ISLAMINS
As per un-audited quarterly accounts for the 3rd quarter ended on 30th September 2009, the Company has reported net profit after tax of Tk. 10.29 million with EPS of Tk. 6.86.
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Wednesday, December 23, 2009
Price Senstive
DUTCHBANGL
The Bank has informed that the Board of Directors of the Bank has taken the following decisions: A. Formation of a wholly owned Subsidiary Company of Dutch-Bangla Bank Limited to carry out Merchant Banking Operation subject to obtaining prior approval from Bangladesh Bank and B. Obtaining License from Bangladesh Bank through Bangladesh Export Processing Zones Authority (BEPZA) for two Off-shore Banking Units (OBU) to be operated in separate counters in the Bank's Dhaka EPZ Branch and Agrabad Branch, Chittagong to provide services to the clients of both Dhaka and Chittagong EPZs.
Tuesday, December 22, 2009
Bourses' proposal to allow big cos to float shares seen unrealistic
Mohammad Mufazzal
Two bourses' proposal to allow companies with paid-up capital worth Tk 500 million to float shares was ridiculed as "not practical" Saturday, as only a tiny number of Bangladeshi firms have such a "big" capital base.
Officials at the office of Registrar of the Joint Stock Companies and Firms told the FE that the country has around 80,000 companies, but only a "very few" have paid-up capital worth Tk 500 million or more.
"We have to check the companies' details to find out how many firms have paid-up capital worth that size. But I am sure only a handful of them have such a big capital base," said Ahmedur Rahim, the registrar.
Rahim said most of the Bangladeshi companies have a "tendency" to keep their paid-up capital size minimum to avail tax benefits. "They argue that a big company has bigger tax burden," he added.
"The governance of small firms is not well established. Different opinions can arise in case of fixing the amount of IPO. But the exact frame of minimum paid-up capital will discourage the small firms in the capital market," AB Mirza Md Azizul Islam, former SEC chairman as well as former adviser, told the FE.
"As there are many good firms having paid-up capital less than Tk 0.5 billion, so I differ with the recommendation of the bourses. Rather, they can say that the firms, which have a paid-up capital above Tk 0.5 billion must come for offloading shares in the capital market," Professor Abu Ahmed, told the FE.
A senior lawyer who advises entrepreneurs on listing and formation of companies said they always tell the clients "not to inflate paid-up capital, as it leads to more scrutiny by the National Board of Revenue (NBR)."
Two bourses' proposal to allow companies with paid-up capital worth Tk 500 million to float shares was ridiculed as "not practical" Saturday, as only a tiny number of Bangladeshi firms have such a "big" capital base.
Officials at the office of Registrar of the Joint Stock Companies and Firms told the FE that the country has around 80,000 companies, but only a "very few" have paid-up capital worth Tk 500 million or more.
"We have to check the companies' details to find out how many firms have paid-up capital worth that size. But I am sure only a handful of them have such a big capital base," said Ahmedur Rahim, the registrar.
Rahim said most of the Bangladeshi companies have a "tendency" to keep their paid-up capital size minimum to avail tax benefits. "They argue that a big company has bigger tax burden," he added.
"The governance of small firms is not well established. Different opinions can arise in case of fixing the amount of IPO. But the exact frame of minimum paid-up capital will discourage the small firms in the capital market," AB Mirza Md Azizul Islam, former SEC chairman as well as former adviser, told the FE.
"As there are many good firms having paid-up capital less than Tk 0.5 billion, so I differ with the recommendation of the bourses. Rather, they can say that the firms, which have a paid-up capital above Tk 0.5 billion must come for offloading shares in the capital market," Professor Abu Ahmed, told the FE.
A senior lawyer who advises entrepreneurs on listing and formation of companies said they always tell the clients "not to inflate paid-up capital, as it leads to more scrutiny by the National Board of Revenue (NBR)."
Dhaka stocks see spectacular rise | Single-day upswing spawns hope
FE Report
Dhaka stocks rose sharply Tuesday with the benchmark index witnessing the largest single-day rise in a month. The development prompted expectations that the decisions which had chipped away at the investors' confidence might be reviewed.
The benchmark index, DSE General Index (DGEN), ended at 4408.95 with a gain of 79.46 points or 1.83 per cent --- the largest single-day rise for the first time in a month.
