Beacon Pharmaceuticals PLC has announced a massive investment plan of Tk250 crore to set up its second oncology production facility.

The decision was approved during the company's board meeting yesterday (15 October).

The move aims to expand its manufacturing footprint, boost future revenues and strengthen research capabilities to meet international regulatory standards, according to the company's price-sensitive statement.

According to a price-sensitive disclosure issued by the drugmaker, the new facility will significantly enhance its annual production capacity.

Upon completion of oncology production facility 2, the company's annual output will increase by 37.97 crore tablets, 21.10 crore capsules, 2.53 crore blisters and 2 crore vials of injectables.

Beacon Pharmaceuticals expects this new facility to have a substantial positive impact on its long-term revenue growth.

Alongside the investment announcement, the company released its audited financial statements for the fiscal year ended 30 June 2026, displaying a robust financial performance driven by a 31% year-on-year increase in sales.

Beacon Pharmaceuticals saw its earnings per share (EPS) more than double, rising 105% to Tk8.41 for FY2025–26, up from Tk4.10 recorded in the previous fiscal year.

Reflecting this stellar financial growth, the company recommended an 11% cash dividend for the year ended 30 June 2026.

The record date for the dividend distribution has been scheduled for 10 November. Shareholders will vote on the proposed dividend and financial statements during the company's annual general meeting (AGM), set to take place via a digital platform on 13 December.

A delegation led by German Ambassador to Bangladesh Rüdiger Lotz visited two AKIJ Resource factories in Narayanganj on Tuesday to explore opportunities for industrial cooperation, technology exchange and investment between Bangladesh and Germany.

The delegation toured AKIJ Cement Company Limited and AKIJ Essentials Limited, discussing production capacity, technological advancement, resource efficiency and sustainable manufacturing.

Welcoming the ambassador and his delegation, Mohammad Towfique Hasan, chief business development officer of AKIJ Resource, said, “We are honoured to welcome Rüdiger Lotz and the delegation from the German Embassy to our manufacturing facilities.”

“We attach great importance to such exchanges and believe that sharing experiences and maintaining regular engagement can help create new opportunities for industrial and commercial cooperation between Bangladesh and Germany,” he added.

Asadul Haque Sufyani, cluster chief executive officer of AKIJ Building Solutions, said Bangladesh’s industrial sector was undergoing continuous modernisation, with technology, product quality, operational efficiency and environmentally responsible manufacturing becoming increasingly important.

“The German ambassador’s visit provides a valuable opportunity to showcase our manufacturing capabilities and industrial operations, while facilitating the exchange of experience and discussions on potential areas of future cooperation,” he said.

Senior AKIJ Resource officials briefed the ambassador and his delegation on production capabilities, quality standards, technology adoption and sustainable industrial development. Discussions also highlighted opportunities to strengthen industrial capabilities through manufacturing innovation, efficient resource utilisation and greater attention to environmental considerations.

Bangladesh and Germany share longstanding commercial ties, and direct engagement between industrial enterprises can help deepen these relations, the release added.

Through factory visits and knowledge exchange, AKIJ Resource seeks to strengthen engagement with international partners, showcase Bangladesh’s industrial capabilities and explore opportunities for cooperation in technology and sustainable manufacturing.

Sohanur Rahman Sohan, deputy chief operating officer of AKIJ Resource; Md Mustaq Ahmed, chief financial officer; Subrata Kumar Singha, senior manager (marketing) of AKIJ Building Solutions; Md Ariful Islam, plant head of AKIJ Essentials Limited; Md Habibur Rahman, plant head of AKIJ Cement; Md Rahajul Amin, sustainability lead; and Md Ashrafur Rahman, communications and partnerships lead, attended the event.

Sonali Life Insurance PLC has partnered with mobile financial services provider Nagad to offer two life insurance products through its digital platform, aiming to expand customer access to insurance services in Bangladesh.

Under the strategic partnership agreement signed at Sonali Life's head office in Dhaka on 14 October, the company's Quick Savings Insurance Plan and Monthly Savings Plan will be made available through Nagad's platform.

