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TCB to be made public limited company

Star Business Report
The government is going to turn the state-owned TYading Corporation of Bangladesh (TCB) into a public limited company for an effective market intervention to arrest the price spiral of essentials in the local market.
Commerce Adviser Dr Hossain Zillur Rahman told a press briefing at his Secretariat office yesterday after holding an important meeting with the officials concerned in this connection.
He said although the government tried to contain the price spike of basic commodities in the local market through using its different tools, it worked a little.
"This is why the government is going to make theTCB an independent body so that it can take prompt decisions at any crisis moment," Hossain Zillur said.
He said TCB does not need to sell the rice as the government's Foods Department can do the same job with its own workforce.
Rather, TCB will sell six basic items including edible oil, flour, sugar, onion, lentil and powdered milk to keep the marketstable, the adviser said.
He said they selected the six basic items for the TCB as the country has a little chance to be self-sufficient in those basic commodities in the next 10 years.
He said although the government had sanctioned money to import 3000 tonnes of edible oil on an urgent basis a few days ago, it could not do the same due to hard provisions of the Public Procurement Rules (PPR).
The commerce adviser said his government has started the process for making
TCB a company through forming a working group, but the responsibility of its finalisation goes to the next elected government.
He said at present theTCB has 42 bighas of land, four zonal offices, six warehouses across the country and Tk 100 crore depos -ited with different banks and 235 employ ees, which he thinks is enough to run an independent company.
The currentTCB, established in 1972, is not up to the mark to efficiently handle the price situation, which the world experienced in the 2007-08 fiscal year.
"The new global food market has prompted us to rethink forgiving theTCB a newlook," Hossain Zillur said.
He said there is a plan to set up a new edible oil refinery plant in Chittagong under the proposed TCB company to refine the same for the local market as sometimes the local importers do a brisk business cashing in on a turbulent time.
Replying to queries, Hossain Zillur said the government deliberated on the issue earlier, but it could not make any progress because of some other pre-occupations.