Bangladesh Bank signs deal with Dhaka Bank, Prime Bank

Bangladesh Bank and Dhaka Bank Limited have signed an agreement at Bangladesh Bank premises recently. EmranulHuq, Managing Director & CEO, Dhaka Bank Limited, and Md. Abdul Mannan, General Manager and Project Director, Bangladesh Bank, on behalf of their respective organisations exchanged documents after signing the agreement, according to statements. Under this agreement as PFI (Participating Financial Institution), Dhaka Bank Limited will support the programme of Safety, Retrofits and Environmental Upgrades in the Bangladeshi Ready-Made Garment (RMG) Sector Project (SREUP). Mohammad Abu Jafar, Deputy Managing Director, Mukarram Hossain Chowdhury, SEVP & Head of RMG Division of Dhaka Bank Limited, and M. Abdullah Muktadir, Deputy Director, SREUP PMU of Bangladesh Bank, were also present in the signing ceremony. The project is being implemented under SME and Special Programmes Department (SMESPD) of Bangladesh Bank with Euro 50 million loan fund and Euro 14.29 million grant facilities from AFD, France and other developing partners to provide financial and technical support to readymade garments (RMG) factories for safety and environmental upgrades.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/bangladesh-bank-signs-deal-with-dhaka-bank-prime-bank-1607788512

Two Chinese firms to invest $28.69m

Two Chinese companies are set to invest around Tk 244 crore, equivalent to $28.69 million, in Bangladesh for establishing manufacturing units for non-woven personal protective equipment (PPE), steel structural items and ready-mix concrete. The duo will sign an agreement with Bangladesh Economic Zones Authority (Beza) tomorrow to take lease of land to set up the factories at Bangabandhu Sheikh MujibShilpa Nagar (BSMSN).Some 10 acres will be availed by CCECC Bangladesh, a subsidiary of China Civil Engineering Construction Corporation (CCECC). It will invest $15.97 million, equivalent to Tk 136 crore, and employ around 350 people in producing the construction items as “Mirsarai Fabrication”. Established in 1979 and headquartered in Beijing, the CCECC has long been considered one of the world’s top 255 international contractors.CCECC Bangladesh was formed in September 2019 to run a similar business model. Meanwhile eight acres have been sought by Jeihong Medical Products (BD), a subsidiary of KunshanJiehong Nonwoven Product Company which produces fabrics, gowns, gloves and caps. It will invest Tk 108 crore, equivalent to $12.72 million, to manufacture non-woven PPE products such as isolation gowns, scrub suites, lab jackets, disposable caps, shoe covers, and boot covers.

Source: https://www.thedailystar.net/business/news/two-chinese-firms-invest-2869m-2010521

‘Digital World 2020’ Agriculture Information Service (AIS) Director Kartick Chandra Chakroborty receiving the National Information and Communication Technology Award 2020 on behalf of his organisation from State Minister for ICT Zunaid Ahmed Palak at the closing ceremony of the ‘Digital World 2020’ in the city on Friday. The AIS under the agriculture ministry got the prestigious award for being adjudged the best organisation in the category of ICT use in agriculture.

Source: https://today.thefinancialexpress.com.bd/trade-market/digital-world-2020-1607789672

Three banks get BSEC nod to raise Tk 14b

The stock market regulator has given approval to issue perpetual bonds worth Tk 14 billion in favour of three listed bank – First Security Islami Bank, Trust Bank and City Bank – to strengthen their additional Tier-1 capital base. A perpetual bond is a fixed income security with no maturity date and is often considered as a type of equity rather than debt. These types of bonds are not redeemable but instead provide a never-ending stream of interest payments. The perpetual bonds will be unsecured and feature a floating rate. The price per unit of each bond is Tk 1.0 million. As per the regulatory approval, First Security Islami Bank will issue perpetual bond of Tk 6.0 billion while Trust Bank and City Bank to issue bonds worth Tk 4.0 billion each.The fund will be raised from government financial institutions, mutual funds, listed banks, insurance companies, regional rural banks, private organisations, trust funds and eligible investors though private placement. The price per unit of each bond is Tk 1.0 million.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/three-banks-get-bsec-nod-to-raise-tk-14b-1607788472

The stock market index had been on an upward curve last week with pharmaceuticals

The stock market index had been on an upward curve last week with pharmaceuticals in the lead as investors bought the sector’s stocks in hopes of higher future returns amid the threat of a second wave of the pandemic. DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 119 points, or 2.41 per cent, to 5,094. Although the pharmaceutical sector’s market capitalisation increased by 2.42 per cent, it was beaten by the engineering sector which topped the list with a rise of over 7 per cent, propelled by the inclusion of Dominage Steel in the stock market.Market capitalisation of the banking sector rose 1.76 per cent while that of non-bank financial institutions increased 1.09 per cent. Most listed banks booked higher profits in the January-September period despite having a lower interest income mainly due to lower provisioning requirements, shows the banks’ quarterly data analysis.As most insurance stocks already doubled or rose over 50 per cent during the last few months, the last two weeks had been a period of corrections. Market capitalisation of the general insurance sector dropped around 1 per cent followed by the mutual fund sector’s 1.97 per cent.

Source: https://www.thedailystar.net/business/news/pharma-gives-stocks-shot-the-arm-2010509