BSEC asks 17 state-owned firms to get enlisted to market
Economy
The Bangladesh Securities and Exchange Commission (BSEC) on Thursday issued a letter to 17 state-owned profit-making companies asking them to be listed on the capital market.
Of these, there are nine companies in the power and energy sector, two in the engineering sector, two in the travel sector and the remaining two are Bangladesh Biman and state-owned Essential Drugs.
BSEC Executive Director Rezaul Karim said state-owned companies have not been listed on the stock exchange for a long time so the letter has been issued to the companies whose financial condition is good. Some companies were supposed to be listed in the market but none of them has applied so far.
It is mentionable that no other government company has entered the stock market since the listing of Bangladesh Submarine Cable Company Limited in 2012.
He added that after being listed, there is an opportunity for companies to expand the business by raising capital in various ways including equity shares and bonds, with the participation of the general people.
Experts have said lack of effective initiatives is a problem to bring companies to the stock market. At first, ministries and companies concerned have to make policies on being enlisted in the capital market.
The BSEC has issued letters to Bakhrabad Gas Distribution Company Ltd, LP Gas Ltd, Gas Transmission Company Limited, Jalalabad Gas Transmission and Distribution System Limited, Sylhet Gas Fields Limited, Bangladesh Gas Fields Company Limited, Rupantarita Prakritik Gas Company Limited, North-West Power Generation Company Ltd, Electricity Generation Company of Bangladesh.
The other companies are Pragoti Industries, Karnaphuli Paper Mills, Bangladesh Insulator and Sanitaryware Factory, Hotels International Limited, Biman Bangladesh Airlines, Bangladesh Telecommunications Company Limited, Bangladesh Cable Shilpa, and Essential Drugs Company Limited.
In the fiscal year 2020-21, Bakhrabad Gas Distribution Company posted revenue of Tk289 crore against a net profit of Tk149 crore.
Gas Transmission Company Limited declared Tk1120 crore revenue in 2020-21 while its net profit was Tk74 crore.
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