It was lifted by a rally in share prices of mutual funds, Grameenphone and financials.
The broader DSE All Shares Price Index (DSI) gained 65.14 points or 1.01 per cent to 3656.54, while the DSE-20 blue chip index closed 27.55 points or 1.09 per cent higher to 2544.47.
Analysts and brokers said the compound-effect of a series of confusions created by the authorities subsided prompting anticipation that some decisions might be reviewed.
The market in the last two sessions recovered around 100 points from 119 points lost in the previous two to three sessions.
"Uncertainty created by a string of confusions was on the wane anticipating that some positive steps might come from the authorities soon," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
The upbeat mood appeared minutes after the trading started and continued through the rest of the session with 199 issues advanced out of the 235 issues traded. Only 35 shares went slightly down and one remained unchanged.
The turnover figure remained almost unchanged as it stood at Tk 6.34 billion, down only 1.0 per cent over the previous session.
Grameenphone, a sought-after issue in DSE now, edged 3.45 per cent higher to Tk 176.70.
Mutual funds got back the rhythm since the securities regulator's curbing loans in the sector about two month back as it gained 7.18 per cent.
The banking also roared back gaining 1.63 per cent with Jamuna Bank and Dutch Bangla Bank finishing the highest gainer.
Source: http://www.thefinancialexpress-bd.com/more.php?news_id=87581
Dhaka stocks rose sharply Tuesday with the benchmark index witnessing the largest single-day rise in a month. The development prompted expectations that the decisions which had chipped away at the investors' confidence might be reviewed.
The benchmark index, DSE General Index (DGEN), ended at 4408.95 with a gain of 79.46 points or 1.83 per cent --- the largest single-day rise for the first time in a month.
It was lifted by a rally in share prices of mutual funds, Grameenphone and financials.
The broader DSE All Shares Price Index (DSI) gained 65.14 points or 1.01 per cent to 3656.54, while the DSE-20 blue chip index closed 27.55 points or 1.09 per cent higher to 2544.47.
Analysts and brokers said the compound-effect of a series of confusions created by the authorities subsided prompting anticipation that some decisions might be reviewed.
The market in the last two sessions recovered around 100 points from 119 points lost in the previous two to three sessions.
"Uncertainty created by a string of confusions was on the wane anticipating that some positive steps might come from the authorities soon," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
The upbeat mood appeared minutes after the trading started and continued through the rest of the session with 199 issues advanced out of the 235 issues traded. Only 35 shares went slightly down and one remained unchanged.
The turnover figure remained almost unchanged as it stood at Tk 6.34 billion, down only 1.0 per cent over the previous session.
Grameenphone, a sought-after issue in DSE now, edged 3.45 per cent higher to Tk 176.70.
Mutual funds got back the rhythm since the securities regulator's curbing loans in the sector about two month back as it gained 7.18 per cent.
The banking also roared back gaining 1.63 per cent with Jamuna Bank and Dutch Bangla Bank finishing the highest gainer.
Source: http://www.thefinancialexpress-bd.com/more.php?news_id=87581
Price Sensitive
BRACB
The Bank has informed that the Board of Directors of the Bank in principle has taken the following decisions: 1. The Board has approved to seek regulatory approval for setting up BRAC Bank Exchange House in Malaysia, Singapore and Italy and 2. The Board has approved to seek regulatory approval for establishing an Asset Management Company (AMC). Asset Management Company (AMC) will have participation from four institutions. The proposed shareholders of the AMC are BRAC Bank Limited (will hold 25%), BRAC (will hold 26%), BRAC EPL Investments Limited (will hold 25%) and BRAC EPL Stock Brokerage Limited (will hold 24%).
The Bank has informed that the Board of Directors of the Bank in principle has taken the following decisions: 1. The Board has approved to seek regulatory approval for setting up BRAC Bank Exchange House in Malaysia, Singapore and Italy and 2. The Board has approved to seek regulatory approval for establishing an Asset Management Company (AMC). Asset Management Company (AMC) will have participation from four institutions. The proposed shareholders of the AMC are BRAC Bank Limited (will hold 25%), BRAC (will hold 26%), BRAC EPL Investments Limited (will hold 25%) and BRAC EPL Stock Brokerage Limited (will hold 24%).
