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Download PDF The ailing public sector Bangladesh Shipping Corporation (BSC) is going to float shares for general investors through the stock exchanges.
A board meeting of the corporation yesterday agreed in principle for offloading shares worth Tk 62.74 crore for general investors through the stock exchanges, sources said.
The meeting chaired by Shipping Adviser MA Matin asked the corporation to start the process of offloading the BSC’s own portion of equity.
The government’s equity in the BSC is Tk 267.26 crore, of which Tk 62.74 crore is BSC’s own, sources said. The board meeting decided to transfer the BSC’s portion of equity into shares and float through the stock exchanges.
A director of Dhaka Stock Exchange who was also present at the meeting informed the meeting that the demand of shares in the market is very high and BSC shares would get positive response from the investors.
The board meeting decided to procure at least one ship for replacing one or more old ones.
To lessen the cost, a second-hand ship would be bought but that ship must have at least 15-16 years life and the meeting asked the BSC officials to submit an analytical report on the life of the ship that would be procured before taking decision in this regard.
The shipping adviser also asked the BSC authority to submit a report within two weeks about the present condition of all the ships belonging to the corporation.
Shipping Secretary Sheikh Enayetullah and Managing Director of BSC Azizul Hasan were present at the meeting at the conference room of the Ministry of Shipping.
As the conditions of most of the 13 cargo ships in the BSC fleet are very poor, the corporation has to spend several crore taka every year for repairing those age-old ships, sources said.
During the fiscal year 2005-06, the corporation spent Tk 8 crore for repairing purposes and Tk 4 crore for dry dock expenses.
A recent government investigation committee found that Banglar Gourab, a ship belonging to the corporation, incurred a loss of Tk 7 crore only in 10 months as it needed engine repair many times and remained idle for several months.
The ship has remained stuck up in an Indian port for several months due to engine failure. The corporation formed a technical committee to assess whether it would be economically viable to bring the ship back home or declare it abandoned there forever.
Of the other 12 ships in the BSC fleet, six ships were given on charter to the private operators. Two ships are used for transporting export items from Bangladesh to Pakistan while four age-old ships are in dilapidated conditions.
The BSC has shown a net profit of Tk 30.8 crore in its balance sheet for the fiscal year 2005-06 while the corporation has Tk 295.46 crore long-term liabilities, sources said.
April 17th, 2007 at 8:36 pm
When we came out of the cluth of Pakistan & adorned our Country with the name of Golden Bangladesh, impovershid people were intoxicated with happiness that they will find shelter in their own home land ,have daily (Dal-Vath) and live with liitle dignity.
But from the day one of the creation of Bangldesh until today, poor became more poorer many still are dying in starvation.
Even Dr Yunus could not help them, how can he,
Did any one solve anyone’s problem where money were lent on high compound interest.All their lives will remain drowned in the sea of indebtness!
I read with shock how a borrower was treated by the employees of the Grameen Bank & want to end
his life drinking poison.( I am interested to reach the family of this man & then raise sum fund for this poor person)
I know a million are suffering like him, but alas no one care for them.
Other day ,My younger daughter asked me Being a Haji why I take part in Lottery! I have one reason that my winning will mostly go for poor who are living as insignificant in our country.
Let me come back to my point,We have seen
millions of people starved to death from Sheikh
Mujib period(Not to mention about the disgraced treatment of Major Dalim)until now.
New leaders will come, new ministers will be enthroned, will anyone think for the poor, or will
work simply to gain another Novel prize!
You sleepy people wake up for the novelity for
ALLAH!.
I suggested creatte a Bank like Baitul Mal as was in the time of our beloved Prophet!
Let all rich people contribute in a form a social tax ,let poor & starving people borrow free of interest from this fund. Encourage all Bangladeshies living abroad to contribute one doller ,one pound or so a month.
Help the poor.
We did not want Bangladesh simply to speak Bengali
but to wipe out the poverty of poor mass living in Bangladesh.
Thank you