Vol. 5 Num 689 Mon. May 08, 2006  

7 firms short-listed as potential buyers of Rupali Bank

Seven companies from home and abroad have been short-listed as potential buyers of the state-run Rupali Bank.

Privatisation Commission in a meeting yesterday approved the Expressions of Interest (EoIs) submitted by the seven companies for taking over Rupali Bank, meeting sources said.

The companies are Domestic Investors Consortium, Summit Industrial & Mercantile Corporation (Pvt) Limited Bangladesh, National Housing Finance and Investment Ltd and FMO Netherlands Development Finance Company, State Bank of India, Sabrie Capital Worldwide Ltd of Oman, Bank Muscat of Oman, Prince Bandar Bin Mohammad Abdur Rahman Al Saud of Saudi Arabia, Maa International Investment Ltd of Malaysia, and JJ Finance Ltd of UK.

Chaired by Privatisation Commission Chairman Enam Ahmed Chowdhury, the meeting was attended by the board members.

Officials said the Commission has already received clearance from the Bangladesh Bank that it will have no objection if the Rupali Bank is handed over to the highest bidder from among these seven companies.

"We've advised the seven companies to submit their bids when we'll float tender within a month... the bid will be chosen through internationally recognized criteria such as efficiency, management expertise and financial viability," an official of the Commission said.

The board meeting also decided to hand over state-owned Particle Board and Vineyard Plant in Chittagong to Mohammad Ali, managing director of the Chittagong Properties, for Tk 16.01 crore subject to approval by the Cabinet Committee on Economic Affairs.

The Commission Sunday received a formal request from the Industries Ministry to privatise Rangpur Sugar Mills at Mahimaganj in Gaibandha.

The board meeting decided to float a tender within a month in this regard.