NRBs asks for larger IPO quota

Dhaka, Nov 9 (bdnews24.com) – A visiting delegation of the British Bangladesh Chamber of Commerce has requested a larger quota of initial public offerings in the local capital market for non-resident Bangladeshis.

The BBCC delegation sought the facility in a meeting with finance minister AMA Muhith at his office on Monday.

At present, 10 percent of shares through IPOs are set aside for NRBs and another 10 percent for mutual funds.

"Participation of NRBs in Bangladesh's capital market has risen greatly in recent years. So, we're asking for an increase of the currently stipulated 10 percent," chamber president Shahagir Bakht Faruk said in the meeting.

The matter would be considered if the demand was high, Muhith said.

The minister also urged them to invest in gas and power, transportation, health and education under the Public Private Partnership (PPP) initiative, citing scope of high profits in those sectors.

The 15-member BBCC delegation arrived in Dhaka Saturday on a four-day trip to explore sectors suitable for investment in Bangladesh and products that would interest the British market

The delegation has said it sees "huge potential" for business and investment in Bangladesh, as long as the government can ensure the proper investment climate.

"Most of our delegates are British citizens of Bangladeshi origin," chamber chief Faruk told a press conference on Sunday.

"Therefore, they all have a special feeling about the home country. We are trying to find ways to build more trade and commerce between Britain and Bangladesh."

The businessmen said they were looking at shipping, hospitality, fashion, medical facilities, consultancy, education and housing.

The BBCC are already invested in a number of projects in Bangladesh.