Regulatory body Bangladesh Securities and Exchange Commission (BSEC) has taken the initiative to list companies with good fundamentals in the capital market of the country. For this purpose, BSEC held a meeting with BSRM, PHP and Pacific Jeans, the three largest industrial groups based in Chittagong, at Radisson Blu Hotel in Chittagong on Monday (October 21).
BSEC Executive Director and Spokesperson Mohammad Rezaul Karim Swakshtee said this information in a press release on Tuesday (October 22).
In the meeting, on behalf of BSEC, its chairman, Khandkar Rashed Maksud, Commissioner Mu. Mohsin Chowdhury, Md. Senior officers including Ali Akbar and Farzana Lalarukh were present. PHP Group of Industries Founder Chairman Sufi Muhammad Mizanur Rahman, BSRM Group of Companies Chairman Ali Hossain Akbar Ali, Pacific Jeans Group Managing Director Syed Mohammad Tanveer and other local entrepreneurs participated in the meeting.
According to the notification, in the meeting with the large industrial groups of the country based in Chittagong, there was a discussion about bringing well-founded leading and reputed companies and groups to the capital market of the country. Known as the commercial capital of Bangladesh, Chittagong has many large industrial and commercial establishments. Discussions have been held on the listing of companies with strong fundamentals under Chittagong’s large industrial groups in the capital market. At this time, there was a detailed discussion on various issues of the process of listing in the capital market, obstacles and complications in the way of listing, long-term financing and capital collection through the capital market instead of banks, business expansion of well-founded companies through listing, etc. At the same time, there is an open discussion between the BSEC and the industrial entrepreneurs about what challenges there are before listing in the capital market and how to better face those challenges.
In the meeting BSEC Chairman Khandkar Rashed Maqsud said that these companies have been doing business with success and reputation for a long time. Companies continue to contribute to the country’s economy. Keeping this continuity, their participation in the country’s capital market is highly desirable. Globally, the capital market acts as the main growth driver of the country’s economy. It is possible to make the country more prosperous and stronger and industrialization and sustainable development more dynamic by listing companies with important strong fundamentals in different sectors of Bangladesh in the capital market.
He also said that BSEC is working with special importance to list leading and reputable companies with good fundamentals in the country’s capital market. In this regard, BSEC is ready to provide all possible assistance.
In the meeting, the chairman of PHP Group of Industries said that the private sector can contribute to the development of the country besides increasing the revenue of the government by conducting business in accordance with the law with honesty, devotion and trustworthiness, and PHP Group has been doing this work with reputation for a long time.
The Chairman of BSRM Group of Companies said that the listing in the capital market increases the transparency of the companies and ensures good governance.
He emphasized on bringing necessary reforms to prevent any kind of irregularities in keeping shares of listed companies in de-mart form.
In the meeting, the managing director of Pacific Jeans Group said that a large amount of working capital is required to run the business of companies in the garment sector made in the country. In that case, there are some complications regarding the use of capital under the existing rules for raising capital from the capital market. Its reform will bring benefits to the sector besides creating opportunities for financing from the capital market for companies in the ready-made garment sector.
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