Titas Gas Transmission and Distribution Co. Ltd.

active

In July 2008, the government of Bangladesh divested 25% of the state owned Titas Gas Transmission and Distribution Co. Ltd. through an initial public offering. Titas Gas was incorporated in November 1964 as a state-owned company engaged in the transmission and distribution of natural gas to residential and industrial customers as well as independent power producers. Titas Gas, a subsidiary of state-owned oil and gas company Petrobangla, operated in a franchise area that comprised Greater Dhaka, Greater Mimensingh and Brahmanbaria district. The company had a distribution and transmission network of 11,496 km in total, as of June 30, 2009. Titas Gas was listed on the Dhaka Stock Exchange on June 9, 2008 and on the Chittagong Stock Exchange on June 19, 2008. On July 2, 2008, Titas Gas launched an initial public offering in which it floated 25% of the company’s equity on the Dhaka and Chittagong stock exchanges. The total value of the offering was US$31.2 million (Tk 2.14 billion), corresponding to a face value of US$1.46 (Tk 100) per share. Ownership of the remaining 75% of the company’s equity was retained by Petrobangla. Investment figures were calculated using IMF IFS annual average exchange rate for 2008: Tk 68.598 = US$1 Payment to government: Tk 2.14 billion = US$31,196,245 Price per share: Tk 100 = US$1.46