পরিচালকদের শেয়ার লেনদেনের তথ্য দেয়নি:ছয় কম্পানিকে নোটিশ দিয়েছে এসইসি

নির্ধারিত সময়ের মধ্যে কম্পানির পরিচালক বা স্পন্সরদের শেয়ার লেনদেনসংক্রান্ত তথ্য জমা না দেওয়ায় পুঁজিবাজারে তালিকাভুক্ত ছয়টি কম্পানিকে সতর্ক নোটিশ পাঠিয়েছে নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এঙ্চেঞ্জ কমিশন (এসইসি)। কম্পানিগুলো হলো_আশরাফ টেঙ্টাইল, মেঘনা কনডেন্সড মিল্ক, বিডি প্লান্টেশন, সজীব নিটওয়ার, কাশেম সিল্ক ও কাশেম টেঙ্টাইল। গতকাল এই ছয়টি কম্পানিকে চিঠি পাঠানো হয়েছে। আরো তিন কম্পানিকে এ ধরনের সতর্ক নোটিশ পাঠানো হবে বলে জানা গেছে।
জানা গেছে, পুঁজিবাজারে তালিকাভুক্ত কম্পানিকে প্রতি মাসের কম্পানির পরিচালক ও স্পন্সরদের শেয়ার বেচাকেনাসংক্রান্ত তথ্য-পরবর্তী মাসের ১০ তারিখের মধ্যে জানানোর বাধ্যবাধকতা রয়েছে। এ তথ্যের কোনো পরিবর্তন না হলেও তা জানানোর জন্য পুঁজিবাজারে তালিকাভুক্ত প্রতিটি কম্পানির প্রতি এসইসির নির্দেশনা রয়েছে। এ প্রসঙ্গে এসইসির মুখপাত্রের দায়িত্ব পালনকারী নির্বাহী পরিচালক আনোয়ারুল কবির ভূইয়া গতকাল কালের কণ্ঠকে বলেন, প্রায় ৯টি কম্পানি গত আগস্টের পর থেকে পরিচালকদের শেয়ার লেনদেনসংক্রান্ত কোনো তথ্য এসইসিতে জমা দেয়নি। সে কারণে এসব কম্পানিকে সতর্কতা নোটিশ পাঠানো হচ্ছে।

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Big blow to stocks :SC upholds SEC decision on share credit

Dhaka stocks yesterday suffered the biggest fall since July.

The drop was mainly because of the combined effects of some moves, market insiders said.

One of the factors was a Supreme Court (SC) verdict that went in favour of the stockmarket regulator's decision on share credit.

The SC yesterday stayed a High Court (HC) order that halted a Securities and Exchange Commission's (SEC) decision directing merchant banks and stockbrokers to follow a net asset value (NAV) based calculation for credit disbursement and loan maintenance.

The SC ruling, passed by a three-member Appellate Division bench, spread across the market and prompted a panic sale, stockbrokers said.

Chief Justice ABM Khairul Haque headed the bench.

The benchmark index of the Dhaka Stock Exchange -- DSE General Index (DGEN) -- nosedived 187 points, or 2.51 percent, to 7,292. Earlier on July 25, the DGEN lost 204 points, suffering the steepest fall since the crash in 1996.

The key index of the Chittagong Stock Exchange -- CSE Selective Categories Index -- also plummeted by 364 points, or 2.59 percent, to 13,708.

The Dhaka and Chittagong bourses' warning of a disaster in the stockmarket also fuelled yesterday's downtrend.

The two bourses said on Saturday that unless the market calms down immediately, it may face a big disaster anytime and the exchange authorities will not take the responsibility for it. They also sought the prime minister's intervention in offloading government shares as a short-term measure to cool down the market.

"The bourses' concern left an impact, at least for the time being, on the secondary market," said a stockbroker.

Moin Al Kashem, managing director of Prime Finance Asset Management Company, said: "The correction in share prices was needed."

