New Chairman and MD Appointed by Walton

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.

Syed Manzur Elahi, a distinguished industrialist and founding Chairman of Mutual Trust Bank PLC (MTB) and Pioneer Insurance Company Limited, has been elected Chairman of MTB. Renowned for his contributions to trade and industry, Elahi received accolades such as AMCHAM’s “Business Executive of the Year 2000” and the Daily Star-DHL “Business Person of the Year 2002.”

Robi Axiata has appointed M Riyaaz Rasheed, the current CFO, as acting CEO following Rajeev Sethi's move to a new role within the Axiata Group. Rasheed's appointment will take effect on February 1, 2025. Sethi had been CEO since October 2022, succeeding Rasheed, who had served as acting CEO since August 2021. Sethi brought extensive experience, having previously led Myanmar's Ooredoo and Grameenphone.