Dhaka, Jan 12 (bdnews24.com)—A parliamentary watchdog Tuesday recommended the Investment Corporation of Bangladesh (ICB) for listing of its three subsidiary companies on stock exchanges.
The standing committee on finance ministry suggested floatation of shares of ICB Capital Management Limited, ICB Asset Management Company Limited and ICB Securities Trading Company Limited.
"We have recommended the ICB to get three subsidiaries — ICB Capital Management Limited, ICB Asset Management Company Limited and ICB Securities Trading Company Limited— listed on the bourses," A H M Mustafa Kamal, the standing committee chairman, told reporters after a meeting at the parliament building.
The ICB used to work on the capital market besides a few other sectors. In order to facilitate its operations, three subsidiaries were created corresponding to their specific functions.
The three subsidiaries were formed under the Investment Corporation of Bangladesh (Amendment) Act, 2000.
Although the corporation is itself listed on the stock market, the three subsidiaries are yet to become listed.
"As the ICB is a public entity, the companies can go for direct listing or through initial public offering (IPO)," he said.
The committee has not set any timeframe for listing of the ICB subsidiaries on the Dhaka Stock Exchange and Chittagong Stock Exchange.
The securities trading subsidiary began its operations for general investors as well as institutional investors from the beginning of 2003-04
The asset management company was incorporated as a public limited company with an authorised capital of Tk 1 billion and a paid up capital of Tk 50 million, which was subsequently increased to Tk 75 million.
The company obtained its license on October 14, 2001 from the Securities and Exchange Commission to carry out mutual fund activities. The company started its operations from July 01, 2002.
The capital management subsidiary obtained its registration from the capital market regulator on October 16, 2001 and started its operations from July 01, 2002.
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