DSE to invite big firms to market
For the first time in history, Dhaka Stock Exchange (DSE) will officially invite big and renowned local companies to get listed on the share market. A conference in this regard has been arranged for December 21, when top officials and owners of around 100 companies are expected to be in attendance. Rangs Group, Transcom, Bashundhara, Nasir Group of Industries, Meghna Group of Industries, Abdul Monem, Rahimafrooz, Nassa Group, Bengal Group of Industries, BRB Cable, Drug International, United Group, Kazi Farms, City Group, Jamuna Group, and Incepta Pharmaceuticals are on the list of invitees.
Saif Powertec to enter gas, oil exploration business as first private firm
Saif Powertec Limited wants to enter the gas and oil exploration business by investing Tk473 crore as the first local private company in this industry. The board of the company, which got listed on the capital market in 2014, decided on 12 December. Saif Powertec to enter gas, oil exploration business as first private firm. The Tk473 crore project cost will come from bank loans. Saif Powertec Limited wants to enter the gas and oil exploration business by investing Tk473 crore as the first local private company in this industry. The board of the company, which got listed on the capital market in 2014, decided on 12 December. The project cost will come from bank loans. According to its website, Saif Powertec’s principal activities are to carry on the business of infrastructure-support service. It is also engaged in importing, trading, assembling and installing generators, sub-stations, electrical equipment and gridlines, installation of power plants, producing batteries as well as acting as a terminal operator for handling containers at the Chattogram Port. Foreign entities such as Chevron, ConocoPhillips, Equinor, Gazprom and Oil and Natural Gas Corporation (ONGC) dominate the sector while Chevron alone produces 50% of the natural gas in the country. Besides, Saif Powertec said in its price-sensitive information that after the completion of the project, the company will earn a revenue of Tk516 crore and the net profit will be Tk86 crore annually. At the end of fiscal 2020-21, it earned Tk62 crore from its existing businesses. It will acquire 55% shares of the subsidiary company by investing Tk11 crore, while the total project cost is Tk75 crore. The rest of the amount will come from bank loans. The new project will add Tk100 crore to its revenue and Tk24 crore to its profit annually. Its share price jumped over 120% to Tk48 between June and October at the Dhaka Stock Exchange. At the end of Monday’s trading session, its share closed at Tk43.40.
StanChart arranges Green Zero-Coupon Bond for Sajida Foundation
Standard Chartered Bank has arranged the first Green Zero-Coupon Bond in Bangladesh for Sajida Foundation. The total face value of the bond is Tk 1,000 million. The proceeds of the bond will be utilised to finance lending to different environmentally friendly and energy-efficient initiatives of the micro-credit and SME clients of Sajida Foundation. The announcement of the bond was made at a ceremony at the head office of Bangladesh Securities and Exchange Commission (BSEC) in the city, with its Chairman Prof Shibli Rubayat-Ul-Islam as the chief guest. Sajida Foundation will use the proceeds to finance expansion of their microcredit and SME lending portfolio, through investing in new and existing projects with environmental benefits. The issuance of this security will provide Sajida Foundation with an alternative source of fund, compared to a conventional term loan. Standard Chartered was the mandated lead arranger for the transaction.
40 listed cos win 8th ICSB National Award
A total of 40 companies listed on Dhaka Stock Exchange and Chittagong Stock Exchange have received the 8th ICSB National Award for corporate governance excellence 2020. Institute of Chartered Secretaries of Bangladesh (ICSB) honoured the companies on Sunday night at a ceremony held at a city hotel. The companies were selected for the award under 13 categories taking into account their corporate fairness, transparency and accountability in the overall management of their team during the year 2020. Among the awardees in the General Banking category, BRAC Bank achieved Gold while Eastern Bank and Dutch-Bangla Bank obtained Silver and Bronze respectively. In the Islami Banking category, Shahjalal Islami Bank bagged Gold award while Islami Bank Bangladesh and Social Islami Bank received silver and bronze award respectively.