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Change Your Life! |
Govt
offloading in Berger Paints |
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News |
April 21, 2000
Dhaka,
Apr 20 (UNB)- As part of its privatization program, the government started
offloading its shares in the multinational company Berger Paints
Bangladesh Ltd to private sector. As
majority shareholder the authorities of the Berger Paints started
purchasing the 42.33 percent government stakes in the firm at about Tk
26.74 crore.
Managing
Director of the Berger Paints Mashih-ul-Karim handed over a cheque for 20
percent of the sale proceeds as down-payment to Chairman of the
Privatization Board Kazi Zafarullah at a simple ceremony in the board’s
conference room today (Thursday), said an official announcement. Established
in 1973, the company has a total of 550,736 shares, the face value of each
is Tk 100.
The number of government shares of the company was 233,128, which is 42.33 percent. The face value of these shares is over Tk 2.33 crore.
But
these shares were sold at Tk 26.74 crore at the rate of the current market
price of each share Tk 1,147. “The
government is pledge-bound to privatize the government industries in
phases transferring the shares of different commercial and industrial
enterprises to private ownership,” Zafarullah said. He
sought cooperation of all in expediting the privatization process. ADB
Representatives Dr Oscar Shrestha and Dr Narahari Rao, Board members SM
Zakaria and NG Paul, Board Directors KC Shaha and M Saidur Rahman and GM
of Berger Abdul Khaleq attended the function.
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