BB frees up Tk 3,000cr for farmers, micro enterprises

The Bangladesh Bank yesterday unveiled a financial package of Tk 3,000 crore for underprivileged farmers, professionals and micro enterprises to keep them afloat. Marginal businesses and farmers with no access to banks and non-bank financial institutions will be allowed to get loans from the revolving fund at 9 per cent interest rate. Microfinance institutes (MFIs) with certificates from the Microcredit Regulatory Authority can give out the loans. Under the package, the BB will initially provide the fund to banks at 1 per cent interest, which they will lend to MFIs at 3.5 per cent interest. The MFIs will be allowed to charge a maximum of 9 per cent interest to borrowers. Small businesses like roadside tea stalls can get loans, the highest amount of which would be Tk 75,000. If the small businesses are owned by more than five persons, the loan ceiling would go up to Tk 3 lakh. The loans must be paid back within a year. But MFIs will be allowed to disburse loans ranging from Tk 10 lakh to Tk 30 lakh to micro enterprises and their repayment duration would be two years. Banks will have to follow the instruction until June 30.

Source: https://www.thedailystar.net/business/news/bb-frees-tk-3000cr-farmers-micro-enterprises-1895125

Listed companies holding AGMs online

Some listed multinational companies (MNCs) including Grameenphone will hold their annual general meeting (AGM) through digital platform avoiding public gathering to contain COVID-19 infection. The move came after the securities regulator paved the way of holding AGM or EGM using digital platform amid the alarming spread of COVID-19. The Bangladesh Securities and Exchange Commission (BSEC) on March 24 last relaxed the compliances regarding holding AGM/EGM and board meeting, among others. Of the MNCs, Grameenphone will hold AGM today (April 21), while British American Tobacco Bangladesh Company (BATBC) will hold its AGM tomorrow (April 22). Both the companies will hold their AGM for the year ended on December 31, 2019. Grameenphone recommended 40 per cent final cash dividend (i.e. total 130 per cent cash dividend for the year 2019 which represents 50.86 per cent of profit after tax for the year 2019 inclusive of 90 per cent interim cash dividend which has already been paid). The company reported EPS of Tk. 25.56, NAV per share of Tk. 28.40 and NOCFPS of Tk. 42.50 for the year ended on December 31, 2019 as against Tk. 24.71, Tk. 27.28 and Tk. 44.74 respectively for the same period of the previous year. The BATBC recommended 400 per cent cash dividend for the year ended on December 31, 2019. The company reported EPS of Tk. 51.37, NAV per share of Tk. 198.85 and NOCFPS of Tk. 86.61 for the year ended on December 31, 2019 as against Tk. 55.62, Tk. 164.05 and Tk. 49.58 respectively for the same period of the previous year. .

Source: https://today.thefinancialexpress.com.bd/stock-corporate/listed-companies-holding-agms-online-1587395496

Meghna Bank gets new MD

Meghna Bank Ltd. has appointed Sohail R. K. Hussain as its Managing Director and CEO. Mr. Hussain has over 30 years of experience and expertise in corporate, SME, green, retail and infrastructure financing. He is a pioneer in digitisation, redefining strategies, merger & acquisition, advisory, and structured finance transactions. Mr Hussain played an instrumental role in transforming Eastern Bank Ltd and The City Bank Ltd. He served The City Bank as Managing Director & CEO from November 2013 to January 2019. Previously, Mr Hussain served the Eastern Bank, Standard Chartered Grindlays Bank, and ANZ Grindlays Bank. He was also the Vice Chairman of Association of Bankers.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/meghna-bank-gets-new-md-1587395770