Power Firms Hit by Declining Revenues as Quick Rentals End

The Infrastructure Development Company (Idcol), a state-owned financial institution in Bangladesh, paid a Tk 50 crore cash dividend to the government for FY 2023. Md Shahriar Kader Siddiky, secretary of the Economic Relations Division and Idcol chairman, handed over the cheque to Finance Adviser Salehuddin Ahmed, who commended Idcol's contributions to infrastructure development and renewable energy.

Aziz Pipes has been out of production since May due to a working capital shortage and accumulated losses of Tk 322.48 million by June 2024. The company's liabilities now exceed its assets, with negative equity of Tk 199.4 million in FY24.

The Bangladesh Bank (BB) approved a Tk3,000-crore loan for the Investment Corporation of Bangladesh (ICB) to stabilize the capital market and repay high-cost deposits. The loan, set at a 10% interest rate, differs from ICB’s request for 4%.

Sinha Securities' Chairman, Parveen Akhter Khanam, will sell 2 lakh shares of ACME Laboratories from her 65.15 lakh shareholding to reduce a deficit in the brokerage firm's consolidated customer account (CCA). The shares, valued at over Tk1.47 crore, will be sold under the Bangladesh Securities and Exchange Commission's (BSEC) directive.

Daffodil Computers plans to issue 4.67 crore new shares at Tk10 each to convert loans from the Daffodil Family into equity, significantly lower than the current market price of Tk63.9 per share. The decision, approved by the company's board, comes after the company failed to repay around Tk47 crore in loans, weakening its financial health.