BSEC selects 15 firms for potential stock market listing

Bangladesh Securities and Exchange Commission (BSEC) has identified 15 state-owned and multinational firms, in which the government holds a stake, for potential listing on the stock exchanges in a bid to restore investor confidence.

The companies are: Unilever Bangladesh, Karnaphuli Fertiliser, Synovia Pharma PLC (formerly Sanofi Bangladesh), Novartis Bangladesh, Syngenta Bangladesh, Nestlé Bangladesh, Pashchimanchal Gas Company, North-West Power Generation, B-R Powergen, Sylhet Gas Fields, Barapukuria Coal Mining Company, Jalalabad Gas Transmission and Distribution, Karnaphuli Gas, Sadharan Bima Corporation, and Jiban Bima Corporation, the Bangladesh Securities and Exchange Commission (BSEC) said in a statement.

Anisuzzaman Chowdhury, special assistant to Chief Adviser Muhammad Yunus, at a recent meeting, said the listing will improve governance and increase accountability and transparency.  

“It will also help the government determine the proper value of its holdings in the companies and positively impact the stock market,” he said.

Mr Chowdhury instructed the stakeholders to take immediate steps to initiate the listing process in line with an earlier directive from the chief adviser issued in May.

Since these companies hold substantial reserves and do not require fresh capital, they will be brought to the market via direct listing—a process that allows firms to sell existing shares directly to investors without issuing new ones.

Abul Kalam, a director & spokesperson of the BSEC, said the direct listing of stocks of multinational and state-run companies will make them available to investors.

With the listing, it will be ensured that investors have access to quality stocks, he added.

Industries Secretary M Obaidur Rahman, Financial Institutions Division Secretary Nazma Mobarek, BSEC Chairman Khondoker Rashed Maqsood, among others were present at the meeting held at the ministry of finance on July 31.

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