Finance Ministry has decided to reset new deadline for the authorities of 26 state-owned companies as they failed to off-load their additional shares during last three years.
Finance Minister AMA Muhith will sit with the top officials of SoEs at his office today (Thursday) to review the overall situation on the issue. The meeting is likely to take stern action against those who did not comply with the ministry directives during the three months.USB slot. “The ministry will reset a new short term deadline for SoEs on off-loading their addition shares to increase supply of prospective shares in share markets,” banking division secretary Shafiqur Rahman Patwari told daily sun on Wednesday.
He also said if the authorities of SoEs fail to off-load shares within the stipulated time, then departmental actions will be taken against the top officials.
“I will call them at a meeting and tell them if you cannot off-load shares within certain days, then you have to resign,” Finance Minister said during this week.
Share market analysts, however, said that government shares, even are off-loaded, will not perform well at the present situation.
Shares of five government companies have lost 5 to 15 per cent of their values during last one week (February 1 to February 9).
The companies are Desco, Eastern Cable, Jamuna Oil, Power Grid, Padma Oil and Titas Gas Limited.
In September last year, Prime Minister Sheikh Hasina approved a proposal on offloading shares of concerned SOEs.
The Finance Minister AMA Muhith in the same month said that the share of eight SoEs would be released in the capital market within 20 days.
The SoEs are – Rupali bank, Titas Gas, Atlas Bangladesh, Desco, Padma Oil, Meghna Oil, Jamuna Oil, Power Grid and Bangladesh Shipping Corporation (BSC).
Earlier, the Finance Ministry decided to off-load 15 to 24.50 per cent shares of five companies of energy division.
Banking division sources, however, said only Rupali Bank shares came to the share market but the rest of the SoEs failed to comply with the instructions in last three months.
Energy division last week sent a request to the banking division for extending the deadline for off-loading the shares till March 30 as the deadline expired.
Earlier, the banking division at a meeting with finance minister agreed to off-load shares of four companies by January 31 of this year.
The government last year decided to offload 49 per cent of its stakes with 26 SoEs and retain 51 per cent.
Shares of other SoEs, including Teletalk Bangladesh Limited, BTCL, five star hotel including Sonargaon and Sheraton failed to off-load their government stakes by December last year.
The government’s stake in multinational companies like Unilever Bangladesh Limited, Hoechst (Bangladesh), British –American Tobacco Company Limited , Reckitt Benckiser and Sanofi-Aventis Bangladesh Limited is in the offloading list, according to a Finance Ministry document.
Finance Minister AMA Muhith will sit with the top officials of SoEs at his office today (Thursday) to review the overall situation on the issue. The meeting is likely to take stern action against those who did not comply with the ministry directives during the three months.USB slot. “The ministry will reset a new short term deadline for SoEs on off-loading their addition shares to increase supply of prospective shares in share markets,” banking division secretary Shafiqur Rahman Patwari told daily sun on Wednesday.
He also said if the authorities of SoEs fail to off-load shares within the stipulated time, then departmental actions will be taken against the top officials.
“I will call them at a meeting and tell them if you cannot off-load shares within certain days, then you have to resign,” Finance Minister said during this week.
Share market analysts, however, said that government shares, even are off-loaded, will not perform well at the present situation.
Shares of five government companies have lost 5 to 15 per cent of their values during last one week (February 1 to February 9).
The companies are Desco, Eastern Cable, Jamuna Oil, Power Grid, Padma Oil and Titas Gas Limited.
In September last year, Prime Minister Sheikh Hasina approved a proposal on offloading shares of concerned SOEs.
The Finance Minister AMA Muhith in the same month said that the share of eight SoEs would be released in the capital market within 20 days.
The SoEs are – Rupali bank, Titas Gas, Atlas Bangladesh, Desco, Padma Oil, Meghna Oil, Jamuna Oil, Power Grid and Bangladesh Shipping Corporation (BSC).
Earlier, the Finance Ministry decided to off-load 15 to 24.50 per cent shares of five companies of energy division.
Banking division sources, however, said only Rupali Bank shares came to the share market but the rest of the SoEs failed to comply with the instructions in last three months.
Energy division last week sent a request to the banking division for extending the deadline for off-loading the shares till March 30 as the deadline expired.
Earlier, the banking division at a meeting with finance minister agreed to off-load shares of four companies by January 31 of this year.
The government last year decided to offload 49 per cent of its stakes with 26 SoEs and retain 51 per cent.
Shares of other SoEs, including Teletalk Bangladesh Limited, BTCL, five star hotel including Sonargaon and Sheraton failed to off-load their government stakes by December last year.
The government’s stake in multinational companies like Unilever Bangladesh Limited, Hoechst (Bangladesh), British –American Tobacco Company Limited , Reckitt Benckiser and Sanofi-Aventis Bangladesh Limited is in the offloading list, according to a Finance Ministry document.