New Chairman and MD Appointed by Walton

Singer Bangladesh has opened a new home appliances plant in the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj, as part of its expansion strategy to boost local manufacturing. The project, approved by the board on March 30, 2022, involved an investment of Tk 603.89 crore, with Tk 580.33 crore allocated for machinery and plant construction.

Bangladesh's electronics sector faces challenges due to inflation, currency devaluation, and reduced consumer spending. An 11% taka devaluation increased import costs, impacting prices. Consumer uncertainty, political unrest, and LC issues disrupted supply chains.

Singer Bangladesh has begun commercial production at its new plant in the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj, following a $78 million investment from Arcelik. The facility, covering 35 acres, will locally manufacture over 90% of components, reducing import dependence.

The National Board of Revenue (NBR) has doubled the corporate income tax rate to 20 percent for manufacturers of freezers, refrigerators, motorcycles, air conditioners, and compressors, starting from the fiscal year 2025-26. According to a notification issued today, these revised tax rates will be in effect until June 30, 2032.

Dr. Md. Zahid Hossain has been appointed as the deputy managing director and chief business officer of Mercantile Bank. He previously served as the senior executive vice president and divisional head at Bank Asia, with over 29 years of experience in the banking sector.

AKM Abdul Alim, a prominent entrepreneur from a distinguished business family, has been unanimously elected vice chairman of Standard Bank PLC at its 404th Board of Directors meeting. As a member of the Audit Committee and observer of the Shariah Supervisory Committee, he brings extensive expertise in international business and supply chain management.