State-owned Bangladesh Cable Shilpa Limited (BCSL) is going to offload shares by March to finance its new project, reports bdnews24.com.
The company signed an agreement Monday with Swadesh Management Investment Limited to work as the issue manager, company secretary Lutfur Rahman Talukder said.
“The issue manager will be responsible for completing all the process by March.” 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 1.0 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 decided to offload shares of 26 state-owned companies. Bangladesh Cable is one of them.
Source: The financial express, 7 December, 2010
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