But such a correction will not have a long-term impact on the market, he added. "We need a correction that will come from increasing the supply side."

However, many saw the correction as a relief in the market that rallied for 11 consecutive sessions.

"After a long rally, it is natural for the share market to take a breather, and it is the nature of financial markets to go up and down," said Hasan Imam, chief executive officer and managing director of RACE Asset Management.

However, after the SC order, which asked both sides to dispose of the rule, merchant banks and stockbrokers will now have to follow the NAV-based calculation in providing and maintaining margin loans.

Barristers Rokanuddin Mahmud, Fazle Noor Taposh and Abul Kalam Azad moved for the petitioners, while Attorney General Mahbubey Alam for the state.

On September 27, the HC stayed the SEC directive on share credit and loan adjustment, after two investors -- Morshadur Rahman and Shahnewaj Jweel -- filed a petition challenging the SEC directive.

Both the bourses lost yesterday in all sectors. Losers outnumbered gainers 212 to 25, with three securities remaining unchanged on the DSE. Losers also beat advancers on the port city bourse 151 to 25, with six unchanged.

The DSE traded more than 13.56 crore shares and mutual fund units worth Tk 2,364 crore, while the CSE traded more than 1.62 crore shares and mutual fund units with a turnover of

Tk 217 crore.
source-thedailystar

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HC declares illegal SEC bar on AIMS’ bonus, rights

The High Court on Tuesday declared illegal the Securities and Exchange Commission’s decision not to approve the bonus and rights offers of the AIMS 1st Mutual Fund.
   The court also asked the SEC to approve the mutual fund’s proposal for declaring rights and bonus offers for investors within 10 days after receiving application from the fund’s trustees.
   The bench of Justice Mamnoon Rahman and Sayeda Afsar Jahan pronounced the verdict after the final hearing of the writ petition filed on March 25 by Md Abdul Hossain, a small investor in the capital market, challenging the SEC’s decision that rejected the AIMS 1st Mutual Fund’s proposal for declaring the rights and bonus as dividend.
   The SEC on March 7 rejected a proposal for 70 per cent stock dividends and 130 per cent rights issue for the years of 2007 and 2008 declared by the trustee body of the AIMS 1st Mutual Fund on February 23.
   The SEC, after the decision of the trustee board was announced, halted trading of the mutual fund on February 25. The trading of the AIMS was, however, resumed on July 4.
   Yawer Sayeed, top official of the asset management firm, AIMS of Bangladesh, told New Age that High Court’s verdict would benefit the investors. ‘We will follow the court’s decision,’ he said.
   After Abul Hossain filed the writ petition on March 25, the HC on the same day issued a rule on the SEC to show cause as to why its directive, declining to grant approval for distributing stock dividend and rights issue, should not be declared to have been taken without lawful authority. The court also stayed the operation of the SEC’s directive for three months.
   Officials of the Dhaka Stock Exchange said that the SEC first approved AIMS’ rights offer in 2005 although there was no precedent of issuing rights and stock bonuses by any close-end mutual fund in the world.
   But when AIMS declared stock dividend for 2007, the SEC rejected the application and amended the regulations for mutual funds, barring close-end mutual funds from issuing stock dividends and rights offers.
   After three investors filed a writ petition challenging the amendment, the HC gave a verdict that the mutual funds which were listed before June 2008 could issue stock dividends and rights offers by taking the SEC’s approval.
   All the mutual funds, except AIMS, however, declared cash dividends.

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Alternative delivery channel to spur NCC Bank's business

NCC Bank Ltd, a leading private commercial bank (PCB) is set to launch alternative delivery channel (ADC) to serve its growing number of clients in a smooth and hassle-free way.

"We are already serving our clients in an automated way, but once the ADC is fully implemented, our clients will get our services at their door-steps," managing director of NCC Bank Md Nurul Amin told the FE in an interview Monday.

