BSEC identifies 15 companies for potential stock listing

The stock market regulator has identified 15 state-run and multinational companies, in which the government holds a stake, for potential listing on the stock exchange in a bid to restore investor confidence.

The companies are: Unilever Bangladesh, Karnaphuli Fertilizer, 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 yesterday.

The listing will improve governance, and increase accountability and transparency, Anisuzzaman Chowdhury, special assistant to Chief Adviser Muhammad Yunus, said while chairing a meeting at the finance ministry to discuss the plan last week.

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

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.

Industries Secretary M Obaidur Rahman, Financial Institutions Division Secretary Nazma Mobarek, and BSEC Chairman Khondoker Rashed Maqsood were present at the event. There are currently 397 companies listed on the stock market.