Government to offload 30 percent shares of Pragati industries

Dhaka, Bangladesh (BBN) – Ministry of Industries has given consent for divestment of 30 percent shares of Pragati Industries Limited in the stock market as part of government’s directive to offload about two dozen state-owned enterprises.

“We’re actively considering the issue of offloading shares in the capital market as Pragati is making continuous profit,” Industries Minister Dilip Barua was quoted by the Financial Express, a local newspaper, as saying.

As part of it, the ministry has decided to offload 30 percent of its profit making entity Pragati Industries Limited, the minister said, adding that the price of each share will be fixed in compliance with the rules and regulations of Securities and Exchange Commission.

A memorandum of understanding (MoU) will be signed on September 29 this year between the Industries ministry and Investment Corporation of Bangladesh (ICB) in this connection.

BBN/SSR/AD-28Aug11-10:00 am (BST) 

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