FE Report (November 25, 2010)
The government has decided to offload nearly three million shares of the state-run Rupali Bank Limited in the secondary market, reports bdnews24.com.
A news posting on the Dhaka Stock Exchange noted that 24.55 per cent or 28,57,380 shares of the bank would be brought to the secondary market for trading.
The government has recently decided to offload more shares of state-run companies in the wake of overheating of the capital market.
Finance Minister AMA Muhith has recently told parliament that shares of 14 more SOEs would be offloaded by December next.
Currently, only a limited number of shares of 12 SOEs are traded on the stock market, while the government maintains a strict policy of holding over 51 per cent of the shares to continue its 'management authority' on the entities.
But the recent hype in the capital market has forced the government to change its position and the parliamentary watchdog on finance ministry recommended offloading more shares of the SOEs to increase share supply to the market.
With the offloading of over 24 per cent shares of Rupali Bank, the process of relaxing government grip on SOE shares has officially started.
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