Apart from strengthening ATMs, all other online services like SMS banking, utility bill payments will be introduced under the ADC.

"We are installing 100 ATMs by the end of March of next year," Mr Nurul Amin said.

Replying to a question, Mr Nurul said the NCCB First Mutual Fund worth Tk 1.0 billion will be floated shortly, subject to the approval of the Securities and Exchange Commission (SEC).

Another Tk 1.0 billion NCCB NRB Mutual Fund will also be floated in near future.

Commenting on the businesses of the bank, he said the company remained in a growth-path in 2010 due to its product diversification and prudent management policies.

The bank's profit after tax in the period between January to June of this year rose to Tk 1.06 billion against Tk 805.42 million of the corresponding period of the previous year.

NCC Bank is the lone Bangladeshi bank through which official remittance comes from Japan.

"We are receiving around $ 0.1 million remittance per month from Japan and it is really encouraging," Mr Nurul said.

The Bank earlier tied up with a leading micro-credit lender to reach out remittances to its beneficiaries in rural remote areas fast.

"We already signed a deal, first of its kind in Bangladesh to launch the remittance project with Thengamara Mohila Sabuj Sangha (TMSS), a micro-credit NGO (non-governmental organisation)," he added.

He said the venture is a springboard for enhanced remittance-flow as a total of 303 branches of both NCC and TMSS (250 branches of TMSS and 53 branches of NCC) are distributing the funds to the teeming millions of remittance receivers across the country.

The TMSS has 500 branches all over the country and the NCC Bank has chosen 250 in the first phase.

The venture under the project titled 'Foreign Remittance Payment Project' is funded by UK-based Department for International Development (DFID).

The paid-up capital of the bank stood at Tk 4.50 billion.

The bank has already diversified its activities in some areas like agri-financing, stock brokerage, primary dealership, credit cards and corporate social responsibilities (CSR).

He said the bank has already financed soybean cultivation in Lakhsmipur district and expanded the financing of perfume cultivation in Baralekha upazila in Moulvibazar district.

"We are working with the central bank to launch the export of perfume product through banking channel," the NCC Bank MD said.

The bank has already earned reputation due to successful implementation of agri-project in country's northern districts through Doel Agro Products.

"This project helped us exploring new avenue of lending as well as extending banking facility to a remote northern Bangladesh district," Mr Nurul Amin said.

The second generation PCB began its journey with 16 branches on May 17, 1993.

Now the bank has 72 branches across the country and eight more will be opened by the end of this year.