Monday, December 21, 2009
Sonali Bank sanctions Tk 300m loan to Midas Financing
FE Report
Sonali Bank has sanctioned loan worth Tk 300 million to Midas Financing Ltd to help flourish the SME sector of the country.
A loan agreement was signed between the two companies in this regard recently in the city.
Managing Director and CEO of Sonali Bank Limited SA Chowdhury and Midas Financing Limited managing director (current charge) Shafiq-ul-Azam represented the respective companies in the loan signing ceremony held in the head office of Sonali Bank in the city.
Top officials of both the companies were also present on the occasion, a press release said.
Creation of new entrepreneur class and development of the SME sector was highlighted in the programme.
Sonali Bank has sanctioned loan worth Tk 300 million to Midas Financing Ltd to help flourish the SME sector of the country.
A loan agreement was signed between the two companies in this regard recently in the city.
Managing Director and CEO of Sonali Bank Limited SA Chowdhury and Midas Financing Limited managing director (current charge) Shafiq-ul-Azam represented the respective companies in the loan signing ceremony held in the head office of Sonali Bank in the city.
Top officials of both the companies were also present on the occasion, a press release said.
Creation of new entrepreneur class and development of the SME sector was highlighted in the programme.
Industries hit by coercive acts of caretaker govt | Banks can now reschedule loans without downpayment
Siddique Islam
Commercial banks have been empowered to reschedule classified loans of the industries that were forced to close down or became sick during the last caretaker government without any down payment, officials said Monday.
Under the new provisions, the banks can now reschedule such loans on the basis of their relationship with clients until June 30, 2010.
"We've taken the move with a view to helping such industries regularise their loan portfolios, thus expediting the country's overall economic activities," a senior official of the Bangladesh Bank (BB) told the FE, adding that the banks would identify the really affected or closed downindustries or businesses using their own assessment criteria.
The central bank issued a circular in this connection Monday and asked the chief executives and managing directors of all 48 scheduled banks to follow the latest instructions for rescheduling of the loans.
The BB official also said some activities of the caretaker government had created panic among the businessmen, particularly the big ones, and the industrialists while many of the businessmen had fled the country or gone into hiding to evade harassment of various types.
"Many of them were even detained in jail," he said, adding that many industries were closed down directly or became sick as they could not maintain normal production due to understandable reasons.
On December 6 last, the central bank extended both coverage and duration of the loan rescheduling facility for recession-hit export sectors without any down payment.
Instead of five specific sectors, all export-oriented sectors will now be entitled to the facility until June 30 next year.
Besides, the BB has allowed the commercial banks to reschedule their agricultural credits as long-term loans to facilitate farmers across the country.
"There is a scope of rescheduling the short-term agricultural loans, which would be treated as long-term ones after making required down payment," the BB said in a circular earlier.
Commercial banks have been empowered to reschedule classified loans of the industries that were forced to close down or became sick during the last caretaker government without any down payment, officials said Monday.
Under the new provisions, the banks can now reschedule such loans on the basis of their relationship with clients until June 30, 2010.
"We've taken the move with a view to helping such industries regularise their loan portfolios, thus expediting the country's overall economic activities," a senior official of the Bangladesh Bank (BB) told the FE, adding that the banks would identify the really affected or closed downindustries or businesses using their own assessment criteria.
The central bank issued a circular in this connection Monday and asked the chief executives and managing directors of all 48 scheduled banks to follow the latest instructions for rescheduling of the loans.
The BB official also said some activities of the caretaker government had created panic among the businessmen, particularly the big ones, and the industrialists while many of the businessmen had fled the country or gone into hiding to evade harassment of various types.
"Many of them were even detained in jail," he said, adding that many industries were closed down directly or became sick as they could not maintain normal production due to understandable reasons.
On December 6 last, the central bank extended both coverage and duration of the loan rescheduling facility for recession-hit export sectors without any down payment.
Instead of five specific sectors, all export-oriented sectors will now be entitled to the facility until June 30 next year.
Besides, the BB has allowed the commercial banks to reschedule their agricultural credits as long-term loans to facilitate farmers across the country.
"There is a scope of rescheduling the short-term agricultural loans, which would be treated as long-term ones after making required down payment," the BB said in a circular earlier.
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