Indo-Bangla Pharmaceuticals Reports 91.65% Profit Decline in Q3

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.

UCB's new Chairman, Sharif Zahir, revealed that former land minister Saifuzzaman Chowdhury Javed compelled UCB board members to resign and replaced them with his family members during his tenure. Zahir also mentioned that former Prime Minister Sheikh Hasina was aware of the issue.

The Dhaka Stock Exchange (DSE) Brokers Association (DBA) has called for a dedicated task force to reform and improve governance in Bangladesh's capital market. In a letter to the Finance Adviser, DBA emphasized that despite the DSE's 70-year history and the Bangladesh Securities and Exchange Commission's (BSEC) 30-year role as the main regulator, the capital market has not significantly advanced in terms of capital formation, employment creation, or overall industry development

Khan Brothers PP Woven Bags has seen an extraordinary 150% increase in its share price over 14 trading sessions, despite years of losses and no dividends paid for the fiscal years up to 2022-23. The Bangladesh Securities and Exchange Commission (BSEC) has requested the Dhaka Stock Exchange (DSE) to investigate this unusual trading activity.

The TeleTalk Dealers Association Bangladesh has demanded immediate payment of Tk 130 million in overdue compensation for sales representatives, supervisors, and brand promoters from January 2022 to the present. The association's 14-point demand includes the return of Tk 750 million in excess security deposits, immediate settlement of commissions for various packages, and payment of pending security deposits for terminated dealers.

Controversies surrounding the Adani power deal have resurfaced, but less attention has been given to the SS Power plant, owned by a private Bangladeshi group, despite its high costs. In FY 2023-24, SS Power's capacity was only utilized at 21%, yet it incurred a Tk 3,288 crore capacity charge. Ramphal Power Plant, with 24% utilization, faced a Tk 2,237 crore charge. Other plants like Barishal Electric (30%), Payra (65%), and Adani’s (61%) also reported high capacity charges, with Adani costing Tk 5,392 crore. Overall, five coal-based plants incurred Tk 15,686 crore in capacity charges.