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Stocks return to the black

Dhaka stocks returned to the black last week, as the delay in implementation of new credit formula encouraged investors.
Week-on-week, the DSE General Index, rose 106 points, or 1.57 percent to 6,904.
Stockbrokers said investors took position afresh after the DSE failed to publish the NAV list of marginable securities within the time stipulated by the regulator.
The Securities and Exchange Commission directed the DSE to update the NAV list every Thursday from September 16.
"The investors took the chance anticipating further delay and went into buying spree that pushed up the market," said a stockbroker.
However, the DSE after last Thursday's trading session posted the NAV list of 129 marginable securities in its website following the SEC's clarification on some issues in connection with margin loan.
The stockmarket watchdog in its clarification said the merchant bankers and stockbroker will consider diluted earnings per share (EPS) on income from continuing core operations to calculate the price earnings (PE) ratio to disburse share credit. If diluted EPS is not available, basic EPS can be considered.
The DSE will calculate margin maintenance figure based on net asset value (NAV) of the listed securities as per last available annual or audited or un-audited financial statements and closing price of the last trading day of the week and disclose the same in the DSE's website at the end of each week, which shall remain effective the following week.
Asset revaluation surplus, if any, will not be considered in computation of NAV of a company.
In the case of mutual funds, the DSE will calculate margin maintenance figure based on the latest disclosed NAV at market price of the mutual funds and the closing price of the relevant fund at the end of the week.
Most major sectors advanced in the past week. Among them, pharmaceutical was the most notable gainer with 6 percent up, thanks mostly to Square Pharmaceuticals.
Cement and service and real estate gained 5.11 percent and 5.23 percent respectively. Non-banking financial institutions gained 4.66 percent. General insurances and life insurances gained 1.52 percent and 0.28 percent respectively.
However, heavyweight sectors like banks, telecom, and fuel and power were in the negative territory.
Advancers beat losers 155 to 108, with two securities remaining unchanged on the floor of the premier bourse.
Total turnover jumped 89 percent to Tk 9,155 crore at the end of Thursday trade. Daily average turnover also went up 51 percent to Tk 1,831 crore.
Market capitalisation stood at Tk 3,06,223 crore, up by 1.29 percent.
Prime Finance topped the list of turnover leaders, followed by Beximco, Aftab Automobiles, Square Pharma and LankaBangla Finance.
CMC Kamal was the largest gainer, followed by Dulamia Cotton, Saiham Textile, Desh Garments and Federal Insurance.
MIDAS Financing was the biggest loser, followed by BLTC, Niloy Cement, ICB and Chittagong Vegetable.
Chittagong stocks also rose last week, with the CSE Selective Categories Index increasing 0.67 percent to 13,041.
More than 5.88 crore shares and mutual fund units were traded on the Chittagong Stock Exchange on a value of Tk 781 crore.
Gainers beat losers 116 to 93, with six securities remaining unchanged on the port city bourse.
Beximco Limited topped the list of turnover leaders followed by Prime Finance, Aftab Automobiles, Summit Alliance Port and Square Pharma.
Tallu Spinning Mills was the largest gainer, followed by HR Textile, Jago Corporation, Safko Spinning Mills and National Housing.
National Bank was the biggest loser, followed by MIDAS Financing, Niloy Cement, ICB and Alpha Tobacco.

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World shares mixed after jump in US jobless claims

SINGAPORE, Sept 24 (AP): World stock markets were mixed Friday after a jump in US unemployment claims provided more evidence of an anemic recovery in the world's biggest economy.

In early trading in Europe, the FTSE 100 index of leading British shares fell 0.2 per cent while Germany's DAX and the CAC-40 in France were little changed. Wall Street was set to post modest gains. Dow futures were up 47 points, or 0.4 per cent, to 10,653.Japanese stocks, closed the previous day for a holiday, ended lower despite an apparent intervention in the currency market by the Bank of Japan to weaken the yen.

Sentiment in global markets was undermined by US figures showing that applications for unemployment benefits rose unexpectedly last week. The US is a key market for Asia and a prolonged period of slow growth there could weigh on the profits of the region's exporters.

"The regional economic upswing is inevitably slowing down after expanding at an unsustainably fast pace since early 2009," Capital Economics said in a report. "Manufacturing is being dragged back by the slow pace of final demand growth in the US and Europe."

Capital Economics expects economic growth in Asia excluding Japan to slow to 7 per cent next year from 8.5 per cent this year.
Also weighing on stocks was a lower reading on business activity in the 16 countries that use the euro and news that Ireland's economy shrank 1.2 per cent in the second quarter.

The Nikkei 225 stock average lost 1 per cent to 9,471.67. A strong yen kept pressure on exporters and technology shares, with Honda Motor Co. down 0.8 per cent and camera maker Canon Inc. tumbling 1.7 per cent.

In early afternoon trading in Tokyo, the dollar jumped suddenly from mid-84 yen levels to as high as 85.38 yen before slipping back under 85 yen - possibly marking the BOJ's second move to weaken in the yen in just over a week. There was no confirmation from the finance ministry or central bank.

"It appears that authorities have intervened" to buy dollars and sell the yen, said Yu Yokoi, a foreign exchange dealer at Mizuho Bank Ltd. in Tokyo.

