FE Report (November 1, 2010)
More shares of some eight listed State owned Enterprises (SoEs) will be floated within the next three weeks while that of 24 non-listed SoEs by the year-end, Finance Minister AMA Muhith said Sunday.
"Share of eight SoEs that are already listed on the country's capital market will be floated within next 15 to 20 days," the finance minister told newsmen after a meeting at his secretariat office.
The government has decided to offload shares of a total of 26 SoEs, of these two are already listed.
The finance minister said, "We have set a target for them (SoEs) for offloading shares by December next."
Mr Muhith mentioned the names of Titas Gas Transmission and Distribution Company and Atlas Bangladesh as listed SoEs, shares of which will be floated.
About the floatation of shares of the state-owned mobilephone operator Teletalk Bangladesh Limited, the finance minister said the company has also to float share by set timeframe.
Responding to a query on as to how to deal with the opposition from workers/employees concerned towards the floatation of SoEs' shares, he said certain portion of shares will be allotted to the workers and employees.
When his attention was drawn to the media reports on growing 'rowdy activities of collective bargaining agents (CBAs), the finance minister said the CBAs should not go beyond their own interest.
If not, the government will not allow it, he observed.
The finance minister's announcement on floatation of SoEs' share came at a time when the country's two bourses and experts were pursuing the government for bringing more issue of state enterprises in stock market to help stabilize the country's overpriced capital market.
Leaders of the two bourses -- Dhaka Stock Exchange and Chittagong Stock Exchange -- in a joint press conference had sought the Prime Minister Sheikh Hasina's intervention in early flotation of SoEs' share in the market.
According to sources, DESCO, Powergrid, Padma Oil, Jamuna Oil, Meghna Petroleum, Titas Gas and Atlas Bangladesh are among the listed SoEs and more shares of those will be
floated.
The finance minister made his observation before the media after a meeting with ministries of industries and post and telecommunication that reviewed the progress on two projects -- establishment of Shahjalal Fertiliser Factory and introduction of 3G (third generation) networks in telecommunication system.
About the projects, Mr Muhith said negotiations are on with Chinese companies in this connection.
Both the technical and financial offers for installation of the 3G telecom network are under review, he mentioned.
On the Shahjalal fertiliser factory project, Mr Muhith said the government has offered the Chinese company for the conversion of the proposed urea factory into DAP-producing one.
"Although the Chinese company has agreed to our proposal we need some more time to carry out a feasibility study on it," the finance minister said.
Earlier, the finance minister sat with the Minister for Textile and Jute Abdul Latif Siddique on the country's jute sector, especially the state-run jute mills.
"We are thinking about the promotion of the country's jute industry," Mr Muhith said, adding the jute farmers are getting good price for their crop and the private jute mills are also doing well.
He also said the Textiles and Jute Minister will make a comprehensive statement on the government policies and plan of actions for the jute sector before the media within a day or two.
Secretaries and senior officials of finance, textiles and jute and Bangladesh Jute Mills Corporation (BJMC) were present at the meeting.
More shares of some eight listed State owned Enterprises (SoEs) will be floated within the next three weeks while that of 24 non-listed SoEs by the year-end, Finance Minister AMA Muhith said Sunday.
"Share of eight SoEs that are already listed on the country's capital market will be floated within next 15 to 20 days," the finance minister told newsmen after a meeting at his secretariat office.
The government has decided to offload shares of a total of 26 SoEs, of these two are already listed.
The finance minister said, "We have set a target for them (SoEs) for offloading shares by December next."
Mr Muhith mentioned the names of Titas Gas Transmission and Distribution Company and Atlas Bangladesh as listed SoEs, shares of which will be floated.
About the floatation of shares of the state-owned mobilephone operator Teletalk Bangladesh Limited, the finance minister said the company has also to float share by set timeframe.
Responding to a query on as to how to deal with the opposition from workers/employees concerned towards the floatation of SoEs' shares, he said certain portion of shares will be allotted to the workers and employees.
When his attention was drawn to the media reports on growing 'rowdy activities of collective bargaining agents (CBAs), the finance minister said the CBAs should not go beyond their own interest.
If not, the government will not allow it, he observed.
The finance minister's announcement on floatation of SoEs' share came at a time when the country's two bourses and experts were pursuing the government for bringing more issue of state enterprises in stock market to help stabilize the country's overpriced capital market.
Leaders of the two bourses -- Dhaka Stock Exchange and Chittagong Stock Exchange -- in a joint press conference had sought the Prime Minister Sheikh Hasina's intervention in early flotation of SoEs' share in the market.
According to sources, DESCO, Powergrid, Padma Oil, Jamuna Oil, Meghna Petroleum, Titas Gas and Atlas Bangladesh are among the listed SoEs and more shares of those will be
floated.
The finance minister made his observation before the media after a meeting with ministries of industries and post and telecommunication that reviewed the progress on two projects -- establishment of Shahjalal Fertiliser Factory and introduction of 3G (third generation) networks in telecommunication system.
About the projects, Mr Muhith said negotiations are on with Chinese companies in this connection.
Both the technical and financial offers for installation of the 3G telecom network are under review, he mentioned.
On the Shahjalal fertiliser factory project, Mr Muhith said the government has offered the Chinese company for the conversion of the proposed urea factory into DAP-producing one.
"Although the Chinese company has agreed to our proposal we need some more time to carry out a feasibility study on it," the finance minister said.
Earlier, the finance minister sat with the Minister for Textile and Jute Abdul Latif Siddique on the country's jute sector, especially the state-run jute mills.
"We are thinking about the promotion of the country's jute industry," Mr Muhith said, adding the jute farmers are getting good price for their crop and the private jute mills are also doing well.
He also said the Textiles and Jute Minister will make a comprehensive statement on the government policies and plan of actions for the jute sector before the media within a day or two.
Secretaries and senior officials of finance, textiles and jute and Bangladesh Jute Mills Corporation (BJMC) were present at the meeting.
No comments:
Post a Comment