SEC has informed vide its letter No. SEC/CI/CPLC-180/09/42 dated April 6, 2009 that the Commission is not in a position to accord consent to Apex Weaving & Finishing Mills Ltd. for raising its paid-up capital in course of acquisition of Sattar Textile Mills Ltd. due to non-compliance of rule 3(3)(f) of the Securities and Exchange Commission (Issue of Capital) Rules, 2001.
Read more...The Board of Directors has recommended stock dividend @ 100% (1:1) for the year 2008. Date of AGM: 25.06.09, Time: 11.00 AM, Venue: Hotel Purbani International, 1, Dilkusha C/A, Dhaka. Record Date: 28.05.09.
Read more...MIDAS Financing Ltd has appointed Rokia A Rahman, a director, as its chairman, says a press statement.
The appointment was made at the company's 150th Board meeting, held on Monday. Her tenure will span a period of two years with effect from March 30, 2009.
Read more...The Industrial Promotion and Development Company of Bangladesh Ltd has appointed Humaira Azam as its new managing director and chief executive officer, says a press release.
Azam has 19 years of experience in diverse fields like corporate banking, debt restructuring, special asset management, institutional banking and risk with Standard Chartered Bank, HSBC and ANZ Grindlays.
She started her career as a management trainee at ANZ Grindlays.
Her appointment will be effective from April 1, 2009.
Read more...Asian and European stocks soared Thursday as dealers hoped the G20 summit would produce a plan to solve the world financial crisis, while positive US economic data also boosted confidence, traders said.
Investors were meanwhile expecting the European Central Bank to cut eurozone interest rates to a record low level on Thursday as the world seeks ways to fight the worst economic downturn since the 1930s.
Hong Kong led the charge in stock market trading on Thursday, leaping 5.93 percent near the close, while Tokyo finished up 4.40 percent at a three month high and Sydney closed 2.81 percent higher.
In early European trade, London, Frankfurt and Paris all surged by more than three percent as markets continued an upward trend that began early last month.
The massive gains came as leaders of the 20 developed and developing nations prepared to meet later in London to hammer out an agreement aimed at dragging the world out of its worst economic slump in more than 70 years.
"Make no mistake, we are facing the most severe economic crisis since World War II, and the global economy is now so fundamentally interlinked that we can only meet this challenge together," said US President Barack Obama following pre-summit talks.
S Alam Group has acquired majority stakes of Oman Bangladesh Leasing and Finance Ltd (OBLFL), a non-banking financial institution (NBFI), in a bid to gain a foothold in the country's financial market, people close to the development said.
“It will increase our presence in the financial sector. We hope the company will perform better in the days to come under the leadership of our chairman,” Subrata Bhowmick, senior general manger (Finance) of S Alam Group, told The Daily Star yesterday.
He said around 97 percent shares of OBLFL have been acquired by the group.
However the official declined to disclose the buyout amount.
The remaining shares of the financial institution are owned by business entities such as National Life Insurance Company Ltd.
The share transfer agreement was signed on Tuesday at the OBLFL head office in Dhaka where the former sponsors of OBLFL and its immediate past chairman Mohammad Nurul Haque and S Alam Group's Chairman and Managing Director Md Saiful Alam Masud, among others, were present.
Following the share transfer deal, a board meeting elected Saiful Alam Masud, also the chairman of First Security Islami Bank, as the chairman of the finical institution, said a statement.
S Alam Group with an annual turnover of more than Tk3,000 crore moved to acquire Oman Bangladesh Leasing after it had taken over First Security Bank couple of years ago.
Officials expect that the experience of running the bank will give the conglomerate, best known for its transport business, a leverage to handle the financial institution efficiently.
Before the takeover by S Alam Group, Oman Bangladesh Leasing brought changes in ownership in two times in 2000 and 2003.