News of Chinese restrictions on shipments to Japan of rare earths - metallic elements such as Lanthanum and Gadolinium that are crucial for superconductors, computers and hybrid electric cars - pummeled some high-tech companies. Shares of Shin-Etsu Chemical Co., which makes rare earth magnets, dived 3.4 per cent and Hitachi Metals Ltd. retreated 2.4 per cent.

Elsewhere, Hong Kong's Hang Seng index rose 0.3 per cent to 22,119.43 while Australia's S&P/ASX 200 fell 0.7 per cent to 4,601.90.

Benchmarks in India, South Korea and Indonesia gained while Taiwan, Malaysia and New Zealand fell. Financial markets in mainland China are closed Friday for a national holiday.

Analysts say that even if Asian growth slows next year, it will outpace developed economies such as the US, Japan and Europe. Emerging markets will likely account for 2.3 per centage points of the world's 3.7 per cent gross domestic product growth rate this year, and a bigger share next year, Citigroup said in a report.

The Dow Jones industrial average Thursday fell 76.89, or 0.7 per cent, to close at 10,662.42.

The Standard & Poor's 500 index fell 9.45, or 0.8 per cent, to 1,124.83, falling back below a closely watched threshold of 1,131. That had been the high end of its recent trading range until Monday, when the index charged above that level and stayed there, something analysts see as a bullish sign. Prior to Monday, the S&P had only crossed above 1,131 one time since June 21.

The Nasdaq composite index fell 7.47, or 0.3 per cent, to 2,327.08.

In currencies, the dollar rose to 84.57 yen from 84.50 yen late Thursday in New York. The euro advanced to $1.3395 from $1.3319.

Benchmark crude for November delivery was up 4 cents at $75.22 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 47 cents to settle at $75.18 Thursday.

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ICB

The Board of Directors of ICB has recommended cash dividend @ 15% and stock dividend @ 25% (i.e., 1 bonus share for every 4 shares held) for the year 2009-2010. Date of AGM: 28.10.2010, Time: 11:30 AM, Venue: National Sports Council Bhaban (NSC Tower), 62/3, Purana Paltan, Dhaka-1000. Record date: 22.09.10. The Corporation has also reported Net profit after tax of Tk. 2,130.50 million, EPS of Tk. 106.52, NAV per share of Tk. 302.50 and Net Operating Cash Flow per share of Tk. (35.46) for the year ended on June 30, 2010.

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No progress in talks on NAV calculation

As yesterday's meeting on implementation of net asset value calculation for share credit ended inconclusive, the stockmarket regulator will sit again with merchant bankers next Sunday.

The Securities and Exchange Commission says the method should come into effect within the stipulated time, while merchant bankers argued the NAV- based computing is not possible under the existing market system."The commission still stands firm on implementing its decision on NAV-based calculation for credit disbursement as well as loan maintenance," Anwarul Kabir Bhuiyan, executive director of Securities and Exchange Commission, told reporters after the meeting.

He said, "The commission asked the merchant bankers to come up with figures on how much loans they provided to their clients, and we'll sit with them next Sunday with the facts and figures."

According to meeting sources, many attendees agreed to the point that NAV-based calculation is a complex one.

Representatives from Dhaka and Chittagong stock exchanges were also present in the meeting.

Opposing its implementation, the merchant bankers urged the regulator even to cut the credit ratio further from the existing 1:1.

The SEC on August 24 instructed the merchant bankers and stockbrokers to follow such method from October 1.

As per the NAV-based margin, a merchant bank or a stockbroker can provide loan on the basis of value of a stock, as determined by adding the market value to NAV and dividing the sum by two.

However, speculating a positive outcome from yesterday's meeting, Dhaka stocks closed higher with the benchmark DSE General Index increasing more than 16 points, or 0.25 percent to 6,670.

