Stock market to get Tk 100cr from stabilisation fund

The stock market regulator yesterday approved an Investment Corporation of Bangladesh (ICB) investment of Tk 100 crore from a capital market stabilisation fund to ensure liquidity in the secondary market. The meeting also approved a closed end mutual fund of Tk 50 crore sponsored by the stabilisation fund. The meeting sanctioned formation of two open ended mutual funds — Bangladesh Race Management Private Fund and HF Asset Management Limited Shariah Unit Fund – each of Tk 25 crore. Each company, whose names the funds have taken after, would each sponsor Tk 2.5 crore of their respective funds, having a face value of Tk 10, while general investors would subscribe to the rest. The meeting approved an initial public offering (IPO) of JMI Hospital Requisite Manufacturing to raise Tk 75 crore in funds to buy equipment and a building, develop land and repay loans. Its net asset value per share was Tk 29.99 while five years’ weighted average earnings per share Tk 2.42 after the financial year ending on June 30, 2020. The JMI’s paid-up capital was Tk 90 crore. It will issue shares to general investors at 20 per cent discount on the cut-off price.

Source: https://www.thedailystar.net/business/economy/stock/news/stock-market-get-tk-100cr-stabilisation-fund-2231906

CMSF will inject Tk 1.0b into ICB

Capital Market Stabilisation Fund (CMSF) will make its maiden investment worth Tk 1.0 billion into Investment Corporation of Bangladesh (ICB) as TDR (transferable development rights) to boost liquidity flow in the capital market. The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved the proposal of such investment at a meeting held at BSEC office. The BSEC officials said the proposal of investment worth Tk 1.0 billion was approved following the plea made by CMSF. On June 27 last, the securities regulator had issued rules for the CMSF through a gazette notification published to help revitalise the capital market. The objective of the CMSF is to support the country’s stock market alongside settling investors’ claims on undistributed or unsettled dividends. As per the company’s financial statement for the year ended on June 30, 2020, the weighted average of EPS stood at Tk 2.42 for five years. For the same period, the company’s net asset value (NAV) per share stood at Tk 27.78 (without revaluation), and the value is Tk 29.99 (with revaluation). The initial size of this unit fund is Tk 250 million of which Tk 25 million will be contributed by Bangladesh RACE Management Private Company, the sponsor of the fund.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/cmsf-will-inject-tk-10b-into-icb-1637077420

Modhumoti Bank signed a partnership agreement with ONE Bank

Modhumoti Bank Limited recently signed a partnership agreement with ONE Bank Limited. Md. Shafiul Azam, Managing Director & CEO of Modhumoti Bank and Md Monzur Mofiz, Additional Managing Director of ONE Bank, signed the agreement on behalf of their respective organisations. Under the agreement, both parties will work together towards removing cash fraction and building digital eco system.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/modhumoti-bank-signed-a-partnership-agreement-with-one-bank-1637077660

Sheikh Fazle Fahim new chairman of IORBF

Sheikh Fazle Fahim, a former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), has been elected the Chairman of Indian Ocean Rim Business Forum (IORBF). The IORBF is the primary body for business representatives to formulate policies and project recommendations to IORA (Indian Ocean Rim Association) member-states. Since the establishment of IORA in 1997, Bangladesh has been elected for the first time its Chair for 2021-2023. The 23rd meeting of the Committee of Senior Officials (CSO) of the IORA took place on November 15-16 while the 21st Council of Ministers (COM) will be held on November 17. More than 80 representatives, including 12 ministers of 23 countries and nine dialogue partners, will attend the event in Dhaka. IORA works to improve regional cooperation through the creation of sustainable development within the Indian Ocean region. IORA has 23 member states and nine dialogue partners.

Source: https://today.thefinancialexpress.com.bd/trade-market/sheikh-fazle-fahim-new-chairman-of-iorbf-1637085076