The financial institution, formerly known as Bahrain Bangladesh Finance and Investment Company Ltd, launched operation in 1996 with a paid up capital of Tk2.50 crore, according to Year Book 2007 of Bangladesh Leasing & Finance Companies Association.
In 2000 Muscat Finance Company (MFC) Ltd, Oman, along with a group of investors -- mainly banks and financial institutions -- took over the company with 70.59 percent shareholdings and increased its paid up capital to Tk8.5 crore.
MFC in 2003 withdrew itself from the company and the entire shares were held by the local shareholders. Local sponsors again increased its paid up capital to Tk15.75 crore last year.
Officials said the company's immediate past owner Nurul Haque and his family transferred the ownership being unable to run it as a viable company.
However despite repeated attempts, none of the former owners was found for comments.
At the end of 2007, total assets of Oman Bangladesh Leasing stood at worth Tk1,54.57 crore with more than 30 percent of its investment channelling to transport and automobile sectors followed by textile.
The company's net asset value per share grew to Tk1,545 at the end of 2007 from Tk1,031 a year ago, while its earning per share tripled to Tk15.26 Read more...Asian stocks extended a rally in early trade on Friday as investors cheered a pledge by world leaders to step up efforts to fight the global economic downturn.
The dollar shot up to a five-month high against the yen as the recovery on world markets encouraged speculators to take more risks.
While the G20 summit stopped short of unveiling fresh fiscal spending to tackle the slump, it did provide for more than a trillion dollars of new money to help poorer countries as well as moves to increase global regulation.
Although many admit it will not scoop the world out of recession immediately, markets were relieved that leaders had at least managed to set aside their earlier differences over how to tackle the crisis.
"Investors were relieved that concerns over a lack of unity were proven unfounded, which bodes well for future international cooperation to tackle the crisis," said Dariusz Kowalczyk, chief investment strategist at SJS Markets.
But risks remain, including insufficient fiscal stimulus spending in many key economies, he warned.
"After the run-up over the past four weeks, equities and commodities are ripe for profit taking" said Kowalczyk.
Asian markets were mostly higher in early trade, although gains were much more modest than the previous day.
Tokyo was up 0.57 percent while Sydney added 1.3 percent, Seoul gained 0.4 percent and Hong Kong climbed 0.3 percent.
Markets rose on a "wave of euphoria courtesy of a G20 coordinated front to tackle problems," said Societe Generale analyst Patrick Bennett.
The rises came a day after a powerful rally across the region that saw Hong Kong soar 7.4 percent and Tokyo jump 4.4 percent to hit a near three-month high.
On Wall Street, the Dow Jones Industrial Average rose 2.79 percent Thursday after the Group of 20 pledged more than one trillion dollars for the International Monetary Fund and World Bank.
British Prime Minister Gordon Brown said that by the end of 2010 the Group of 20 developed and developing nations would have spent five trillion dollars fighting the economic crisis.
Investors were also encouraged by news of a revamp of US accounting rules that should ease funding pressures for financial firms, dealers said.
Data pointing to an improvement in the giant Chinese manufacturing sector were also a "very positive piece of news," said Bennett at Societe Generale.
"A rising tide lifts all boats, though there are enough challenges ahead both regionally and globally that we continue to err toward caution," he added.
Stocks got an extra boost by a 1.8-percent rise in orders for US manufactured goods in February after six consecutive monthly declines, the latest sign that the decline in industrial activity may have hit bottom.
Improving sentiment helped the dollar to rise above 100 yen briefly for the first time since early November.
Global stocks have risen over the past four weeks as confidence returns to markets following a number of stimulus measures by governments and a US pledge to help banks clear their books of toxic assets that have clogged lending.
But some analysts warned that markets could be disappointed if key monthly labour market data due out later in the day shows a sharp rise in unemployment.
"There is a gap between market hopes and reality," Sumitomo Trust and Banking forex strategist Saburo Matsumoto said. "Investors may have a rude awakening."
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