Listing on capital market enhances corporate transparency, accountability: Anisuzzaman
He also noted that listing helps determine a company’s valuation, which benefits not only the companies themselves but also the capital market as a whole,
Anisuzzaman Chowdhury, special assistant to the chief adviser, today (3 August) said that listing on the capital market significantly improves corporate governance, transparency, and accountability within companies.
"Listing on the stock exchange brings about positive results for companies and also strengthens the country's capital market," said Anisuzzaman.
He also noted that listing helps determine a company's valuation, which benefits not only the companies themselves but also the capital market as a whole, according to a press statement issued by the Bangladesh Securities and Exchange Commission (BSEC).
Keep updated, follow The Business Standard's Google news channel
The remarks followed a high-level meeting held on 31 July at the finance ministry, as per the directive of the chief adviser, to discuss the direct listing of state-owned enterprises (SOEs) in the capital market. The meeting was chaired by Anisuzzaman himself.
The meeting was attended by top officials, including BSEC Chairman Khondoker Rashed Maqsood, Industries Secretary Obaidur Rahman, Financial Institutions Division Secretary Nazma Mobarek, Additional Secretaries Ziaul Haque (Energy and Mineral Resources), Sabur Hossain (Power Division), Delowar Hossain (Joint Secretary, FID), Abul Kalam (Director, BSEC), Md Shoeb (Director, Petrobangla), Niranjan Chandra Debnath (MD, Investment Corporation of Bangladesh), and Majeda Khatun, CEO of ICB Capital Management Ltd and President of the Bangladesh Merchant Bankers Association.
The meeting discussed bringing profitable and fundamentally strong state-owned companies directly to the capital market. Discussions also included listing multinational and foreign companies in which the government holds ownership.
A number of companies were identified for potential listing. They include Unilever Bangladesh, Karnaphuli Fertilizer Company Ltd (Kafco), Synovia (formerly Sanofi) Bangladesh Ltd, Novartis (Bangladesh) Ltd, Syngenta (Bangladesh) Ltd, Nestle Bangladesh PLC, West Zone Gas Company Ltd, North-West Power Generation Company Ltd, BR Powergen Ltd, Sylhet Gas Fields Ltd, Barapukuria Coal Mining Company Ltd, Jalalabad Gas Transmission and Distribution System Ltd, Karnaphuli Gas Company Ltd, Sadharan Bima Corporation, and Jiban Bima Corporation.
