Dhaka, Bangladesh (BBN)– the state-run Titas Gas Transmission and Distribution Company Limited, generally known as Titas Gas will offload 10 percent of its share in the secondary market.
The decision was taken at a meeting of the Board of Directors of Bangladesh Oil, Gas and Mineral Corporation (Petrobangla), the parent company of Titas Gas.
However, the shares will be ready for sale on the stock exchanges after some regulatory requirements are completed.
The company has decided to offload the shares in line with a government decision, according to a posting on the Dhaka Stock Exchange website on Wednesday.
The state-run gas company joined the country’s bourses under direct listing rules in 2008. Titas, which distributes gas in Dhaka and greater Mymensingh region, was the fifth state-run company that was listed on the stock exchanges under direct listing rules.
Currently, 25 percent shares are available for public trade in the stock exchanges, while the sponsors hold the rest 75 percent shares.
As per un-audited quarterly accounts for the 3rd quarter ended on 31 March this year, the company earned a net profit of BDT 2.03 billion with an earning per share (EPS) of BDT 2.17.
BBN/SSR/AD-10May12-9:30 am (BST)