Government Issues Green Light for Direct Listing of Profitable SOEs

DHAKA : The interim government has moved to enforce the listing of profitable state-owned enterprises (SOEs) and multinational corporations on the national stock exchanges. Following a multi-ministry meeting on Wednesday, Finance Adviser Dr. Salehuddin Ahmed confirmed that the government has given its formal consent to begin the offloading process.

Unlike traditional Initial Public Offerings (IPOs), several profitable state-owned companies are expected to join the market through direct listing. This path is seen as a faster route to providing the public with access to state-held wealth. Secretaries from the Ministry of Industries and the Ministry of Power, Energy, and Mineral Resources have already voiced their consent for the move.

The government currently holds significant shares in several unlisted multinational firms. Despite the government’s 40% shareholding in Unilever Bangladesh, the core part of the company remains unlisted.

Finance Adviser Dr. Salehuddin acknowledged the legal complexities, stating, “They have said their decisions cannot be taken without board approval. However, from the government’s side, we have given consent.” He urged these companies to act quickly, noting that company law must be respected but that the process must start immediately.

The meeting saw a rare assembly of top officials, including:

Advisers for Commerce, Industries, and Power & Energy.

The Chairman of the Bangladesh Securities and Exchange Commission (BSEC).

The Chairman of the Investment Corporation of Bangladesh (ICB).

ICB Chairman Abu Ahmed signaled that the government is willing to negotiate, but only to a point. He mentioned that while tax benefits could be offered as an incentive, the government might also consider increasing taxes for profitable firms that refuse to list. “The secretaries were present and they gave consent. I see no reason for delay in direct listing,” Ahmed added.

The move marks a significant shift in economic policy, prioritizing capital market transparency and public participation in the profits of major corporate entities operating within Bangladesh.