Bangladesh Cable to offload shares

State-owned Bangladesh Cable Shilpa Limited is going to offload its shares by March to finance its new project.

bdnews24.com
Published : 6 Dec 2010, 07:50 AM
Updated : 6 Dec 2010, 07:50 AM
Sheikh Shahariar Zaman
bdnews24.com senior correspondent
Dhaka, Dec 6 (bdnews24.com) -- State-owned Bangladesh Cable Shilpa Limited is going to offload its shares by March to finance its new project.
The company signed an agreement on Monday with Swadesh Management Investment Limited to work as issue manager, company secretary Lutfur Rahman Talukder told bdnews24.com.
"The issue manager will be responsible for completing all the process by March," he said.
The money will be used to set up power cable and electrical house wire plant in Khulna, he added.
The plant, located in Khulna, started its production in 1972. Since then, it never incurred any loss and has maintained an earning of over Tk 1 billion.
The company earned Tk 128 million net profit while its turnover was Tk 408 million in the last fiscal, Lutfur said adding, "We expect a good premium."
The government in January this year decided to offload shares of 26 state-owned companies. Bangladesh Cable is one of them.
"The company produces telephone cable and it'll start producing optical fibre cable from January next. It'll help the country achieve its goal towards Digital Bangladesh by 2021," the company secretary said.
Bangladesh Cable has appointed Swadesh as issue manager instead of Investment Corporation of Bangladesh as it would help the company offload shares at the earliest time, he added.
"We've appointed a private company through a tender process to remove all the bureaucratic hassles in offloading shares," Lutfur said.
Bangladesh Cable also saved about Tk 1 million by appointing the private company, he said.
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