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ICB Capital Addresses 13 Companies Listing Problems

Industry: Financial, Investment Banking
Company: Investment Corporation of Bangladesh
Company Intelligence Tag: Business Insights

ICB Capital Management is taking steps to address challenges hindering the listing of state-owned companies in Bangladesh’s stock market. A workshop slated for the month august aims to explore solutions for the listing barriers faced by 13 prioritized entities, including Biman Bangladesh Airlines. These firms contend with substantial paid-up capital, largely resulting from government loans converted into equity shares, raising concerns about future dividends for shareholders post-listing. Discussions in the workshop are expected to encompass dividend policies and strategies to expedite the listing process. Factors such as declining profits attributed to currency devaluation and costlier raw materials have deterred these companies from listing shares. The total paid-up capital of these companies ranges between Tk 50 million and Tk 20.82 billion.

The listing process faces hurdles due to executive transfers within government entities, impeding progress. The Bangladesh Securities and Exchange Commission (BSEC) had submitted a list of 29 state-owned companies to the Prime Minister’s Office in March, seeking acceleration of the listing process. Presently, 22 state-owned entities are listed on the country’s stock market, collectively holding a market capitalization share ranging from 0.1% to 1.7%. The government’s ownership varies from 4.30% at National Tea Company to the highest stake of 99.68% at Bangladesh Services.

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