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ডিএসইতে লেনদেনের পরিমাণ কমছেই : চার মাসের মধ্যে সর্বনিম্ন লেনদেন

অর্থনৈতিক রিপোর্টার
শেয়ারবাজারে লেনদেনের পরিমাণ কমছেই। গতকাল দেশের প্রধান শেয়ারবাজার ঢাকা স্টক এক্সচেঞ্জে (ডিএসই) চার মাসের মধ্যে সর্বনিম্ন ১ হাজার ১৫৪ কোটি টাকা লেনদেন হয়েছে। এর আগে ডিএসইতে গত ১০ এপ্রিল সর্বনিম্ন ৯৬৩ কোটি ৭১ লাখ টাকা লেনদেন হয়েছিল। মার্জিন লোন নিয়ে এসইসির কড়াকড়ি আরোপের ফলে মার্চেন্ট ব্যাংক এবং ব্রোকারেজ হাউসগুলোর সতর্ক অবস্থানের কারণে বাজারে লেনদেনের পরিমাণ কমছে বলে বাজার সংশ্লিষ্টরা মনে করছেন। কেউ কেউ অবশ্য ধারণা করছেন, মার্জিন লোন নিয়ে যাতে এসইসি বেশি কড়াকড়ি আরোপ করতে না পারে সে জন্য বাজারে তারল্যপ্রবাহে এক ধরনের কৃত্রিম ভাটা তৈরি করা হয়েছে।
বাজার বিশ্লেষণে দেখা যায়, গত সপ্তাহে ডিএসইতে গড় লেনদেন হয়েছে ১ হাজার ৭৪৪ কোটি টাকা, যা এর আগের সপ্তাহে ছিল ১ হাজার ৮৬১ কোটি টাকা। তবে গত সপ্তাহের শেষদিকে এসে বাজারে লেনদেনে বড় ধরনের ভাটা দেখা যায়। গত সপ্তাহের শেষদিন বৃহস্পতিবার ডিএসইতে লেনদেন হয়েছে ১ হাজার ২৪৮ কোটি ৮২ লাখ টাকা, যা গত দেড় মাসের মধ্যে সর্বনিম্ন। তবে গতকাল সপ্তাহের শুরুতে লেনদেন আরও কমে হয়েছে ১ হাজার ১৫৪ কোটি টাকা, যা আগের দিনের তুলনায় ৯৪ কোটি টাকা কম। তবে লেনদেন কমলেও বেড়েছে ডিএসইর সাধারণ মূল্যসূচক। আগের দিনের তুলনায় ডিএসই সাধারণ সূচক ১৭ পয়েন্ট বেড়ে ৬৬৭৬ পয়েন্টে দাঁড়িয়েছে। অন্যদিকে ডিএসই-২০ মূল্যসূচক আগের দিনের চেয়ে ২৮ দশমিক ৭৯ পয়েন্ট বেড়ে ৩৮৮২ দশমিক ৫৩ পয়েন্টে দাঁড়িয়েছে। লেনদেনকৃত ২৪৩টি কোম্পানির মধ্যে দাম বেড়েছে ১২৫টির, কমেছে ১১২টির এবং অপরিবর্তিত রয়েছে ৬টি কোম্পানির শেয়ার।
লেনদেনের ভিত্তিতে (টাকায়) শীর্ষ ১০টি কোম্পানি হলো—বেক্সিমকো, বেক্সটেক্স, আফতাব অটোমোবাইলস, স্কয়ার ফার্মাসিউটিক্যালস, বিএসআরএম স্টিল, নাভানা সিএনজি, তিতাস গ্যাস, কেয়া ডিটারজেন্ট, প্রাইম ফাইন্যান্স ও স্কয়ার টেক্সটাইল।
দর বৃদ্ধিতে শীর্ষ ১০টি কোম্পানি হলো—দেশ গার্মেন্ট, মিরাক্যাল ইন্ডাস্ট্রিজ, রহিমা ফুড, লিগেসি ফুটওয়্যার, ঢাকা ইন্স্যুরেন্স, ফু-ওয়াং ফুড, কেয়া কসমেটিকস, ফেডারেল ইন্স্যুরেন্স, জেমিনি সি ফুড ও বেক্সিমকো সিনথেটিকস। দাম কমার শীর্ষে প্রধান ১০টি কোম্পানি হলো—ড্যাফোডিল কম্পিউটার, স্কয়ার ফার্মাসিউটিক্যালস, আলফা টোব্যাকো, ঢাকা ডায়িং, শ্যামপুর সুগার, রহিম টেক্সটাইল, ফিনিক্স ইন্স্যুরেন্স, বিডি ফাইন্যান্স, গোল্ডেন সন ও ন্যাশনাল টি কোং লিমিটেড।
সুত্রঃআমাদের সময়

