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Wednesday, October 1, 2014

Tuesday, June 24, 2008
Business

Titas Gas trading debuts Sunday

Titas Gas Transmission and Distribution Company, with the largest-ever public issue in the history of country's stock market, will make its debut on bourses next Sunday, officials said.

The state-run gas company will join the country's two bourses under direct listing rules with offloading of shares worth Tk 214.11 crore, which is 20 percent of its paid up capital Tk 856.47 crore.

Almost all formalities have been completed for offloading shares of the company.

Titas will sign a listing agreement with the DSE on Thursday, DSE officials said.

The face value of each Titas share is fixed at Tk 100. As on June 2007, earning per share (EPS) of Titas Gas was Tk 539. The current EPS stands at Tk 30.07 following the enhancement of the company's paid up capital to Tk 856.47 crore in April of this year, up from Tk 238.88 crore as on June 2007. The authorised capital of Titas amounts to Tk 2000 crore.

Titas, which distributes gas in Dhaka and greater Mymensing region, will be the fifth state-run company to be listed on the stock exchanges under direct listing rules.

Earlier, Jamuna Oil Company and Meghna Petroleum offloaded 30 percent shares each in January this year, and Dhaka Electric Supply Company and Power Grid Company Bangladesh shed 25 percent shares each in 2006.

Under the direct listing rules, trading of Titas will be held in spot market up to 12 noon for the first two working days. First ten minutes of the first trading day will be considered as price building period and thereafter from the 11th minute the ICB Securities Trading Company will start selling it at best market price.

Trading will remain closed on the third day to allow the market to distribute the shares traded on the first two days.

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