State-run Titas Gas Transmission and Distribution Company, commonly
known as Titas Gas, plans to offload more shares in the stockmarket.
Bangladesh Oil, Gas and Mineral Corporation (Petrobangla), the major corporate sponsor of Titas Gas, will sell 10 percent or 9.42 lakh shares of the company at market prices from its stake in Titas Gas.
However, the shares will be ready for sale on the stock exchanges after some regulatory requirements are completed.
The company has decided to offload the shares in line with a government decision, according to a posting on the Dhaka Stock Exchange website yesterday.
Although the government decided to offload its stake in different companies in the stockmarket in 2010 when the market was bullish, the Titas Gas shares are going to enter the market after two years when the market is passing a bearish phase following a price debacle in January-February last year.
The state-run gas company joined the country's bourses under direct listing rules in 2008. Titas, which distributes gas in Dhaka and greater Mymensingh region, was the fifth state-run company that was listed on the stock exchanges under direct listing rules.
Presently, 25 percent shares are available for public trade in the stock exchanges, while the sponsors hold the rest 75 percent shares.
On the Dhaka bourse yesterday, each Titas Gas share traded between Tk 76.10 and Tk 73, before closing at Tk 73.10 after declining 2.25 percent.
Bangladesh Oil, Gas and Mineral Corporation (Petrobangla), the major corporate sponsor of Titas Gas, will sell 10 percent or 9.42 lakh shares of the company at market prices from its stake in Titas Gas.
However, the shares will be ready for sale on the stock exchanges after some regulatory requirements are completed.
The company has decided to offload the shares in line with a government decision, according to a posting on the Dhaka Stock Exchange website yesterday.
Although the government decided to offload its stake in different companies in the stockmarket in 2010 when the market was bullish, the Titas Gas shares are going to enter the market after two years when the market is passing a bearish phase following a price debacle in January-February last year.
The state-run gas company joined the country's bourses under direct listing rules in 2008. Titas, which distributes gas in Dhaka and greater Mymensingh region, was the fifth state-run company that was listed on the stock exchanges under direct listing rules.
Presently, 25 percent shares are available for public trade in the stock exchanges, while the sponsors hold the rest 75 percent shares.
On the Dhaka bourse yesterday, each Titas Gas share traded between Tk 76.10 and Tk 73, before closing at Tk 73.10 after declining 2.25 percent.