

It also has decided to offload another 24.55 per cent shares of Rupali Bank in a move to increase supply of good fundamental shares to the overheated market. General investors hold 5.45 per cent shares of the bank.

In a recent letter, the MoF has told the concerned SoEs to submit reports on their share-offloading status to the Bank and Financial Institution Division of the MoF.

The companies, which have been asked to proceed on offloading additional shares, are Jamuna Oil, Meghna Petrolium, Eastern Lubricants, Titas Gas Transmission and Distribution Company Limited, DESCO and Power Grid.

In the letter sent to the SoEs, the MoF has fixed the number of additional shares, which will have to be offloaded as per government’s decision.

According to the letter of MoF sent to energy and mineral resources division, the government will offload 17 per cent shares of Jamuna Oil, 17 per cent shares of Meghna Petrolium, 17.30 per cent shares of Eastern Lubricants and 15 per cent shares of Titas Gas.

The finance ministry has also asked the Power Division to offload 15 per cent and 16.25 per cent shares of DESCO and Power Grid respectively.

At present the government is holding 70 per cent shares of Jamuna Oil, 70 per cent shares of Meghna Petroleum, 87.3 per cent shares of Eastern Lubricants, 75 per cent shares of Titas Gas, 75 per cent shares DESCO and 76.25 per cent shares of Power Grid.

Finance Minister Abul Maal Abdul Muhith Sunday said the ministry will sit with the companies within next three or four days as they are making delay in offloading their shares.

“We instructed them to offload shares but they are yet to comply with the directive,” he said adding: “We want to know what is the problem and we will settle this thing.”

The letter added that the Prime Minister had approved the proposal of offloading the additional amount of shares of concerned SoEs.

The copies of letters have also been sent to the Securities and Exchange Commission (SEC).

In another letter sent to the SEC and Investment Corporation of Bangladesh (ICB), the MoF sought their help to offload additional 24.55 per cent shares of Rupali Bank Limited.

Presently, the government is holding 94.55 per cent shares of Rupali Bank.

Source: The financial express, 22 November, 2010

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