Chinese co to build $6.5m toy factory in Dhaka EPZ
Chinese company Meigo (Bangladesh) Limited is going to establish a Toy Manufac-turing Industry in Dhaka EPZ with an investment of US$ 6.55 million. An agreement to this effect has been signed between Bangladesh Export Process-ing Zones Authority (BEPZA) and Meigo (Bangladesh) Limited at BEPZA Complex in the city. The company will produce 0.9 million pcs of die-cast toy, plastic toy, plush toy and collectibles toy a year and create employment opportunity for 1,616 Bangladeshi nationals.
E-commerce transactions hit five-month low
Appetite for purchases through online platforms declined in July from a month ago, as people became cautious in placing orders when a series of scams centring e-commerce companies started coming to the light. In July, customers spent Tk 740 crore on products and services, which is the lowest in five months and 42 per cent less than June’s Tk 1,277 crore, according to data by Bangladesh Bank.There was, however, 15 per cent year-on-year growth in July this year. In the same month last year, people bought Tk 640 crore of products. In terms of number of transactions, consumers placed 2 per cent less orders in July than June. Total number of transactions was 24.3 lakh in July, down from 24.8 lakh in June. The central bank found that Evaly had over Tk 400 crore liabilities against current asset of Tk 65 crore as of March 14 this year — a gap that prompted the commerce ministry to ask Evaly to explain the whereabouts of around Tk 338 crore that the platform owed to customers and merchants.Transaction hit the highest in terms of value in June this year since December 2010 when customers bought only Tk 185 crore worth of goods and services online.
Prime Bank joins NBR’s Integrated VAT System
Prime Bank has partnered with the National Board of Revenue (NBR) to develop single and multiple BIN validations for enhanced VAT payment experience. Prime Bank’s corporate clients have been enjoying the e-VAT service through the bank’s Omni Digital Platform, PrimePay, since December 2020.The latest integration will bring VDS (VAT Deduction at Source) payment as an additional feature of the e-VAT service for the bank’s corporate clients.
Meghna Petroleum signs business deal with Delta LPG
Meghna Petroleum, a state-run listed company, has signed an agreement with Delta LPG, a concern of TK Group of Industries, as part of its business expansion. Under the agreement, Delta LPG will sell LPG by establishing LPG (Autogas) refueling station parallel to the sale of petroleum oil through the company’s registered fillings stations. Meghna Petroleum will receive royalty of Tk 0.50 against per liter sale of LPG, the company said in a filing with the Dhaka Stock Exchange (DSE) on Wednesday.Each share of Meghna Petroleum, which was listed on the Dhaka bourse in 2007, closed at Tk 201.30 on Wednesday, losing 1.13 per cent over the previous day. Its shares traded between Tk 160.30 and Tk 218.90 in the last one year.The company’s earnings per share (EPS) stood at Tk 5.15 for January to March 2021as against Tk 5.97 for the same period a year ago. In nine months for July 2020-March 2021, its EPS was Tk 17.40 as against Tk19.72 for July 2019-March 2020. The company disbursed 150 per cent cash dividend for the year ended on June 30, 2020. In 2019, it also paid a 150 per cent cash dividend. The company’s paid-up capital is Tk 1.08 billion and authorised capital is Tk 4.0 billion while the total number of securities is 108.21 million.