7 SoEs asked to revalue asset by 2 months for share offloading

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An Ashuganj Power Station Company Limited web site photo shows power plants at the company premises. Finance minister AHM Mustafa Kamal on Sunday said that they asked seven state-owned companies, including APSCL, in the energy and power sector to complete revaluation of their assets by next two months.

An Ashuganj Power Station Company Limited web site photo shows power plants at the company premises. Finance minister AHM Mustafa Kamal on Sunday said that they asked seven state-owned companies, including APSCL, in the energy and power sector to complete revaluation of their assets by next two months.Finance minister AHM Mustafa Kamal on Sunday said that they asked seven state-owned companies in the energy and power sector to complete revaluation of their assets by next two months.

The directive was given as part of the government intention to resume the implementation of a longstanding decision to divest certain portion of share of the state-owned companies on the share market, he said. Mustafa Kamal was briefing reporters at his Economic Relations Division office at Agargoan in the capital after a meeting with stakeholders.

The companies are Titas Gas Transmission and Distribution Company Limited, Power Grid Company of Bangladesh, North West Power Generation Company, Electricity Generation Company of Bangladesh, Ashuganj Power Station Company Limited, B-R Powergen Limited and Gas Transmission Company Limited. Of them, some portions of Titas Gas Transmission and Distribution Company Limited and Power Grid Company of Bangladesh have already been divested in the share market as part of the government decision taken in 2005 by the then finance minister, Saifur Rahman.

Only some shares of few companies including Titas Gas, Padma Oil, Eastern Lubricants, DESCO, Power Grid Company, Meghna Petroleum, Jamuna Oil, Usmania Glass and Atlas Bangladesh were divested on the share market. Titas Gas Transmission and Distribution Company was listed on the stock market in 2008 while the government has been able to offload shares of only Bangladesh Submarine Cable Company Ltd during the last eight years.

It is reported that that ministries concerned have been expressing unwillingness to divest shares and additional shares of the companies on the pretext of losses, production shortfall and absence of favourable situation on the market.

Mustafa Kamal told reporters that he had been always vocal to bring the state-owned companies’ shares to the market for the betterment of the market since he was the chairman of the parliamentary standing committee on finance.

He said they would soon divest shares and additional shares of the companies to revitalise the share market that has been going through a topsy-turvy ride since the worst-ever collapse in 2010-11. DSEX, the key index of the Dhaka Stock Exchange, lost 0.98 per cent, or 44.24 points, to close at 4,469.66 points on the last trading session of the past week on Thursday, after gaining 364.06 points in the week before.

Before the gain in the week before the past week, the DSEX plunged by 309.5 points in two weeks.

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