Bangladesh's Corporate World

 Beximco Limited's corporate director Beximco Holdings announced to buy 3 crore shares worth around Tk500 crore of the company at the current market rate at Dhaka Stock Exchange (DSE), according to an announcement. As per the announcement, the corporate director will buy 3.42% shares of Beximco Ltd within the next 30 days. Beximco Ltd has been in the textile business. Mohammad Asad Ullah, company secretary of Beximco Limited, told The Business Standard, it is a strategic decision of the holding company to buy the shares.But he did not elaborate on the strategic plan. As the decision was revealed on the DSE website, Beximco shares – driven by a keen interest of the investors – topped the turnover chart with Tk161.78 crore trading at DSE Tuesday. The trading amounted to 12% of the total DSE turnover on that day. But the share price fell 0.57% and closed at Tk174.60 at the end of the Tuesday trading session at DSE. As per the annual report of the 2019-20 fiscal year, Beximco Holdings ...

Bangladesh is in talks with Saudi energy company ACWA Power to develop a large solar project which would supply Southeast Asian nations with one gigawatt of electricity as it shifts towards more clean energy sources, said Salman F Rahman, MP, the private sector industry and investment adviser to the prime minister. The country is also engaging in early talks with ACWA Power, in which the Saudi sovereign wealth fund PIF holds a 44% stake, about a potential green hydrogen project, Salman F Rahman, MP, told Arab News. "We have been talking with ACWA power for solar. In fact, ACWA power people were there in Bangladesh recently and they met our ministry of energy and they are negotiating a large solar project, a one gigawatt solar project. So, that is under negotiation," he said. "We hope to conclude it soon and they will be signing an agreement pretty soon," he added. Bangladesh has an installed capacity of 2.4 gigawatt, Rahman added, and the country needs more energy t...

 Prime Minister's Private Industry and Investment Adviser Salman F Rahman said that the blue economy is a new potential sector for investment in Bangladesh and it is possible to export billion dollars from this sector in the next few years. The Adviser said this while addressing a workshop as the chief guest titled "Blue Economy and Course of Actions" held at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) office. Salman advised the FBCCI and BIDA to work together to find out why the progress of the once emerging sector, the shipbuilding industry has slowed down, and thus to fix the policy strategy. In addition, he said deep sea fishing trawlers or ships can be built under both domestic and foreign ownership. However, in this case, it is necessary to amend the policy of the Ministry of Fisheries and Livestock. Speaking as the special guest at the workshop, Deputy Minister for Water Resources AKM Enamul Hoque Shameem said that along with the plan to ...

  Salman F Rahman, private industry and investment adviser to the prime minister, stressed the need for strengthening the base of institutional investors to make the capital market stable. He said 80% of our investors are in retail but the situation is the opposite in other countries. He was speaking as the chief guest at a meeting on "Importance of Financial Literacy in Capital Market Development" organised by the Bangladesh Merchant Bankers Association (BMBA) on the occasion of World Investor Week, a global campaign to raise awareness about the importance of investor education and protection. Salman F Rahman mentioned that the Bangladesh Securities and Exchange Commission (BSEC) has already carried out numerous reforms for the development of the capital market.But the financial knowledge is very important for investors as well as authorised traders and institutional employees for becoming more professional. Salman F Rahman emphasised strengthening mutual funds so that ne...

Prime Minister's Adviser on Private Industry and Investment Salman F Rahman blamed authorities of Hazrat Shahjalal International Airport in the capital for their failure in repairing the broken Explosive Detection System (EDS) machines which is hampering cargo export operations.       The adviser expressed his disappointment during a surprise visit to the airport on September 29. Four EDS machines had been malfunctioning at the Dhaka Airport, slowing down the export of goods. Expressing his anger, Salman F Rahman said major European buyers, especially Inditex Group, C & A and H & M, had complained for not getting their products on time. Domestic traders had also made the same complaints, he added, which is why he had decided to visit the Airport Cargo Village by himself. Officials of Biman Bangladesh Airlines, HSIA and leaders of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) were present during the visit.   At a press confer...

