Govt okays listing of SOEs, multinationals to boost stock market
Staff Reporter :
The government has approved the listing of profitable state-owned enterprises (SOEs) and multinational companies in which it holds shares, aiming to deepen the capital market and restore investor confidence. Some SOEs will be listed directly, while multinational companies will decide through their boards.
The decision was discussed at a Finance Ministry meeting on Wednesday, chaired by Finance Adviser Dr Salehuddin Ahmed. Abu Ahmed, Chairman of the Investment Corporation of Bangladesh (ICB), briefed reporters after the meeting.
Chief executives of the companies, the Commerce Adviser, the Adviser for Power, Energy and Mineral Resources, the Industry Adviser, the Special Assistant to the Chief Adviser, and the chairmen of ICB and the Bangladesh Securities and Exchange Commission (BSEC) attended.
The first phase includes Karnaphuli Gas Distribution Company, Karnaphuli Fertilizer Company (KAFCO), North-West Power Generation Company, Paschimanchal Gas Company, Sylhet Gas Fields, as well as multinational firms like Syngenta Bangladesh, Unilever Bangladesh, Novartis Bangladesh, Nestlé Bangladesh, and Synovia Bangladesh.
Dr Salehuddin said the stock market now operates under a stronger regulatory framework, providing an opportunity for long-term development. “To restore confidence, we have asked the government to offload shares of companies with strong fundamentals,” he said, adding that listing quality companies would attract investors and rebuild trust.
On multinationals, he noted that while the government holds shares, these are not listed. “We have given consent from the government side. Companies will need board approval before a final decision,” he said, confirming the listing process will start once approvals are obtained.
Asked about timelines, he urged companies to move quickly but noted legal and procedural requirements must be followed. The Industries Ministry has already confirmed its willingness to release government-held shares.
ICB Chairman Abu Ahmed said public interest and capital market development are the government’s priorities.
He questioned why top multinationals listed abroad remain unlisted in Bangladesh, suggesting incentives like tax benefits to encourage listings. He also stressed that direct listing of domestic SOEs should proceed without delay, noting relevant ministries have agreed.
Abu Ahmed highlighted that the government holds around 40 percent of Unilever Bangladesh shares and argued that timely offloading of even a small portion could significantly revitalise the capital market.