Dhaka, Bangladesh (BBN) – The cabinet has approved in principle the draft of the ‘Investment Corporation of Bangladesh (Amendment) Bill, 2012’ that provides for the change in the face value of each ICB share at BDT 10 from the existing BDT 100.
The approval came from a regular weekly meeting of the cabinet held at the Bangladesh Secretariat in the capital Dhaka on Monday with Prime Minister Sheikh Hasina in the chair.
The proposed bill will make necessary amendments to the ordinance of 1976, Cabinet Secretary M Musharraf Hossain Bhuiyan told reporters after the meeting.
The proposed law has also kept provisions for creating a post of Deputy Managing Director (DMD), alongside up-gradation of the post of Chief Executive Officers (CEOs) of three subsidiary companies of the ICB to the rank and status of General Managers, he added.
Besides, the names of Bangladesh Shilpa Bank and Bangladesh Shilpa Rin Sangstha will formally mentioned as Bangladesh Development Bank Limited (BDBL) through the amendment to the ICB ordinance.
BBN/SSR/AD-03Dec12-9:40 pm (BST)