Singer Reports Tk 2.1 Crore Loss

At its 24th Annual General Meeting (AGM) held virtually, Asia Insurance Limited approved an 11% cash dividend for the financial year ending December 31, 2023. The meeting, chaired by Vice Chairman Mohammed Jahangir Alam and attended by a significant number of online shareholders, saw Managing Director & CEO Md. Imam Shaheen present the company's financial highlights.

ATM Tariquzzaman, a commissioner of the Bangladesh Securities and Exchange Commission (BSEC), has submitted his resignation to the Financial Institutions Division, citing personal reasons. His resignation follows a September 11 notification relieving him from his duties with a three-month notice. Tariquzzaman, appointed on May 8, 2024, had previously served as managing director of the Dhaka Stock Exchange.

Stock market indexes in Bangladesh continued their downward trend for the second consecutive day. The Dhaka Stock Exchange's (DSE) benchmark index, DSEX, fell by 30.17 points (0.53%) to close at 5,681.60. Similarly, the DSES, which tracks Shariah-based companies, decreased by 8.49 points (0.68%) to 1,238.19, while the DS30 index for blue-chip firms dropped 16.91 points (0.81%) to 2,068.61. The Chittagong Stock Exchange's CASPI also declined by 41.66 points (0.26%) to 16,077.06.

The Bangladesh Bank (BB) has adjusted the bond issuance sizes for Exim Bank and Standard Bank following a review of their capital requirements. Exim Bank had initially sought a no objection certificate (NOC) to issue a Tk300 crore subordinated bond, but the central bank reduced it by Tk50 crore. Standard Bank’s request for Tk1,000 crore was cut to Tk350 crore.

Chattogram-based S Alam Group has requested financial, social, and legal support from the government due to the freezing of its bank accounts. On September 12, the group sent a letter to the governor of Bangladesh Bank and the head of the Bangladesh Financial Intelligence Unit (BFIU), also copying the finance ministry adviser. The letter details that various banks, starting with Islami Bank Bangladesh on August 8, have suspended services to the group's companies without prior notice. Other banks, including First Security Islami Bank PLC, Global Islami Bank PLC, and Union Bank PLC, followed suit. The group alleges this action is arbitrary and discriminatory.

SM Shamsul Alam, chairman of Walton Hi-Tech Industries PLC, is transferring over 3.64 crore shares to his family members. Alam, who owns 6 crore shares (19.81% of Walton), will transfer 1.81 crore shares to his daughter Sabiha Jarin Orona and 90.81 lakh shares to his wife Shahinur Akter Jolly. His other daughter, Tahmina Afrose Tanna, will receive 91.75 lakh shares. The transfer, classified as a gift, will occur outside the trading system within the next 30 working days starting from September 11, 2024.