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Govt likely to float shares of 16 state-run jute mills

08
Jan '11
The government of Bangladesh might float the shares of 16 state-owned jute mills in the share market within a year after making them more productive.

The government discussed about the possibility of making the publicly owned shares of these jute mills available for trading, in a meeting held recently. However, floating of shares would only take place if the mills are generating profit.

The government is putting all its efforts in making the state-owned jute mills financially better off and more productive in terms of their operations.

Measures are on the move to enable the process of regenerating the entire jute sector of the country even including those mills which are under the private sector, as the demand for this eco-friendly natural fibre has experienced a sharp growth in the international market.

The challenges faced by the jute industry and its impending opportunities have also been discussed in the meeting.

The move that is likely to be taken up by the government regarding the 16 state-owned jute mills is a part of its endeavor to divest the shares of around 21 government owned companies.

At present, around 24 jute mills are functioning under the state-owned Bangladesh Jute Mills Corporation (BJMC) but majority of them are economically fragile. The government extends financial assistance of several billions every year to these units which are undergoing financial losses.

Fibre2fashion News Desk - India


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