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GREENDELTA INSURANCE

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.

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S Alam buys out leasing firm

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

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SOUTHEASTBANK

The Board of Directors has recommended cash dividend @ 15% and stock dividend @ 20% for the year 2008. The Bank has also informed that an EGM will be held for approval of enhancement of Authorized Capital from Tk. 350 crore to Tk. 1000 crore subject to obtaining approval from competent authorities. Date of EGM and AGM: 26.04.09, Time of EGM and AGM: 10:00 AM and 10:30 AM respectively. Venue of the EGM and AGM: "Hall of Fame", Bangladesh-China Friendship Conference Centre, Sher-E-Bangla Nagar, Dhaka-1207. Record Date for EGM and AGM: 30.03.09

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CITYGENINS

The Board of Directors has recommended stock dividend @ 10% (i.e. one bonus share for every ten shares) for the year 2008. Date of AGM: 30.03.09, Time: 10:00 AM, Venue: BDR Darbar Hall, Pilkhana, Dhaka. Record Date: 11.03.09

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DSE to open window for laggard shares

Dhaka Stock Exchange (DSE) is expected to open a separate window for share trading of non-performing companies under Z category or low quality ones in a bid to discourage investors to bet on these issues, according to a DSE decision taken yesterday...read more

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MONAFOOD

As per un-audited half yearly accounts as on 31.12.08, the Company has reported net loss of Tk. (2.04) m. with EPS of Tk. (3.18) as against last year's half yearly of Tk. (2.30) m. and Tk. (3.59) respectively. Accumulated loss of the Company was Tk. (53.89) m. as on 31.12.08.

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DHAKABANK

The Board of Directors has recommended cash dividend @ 15% and stock dividend @ 10% (i.e. one bonus share for every ten shares) for the year 2008. Date of AGM: 31.03.09, Time: 11:00 AM, Venue: Bangladesh-China Friendship Conference Centre, Agargaon, Sher-E-Bangla Nagar, Dhaka. Record date: 11.03.09.

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Banks go tech-smart to cut costs of business

Banks in Bangladesh are increasingly adopting technology-driven products to fast-track services to their clients at reduced costs.

The products and services include debit card, credit card, ATM (automated teller machine), POS (point of sales), online banking and Swift....read more

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Stocks end nearly flat

Dhaka stocks ended the week virtually unchanged with investors wandering from one sector to another looking for profit...read more

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Beximco Pharma down in London trade

Prices of global depository receipts (GDRs) issued by Beximco Pharmaceuticals fell by around 47 percent at the Alternative Investment Market of London Stock...read more

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ABBANK

The Bank has informed that the Board of Directors of the Bank has resolved that the Authorized Capital of the Bank be increased to Tk. 600,00,00,000/- (Taka Six hundred crore) divided into 6,00,00,000 (six crore) ordinary shares of Tk. 100/- each from the exiting Tk. 300,00,00,000/-(Taka Three hundred crore) subject to the approval from Bangladesh Bank and other regulatory authorities. The Board has also approved necessary amendments to relevant clauses/articles of the Memorandum and Articles of Association of the Bank.

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