State-owned Titas Gas is going to issue preference shares worth nearly Tk 3.52 billion against funds received from the government to comply with a four-year-old regulatory order.
In this regard, Titas Gas will hold a board meeting on March 6 to fix the date of the extraordinary general meeting (EGM) to receive the shareholders' approval, according to a regulatory filing recently.
Titas Gas, which enjoys a monopoly on pipeline gas distribution in Dhaka and Mymensingh, will issue nearly 352 million irredeemable non-cumulative preference shares at the face value of Tk 10 each in favor of the government.
Preference shares, more commonly referred to as preferred stock, are shares, against which dividends are paid out to shareholders before common stock dividends.
