WB Approves $300M for Gas Sector Efficiency Project

GPH Ispat Limited plans to raise Tk 241.9 crore by issuing rights shares to fund a new furnace for its expanded plant. The company will offer 1 rights share for every 3 shares at Tk 15, pending regulatory approval. This decision was made at an extraordinary general meeting, where leaders highlighted the move's significance for future growth.

IDLC Finance PLC posted a 25.30% profit growth, with net profit reaching Tk 125.4 crore and EPS rising to Tk 3.02 in the first three quarters of 2024. Customer deposits grew 2.30% to Tk 82.32 billion, and the loan portfolio hit Tk 111.7 billion. Operating income rose 11.32%, while expenses increased by only 2.18%. Despite challenges, IDLC achieved a return on equity of 8.65% and maintained a non-performing loan ratio of 4.98%.

At a seminar titled "Sustainable Energy for Bangladesh and Challenges," Energy Adviser Muhammad Fouzul Kabir Khan announced that the Bangladesh Energy Regulatory Commission (BERC) will set gas and electricity prices through public hearings, not executive orders. He emphasized plans to drill 50 exploration wells by 2025 and conduct all procurements via open tenders.

Bank Asia PLC is offering home finance through its Islamic Banking services at a record-low 10.50% profit rate, with no compounding profit or pre-maturity fees. Salaried applicants need employment documents, while business owners must provide trade and financial records. Additional documents, like agreements with developers or construction approvals, are required based on the purpose.

LafargeHolcim Bangladesh reported a 45% year-on-year profit drop for Q3 2024, with sales declining 2% to Tk 6.27 billion, due to macroeconomic challenges and high inflation impacting the construction sector. EPS fell from Tk 1.38 to Tk 0.76.