Govt to inject more funds into House Building Finance

The government is going to inject more funds into Bangladesh House Building Finance Corporation (BHBFC) to enable an increased number of people to have homes of their own, said Finance Minister AHM Mustafa Kamal yesterday. As per the plan, paid up and authorised capital of the state corporation will be increased to Tk 500 crore and Tk 1,000 crore respectively from the existing Tk 110 crore, he said at the launching of the corporation’s online loan repayment system at Hotel Purbani International Ltd in Dhaka. The online system makes use of Sonali Bank’s Sonali eSheba payment gateway. Depositors get instant confirmation of transfers and the latest balance through SMS.

Source: https://www.thedailystar.net/business/economy/news/govt-inject-more-funds-house-building-finance-2224561

BB directive to supersede contradictory BSEC rules

Bangladesh Bank has sent letters to all banks and non-bank financial institutions directing to disregard the corporate governance code issued by the Bangladesh Securities and Exchange Commission (BSEC) in 2018 if it contradicts central bank directives. Parts of the BSEC’s 2018 code contradicted the financial institutions act of 1993 but the central bank at that time did not issue any directive, said a merchant banker preferring anonymity. But now the central bank is giving the order amidst its rift with the BSEC, he said, adding that the two regulators should sit together and resolve contradictory directives for the sake of the betterment of the financial market.  

Source: https://www.thedailystar.net/business/news/dhaka-bourses-index-hits-two-month-low-2224136

Summit Communications recognized with “President’s Award for Industrial Development- 2019”

Summit Communications Limited has been recognized with “President’s Award for Industrial Development- 2019” under the Hi-Tech Industry category by the Ministry of Industries. President Md. Abdul Hamid was present as the chief guest virtually. On behalf of President Md. Abdul Hamid, M.A. Mannan, Minister of Planning, Nurul Majid Mahmud Humayun, Minister of Industries and Kamal Ahmed Mojumder, State Minister of Industries handed over the award to Managing Director & CEO, Summit Communications Limited Md. Arif Al Islam and Director Fadiah Khan at a function on Thursday at Osmani memorial auditorium in the city.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/summit-communications-recognized-with-presidents-award-for-industrial-development-2019-1636300205

Most listed private power companies see profit growth in FY21

Most listed power generation companies in the private sector logged higher profit year-on-year in the fiscal year (FY) 2020-21, thanks to higher income from subsidiaries, reduced corporate tax and lower interest rate. Out of the 23 companies listed in the ‘fuel & power’ sector on the Dhaka Stock Exchange (DSE), nine are engaged in power generation owned by private sector people. Of them, seven booked higher profit while two saw their profit declined in the FY2020-21 compared to the same period a year earlier, according to the audited financial statements. Of the companies, consolidated EPS of United Power, a concern of United Group, surged the most, rising 83.59 per cent year-on-year to Tk 18.80 for the year ended on June 30, 2021. The company saw a major boost in its earnings due to acquiring 99 per cent shares of United Anwara Power (UAnPL) and United Jamalpur Power (UJPL) last year. UAnPL has a 300 MW and UJPL 115 MW power plants. The consolidated EPS of Shahjibazar Power rose to Tk 6.53 for the year ended on June 30, 2021 as against Tk 4.38, for the same period of the previous year. Newly listed Baraka Patenga Power’s consolidated EPS increased 48.05 per cent year-on-year to Tk 6.47 for the year ended on June 30, 2021, riding on higher-income of its own business and its subsidiaries during the period.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/most-listed-private-power-cos-see-profit-growth-in-fy21-1636299243

SBAC Bank held a ‘Business Development Conference’

South Bangla Agriculture and Commerce Bank Ltd. held a ‘Business Development Conference’ at a hotel in the capital on Saturday, with its Chairman Abdul Kadir Molla as the chief guest. The bank’s Managing Director Mosleh Uddin Ahmed presided over the programme while Vice Chairman of the bank MizanurRahman and Independent Director Prof Mohammad Moqbul Hossain Bhuiyan were present as special guests.

Source: https://today.thefinancialexpress.com.bd/trade-market/sbac-bank-held-a-business-development-conference-1636306764