Al-Arafah Islami Bank Records Over 60% Drop in Net Profit

BRAC Bank Ltd, a leading bank in Bangladesh, has announced its decision to issue non-convertible subordinated bonds worth Tk 7.0 billion. The seven-year bonds will be non-convertible, fully redeemable, and coupon bearing with a floating interest rate and will serve to enhance the bank's Tier-II capital base.

S Alam Group's 1320 MW Banshkhali power plant is set to contribute more electricity to the national grid in Bangladesh. According to a press release from the group, the SS Power Plant, located in Banshkhali, Chattogram, is expected to provide its maximum capacity of electricity to the grid within the next June 24, ahead of Eid-ul-Azha. Currently, the plant is supplying a maximum of 200 MW of electricity.

The electricity supply from Indian Adani Group's Godda 1600MW Thermal Power Plant to Bangladesh was disrupted due to a transmission line fault, worsening the country's ongoing power crisis. Bangladesh had been relying on increased power imports from the plant to bridge the widening demand-supply gap caused by the closure of the Payra power plant due to fuel shortages.

ADN Telecom, a prominent IT and telecom services provider, has announced its plan to acquire a 10% stake in Shohoj Limited, the pioneer behind Bangladesh's largest online ticketing platform, "Shohoz." The acquisition comes at a cost of Tk12 crore, marking the first local investment in Shohoj Limited. The funds will be utilized by Shohoz to fuel its business expansion.

The Dhaka stock market experienced its largest single-day decline in nearly seven months due to panic-driven sell-offs triggered by rumors of a proposed capital gains tax on secondary market investments. Investors reacted anxiously to reports of a 15% tax on individual capital gains, prompting a rush to sell holdings.

The Bangladesh Bank (BB) has instructed banks to expedite the payment of outstanding dues to foreign airlines, aiming to resolve the issue and alleviate the ongoing dollar crisis. The BB spokesperson clarified that the actual volume of dues amounted to $177.79 million, contrary to media reports of $214 million.