Meghna Bank to raise Tk 1.50b through IPO
Meghna Bank Limited is diversifying its investment portfolios with focus on retail and small and medium enterprises (SME) business to minimize risk, the bank’s top executive has said. Under the plans, the investment in retail and SME will reach at 50 per cent of its total loans and advances within the next two years from the existing level of 30 per cent. Meghna Bank has already taken a series of measures including digitization aiming to transform the PCB into a robust as well as specialized bank by 2023. Meghna Bank’s customers are allowed to use 11500 ATM (Automated Teller Machine) booths across the country free of charge, he added. Besides, Meghna Bank has planned to raise Tk 1.50 billion through Initial Public Offering (IPO) subscription by 2022 to expand the capital-base of the PCB. This is in addition to additional capital between Tk 1.0 billion to Tk 2.0 billion, being raised from existing shareholders, according to the CEO. As per the regulations, all the scheduled banks have to keep 0.25 per cent to 2.0 per cent provisions against general category of loans, 20 per cent against substandard category, 50 per cent against doubtful loans, and 100 per cent against bad or loss category of loans. The volume of NPLs grew by nearly 12 per cent or Tk 104.71 billion to Tk 992.05 billion as on June 30, 2021 from Tk 887.34 billion six months ago, the BB’s latest data showed. Currently, Meghna Bank serves a large customer base comprising individuals and institutions through a network of 47 branches across the country.
Berger Paints AGM approves 375pc cash dividend
Berger Paints Bangladesh Limited has approved a 375 per cent cash dividend for 2020-2021. The approval was made at the 48th annual general meeting (AGM) of Berger Paints through a digital platform recently. Gerald K Adams presented the Directors’ Report, Auditors’ Report and Audited Financial Statements for the year ended March 31, 2021 before the shareholders. Rupali Chowdhury replied to the shareholders’ queries. A 375 per cent cash dividend was declared for 2020-2021 in the meeting. The company achieved 2.8 per cent revenue growth and around 6.0 per cent volume growth in the year ended March 31, 2021. Berger Paints Bangladesh Limited has been awarded for ‘Top VAT Payer’ for the year 2018-2019 under the manufacturing category. The company also received ‘ICMAB Best Corporate Award 2019’ in the category of multinational manufacturing industries. In addition, Berger Paints has been awarded the ‘Best Paint Brand’ in Paint category for 10th consecutive times by Bangladesh Brand Forum (BBF) in partnership with Nielsen Bangladesh.
Railway west zone to get 40 new locomotive engines
The West Zone of Bangladesh Railway will be given 40 new locomotive engines aimed at improving the standard of passenger services through infusing dynamism into railway services. Only the broad gauge (BG) locomotives are operated in the zone and there are 92 engines in the zone with a 20-year life span. Of those, 43 have become date-expired. To remove the existing problems, the new engines are being purchased at a total cost of Taka 11.23 billion (1,123 crore) under the Bangladesh Railway’s Rolling Stock Operation Project. Taking the overall situation into special consideration, the railway authorities had signed an agreement with the USA-based ‘Progress Rail Locomotive Incorporation’ on purchasing 40 new BG engines in January, 2019. The engines are being purchased with joint financial collaboration of Asian Development Bank and Bangladesh Government. Each of the engines cost Taka 283.9 million (28.39 crore). Each of the diesel electric engines contains 3,250 BHP along with 18.8 tonnes of excel load and they are capable of commercial running speed at 130 kilometres per hour. He said they were very hopeful of adding all the 32 engines to the WZ railway by June, 2022.
Local and Global Stock Indices *
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