BB allows banks to conduct CSR thru’ SenaKalyanSangstha
Bangladesh Bank (BB) has allowed banks to conduct their corporate social responsibility (CSR) activities through Sena Kalyan Sangstha. Separate accounts need to be maintained for conducting special operations through the Sena Kalyan Sangstha. At present, under the strict lockdown announced by the government, all types of public transport have been stopped and public movement has been stopped except for urgent needs. As a result, it is hoped that the special funds created by banks will be disbursed through the Sena Kalyan Sangstha to reach the doorsteps of the people faster and more effectively.
BeximcoSukuk bond subscription opens from 17 August
Beximco also set the subscription date from 25 July to 26 August for its existing shareholders. To entitle the shareholders, the record date has been set for 19 July.The listed company will privately place Sukuk units worth Tk2,250 crore, of which Tk750 crore will be offered to the company’s existing shareholders, and Tk1,500 crore to other investors. Besides, Sukuk units worth Tk750 crore would be floated in an IPO. The Sukuk units having a face value of Tk100 each will have to be subscribed in a lot of 50 units or multiples that would amount to at least Tk5,000. Earlier, the company secured the regulatory approval to originate its Tk3,000 crore Sukuk, Islamic asset-backed securities.Investment Corporation of Bangladesh is the trustee of the Sukuk, while City Bank Capital Resources Ltd and Agrani Equity and Investment Ltd are jointly working as issue managers.
Banks can give up to 70% loan for laptop, mobile purchase
Under consumer loans category, banks will be able to provide a maximum of 70% loans to customers for the purchase of digital devices, including laptops, mobiles, computers, and tabs. In this case, consumers have to provide the remaining 30% capital.According to the circular, banks will be able to disburse a loan-margin ratio of 70 to 30 instead of the existing 30 to 70 in the case of distribution of consumer loans for digital device purchases.This instruction will take effect immediately and will remain in force until further instructions. The circular states that the directive was issued under the powers conferred by Section 45 of the Banking Companies Act, 1991.
Emerald Oil to resume production counting on exports to Japan
Emerald Oil Industries Ltd, the producer of the almost forgotten Spondon branded rice bran oil, has announced to resume its commercial production on 1 September as a Japanese investor is set to take care of the company’s finances and also help its potential exports to Japan alongside serving the local market. The company halted its production in 2017 due to a shortage of working capital following its founders’ loan scam, getting arrested and finally fleeing the country. The listed company on Monday announced that its newly constructed board of directors decided to resume full-fledged production with daily rice bran inputs of 330 tonnes against which the daily edible oil output would be 48 tonnes alongside 282 tonnes of de-oiled rice bran.A member of the company’s reconstructed board told TBS on Monday that Minori Bangladesh Ltd would inject Tk45 crore to provide the company with working capital. The investor firm would get the sponsors’ 30% stake in the listed company, if they take the responsibility to repay the defaulted loans.However, its shareholders were unlucky as the sponsors’ loan scam hit the firm’s business continuation too, despite the fact that many foreign brands are selling a lot of rice bran oil in the growing market of urban Bangladesh.