Prime minister’s private sector industry and investment advisor Salman F Rahman urged the Bangladeshi expatriates to invest in Bangladesh. “Investment is needed to accelerate the progress of country’s economy and initiatives have been taken to reduce problems related to investment of expatriates,” he told the closing session of a ten-day-long road show on Bangladesh’s economy in San Francisco, USA.   Mayor of the state of California Lisa M Gilmore spoke at the event, said a press release. Salman F Rahman said, “Bangladesh’s economy is steadily advancing and the private sector is leading the economy. The private sector is also leading various manufacturing companies, banks, insurance, media and power sectors.” This was possible due to the dynamic leadership of prime minister Sheikh Hasina, he added.   The potential for venture capital and startup businesses is increasing in Bangladesh. So it is the high time for investment, he added. Mayor Lisa termed Bangladesh as a ...

Salman F Rahman, country's leading businessman, a lawmaker and the Prime Minister's advisor wrote an article in ' The Business Standard ' where he illustrated how the government of Bangladesh fought the COVID-19 successfully. He mentioned that job growth rate was stable, employment generation was ongoing, agro-workers could work, freelancers could work.  Here are important parts of his interview:  The country's job growth did not get impeded too much due to the pandemic. There was a minor setback, but the job sector has already ridden it out. For example, farmers do not get enough agro-workers during the paddy harvesting season. If there had been intensive unemployment, more workers would turn up for farm work. Even industries do not get the required skilled manpower they need. Garments and pharmaceuticals have a crisis in skilled labour. He mentioned no doctor or engineer were jobless -  There is no doctor or engineer who is jobless. You will get none with vocation...

Beximco Group is going to initiate the issuance of Islamic Shahriah compliant Sukuk Al Istisna for Tk 30 billion. The decision came from the extra-ordinary general meeting of the company held virtually.This initiative is for the purpose of construction of the solar projects of Teesta Solar Ltd and Korotoa Solar Ltd— the two subsidiaries of Beximco Power Company Ltd and financing— and refinancing the machinery and equipment required for expansion of Beximco Ltd’s textile division on the following terms and conditions, subject to the approval of the Bangladesh Securities and Exchange Commission. The meeting was presided over by Salman F Rahman, vice-chairman of the company, where, among others, Iqbal Ahmed, AB Siddiqur Rahman, Reem Shamsuddoha, Masud Ekramullah Khan, Shah Monjurul Hoque, directors, and Mohammad Asad Ullah, executive director and company secretary, were present. Shareholders unanimously approved the initiation at the meeting. The record date to determine Sukuk holders’ el...

Salman F Rahman, the prime minister's private industry and investment adviser, said Bangladeshis need a change in mindset to grow the habit of paying taxes as revenue generation is very important for inclusive development. He also laid emphasis on increasing the tax-GDP ratio, pointing out that it was relatively low in the South Asian region. "In the last fiscal, the NBR (National Board of Revenue) was able to bring 55,000 new taxpayers under the net. Still, we have to widen the tax net," he said. He was addressing a call on by Rizwan Rahman, president of the Dhaka Chamber of Commerce and Industry (DCCI), and its board of directors.   "The government is also working to upgrade and modernise the overall revenue structure," he said. A third terminal is being constructed at the Hazrat Shahjalal International Airport. There is a plan to soon upgrade the Cox's Bazar airport to that of international standard, the adviser added. Bangladesh has to meet 27 conditions...

Beximco Pharmaceuticals announced it would acquire 54.6 per cent shares in Sanofi Bangladesh. The base price for the transaction agreed between Sanofi Group and Beximco Pharma is £35.5m but it may go up to £40m. The proposed acquisition is subject to government's clearance including necessary approval of the transaction by the Bangladesh Bank and completion of a definitive sale and purchase agreement. Industries ministry holds nearly 25.36 percent and Bangladesh Chemical Industries Corporations holds around 19.96 percent shares of Sanofi Bangladesh. "We are delighted to announce the proposed acquisition of a majority stake in Sanofi Bangladesh. If approved, it will be the second strategic acquisition in the company's history, following that of Nuvista Pharma Limited (formerly Organon Bangladesh) in 2018," said Beximco Pharma Managing Director Nazmul Hassan. "This acquisition of Sanofi Bangladesh will serve as a strong foundation for sustainable growth in the futu...