The government has taken a plan to introduce Ashuganj Power Station Company Limited (APSCL) into the stock market.
The decision was taken on Wednesday during the meeting held at Bidyut Bhaban on sourcing money from internal stock market, said a press release.
Nasrul Hamid, State Minister for Power, Energy and Mineral Resources Ministry presided over the meeting. Tawfiq-E-Elahi Chowdhury, Energy Advisor to Prime Minister Sheikh Hasina was also present at the meeting.
The meeting was also attended by officials from Ministry of Finance, Investment Corporation of Bangladesh (ICB), ICT, Dhaka Stock Exchange (DSE) and Security Exchange Commission (SEC)
Decision regarding this however will be finalised within the next one month after ICB submits its assessment report about APSCL’s introduction into the stock market.
During the meeting, ICB and BRAC-EPL Investments Limited presented two reports on APSCL.
Tawfiq said that initially we want to get Tk 1,000 crore from the stock market. I believe, with APSCL’s asset, we will be able to raise more money from the market.
Nasrul said that people have money now and now they want to invest the money. It is safe and lucrative to invest the money in a government organisation. Besides, if the power companies can raise money on their own, then it will reduce pressure on the government.
Also if large companies like APSCL enter into the stock exchange, then it will be able to gain the confidence of the investors.
He emphasizes importance on taking awareness program on stock market and ways of raising money from it.
APSCL is the largest state owned power producing company. The company is being governed by Bangladesh Power Development Board (BPDB) under the Ministry of Power, Energy and Mineral Resources.
APSCL was registered under Company Act 1994 in June 28, 2000. This company now supplies 16% of the total electricity produced in the country.
It has the capacity to produce 1,127 megawatt (MW) of electricity through its nine units and it is producing around 982 MW.