The initiative will allow customers to purchase the insurance products digitally, while enabling Sonali Life to reach a wider customer base through Nagad's existing digital network.
Md Rafiqul Islam, additional managing director and chief executive officer (in charge) of Sonali Life Insurance, said digital transformation was an important part of the company's strategy to improve customer experience and expand access to insurance.

He said the partnership would provide customers with a convenient digital channel to purchase the two products and support the company's efforts to offer accessible, customer-focused insurance solutions.

Sheikh Mohammad Danial, a director of Sonali Life, said the agreement marked a step towards expanding access to life insurance through digital innovation. Offering the products through Nagad could help the company reach more customers and raise awareness of insurance, he added.

Fauzia Quamrun Tania, another director of Sonali Life, described the partnership as an initiative to make financial protection more accessible in Bangladesh. Combining the insurer's expertise with Nagad's digital reach could help bring life insurance to more people, she said.

Mohammed Shahin Sarwar Bhuiyan, chief commercial officer of Nagad, said the partnership would expand access to life insurance through digital channels.

He said Nagad had been working to simplify everyday financial transactions while introducing new digital services, expressing optimism that the initiative would make purchasing insurance more convenient and support the growth of digital financial services in Bangladesh.

The signing ceremony was attended by Sonali Life directors Fauzia Quamrun Tania and Sheikh Mohammad Danial, Chief Operating Officer Mohammad Manzur Morshed, Chief Financial Officer Mohammad Abdul Hannan, and Chief Information Officer and Company Secretary Md Abdur Rob, along with other senior officials.

Representing Nagad, attendees included Md Saidur Rahman Dipu, head of business sales; Istiaque Ahmed Shawon, head of bank, financial institution, insurance and microfinance business; Tapash Ahmed, lead for insurance and non-bank financial institutions; and Al Timayat, key account manager.

The partnership is expected to broaden the distribution of life insurance products through digital platforms as both companies seek to make insurance services more accessible to customers.

The state-owned Infrastructure Development Company Limited (IDCOL) is financing Walton Hi-Tech Industries' 50-megawatt (MW) captive solar power project, marking one of the largest rooftop and floating solar investments by a private manufacturer in the country.

IDCOL will provide Tk 1.44 billion in total for the project, of which Tk 440 million has already been disbursed, IDCOL acting managing director Monirul Islam told energy reporters at Walton's complex in Chandra, Gazipur on Monday.

Walton has so far installed 32 MW from solar — covering factory roofs, walkways and a 1.25 MW floating plant on a factory pond — with support from IDCOL, Monirul said.

The electronics giant consumes around 35 MW a day. It plans to add another 18 MW by December this year, taking total green generation to 50 MW.

"We are working to meet our entire daytime load from green sources," Walton Additional Managing Director Md Nazrul Islam Sarker said during the site visit, organised by the Forum for Energy Reporters Bangladesh (FERB) in collaboration with IDCOL.Buy Maps

IDCOL has been a key financier of renewable energy since 2002, starting with its nationwide Solar Home System programme, and is now focusing on industrial rooftop and floating solar to help meet the government's renewable energy targets.

The government has recently cut import duties and offered incentives for solar equipment as Bangladesh looks to diversify its fuel mix, improve energy efficiency and cut carbon emissions amid rising industrial power costs.

Walton said the solar shift is expected to significantly reduce its grid dependence and energy bill, while advancing its green factory compliance for export.

Once completed, the 50 MW plant will be among the largest captive renewable projects by a single industrial group in Bangladesh, officials said.

Olympic Industries has decided to buy 32.87 decimals of land in Narayanganj for Tk 1.15 crore to expand its operations.

The leading biscuit and confectionery maker decided to make the purchase at a board meeting on Monday, according to a disclosure on the Dhaka Stock Exchange (DSE) yesterday.

The land is located in Changain mouza under Kanchpur in the Sonargaon area of Narayanganj.

The company will also bear the registration costs, including value-added tax, other taxes and related charges.

This is the second time in a month that Olympic Industries has decided to buy land in the same district. On October 11, the company disclosed plans to purchase land in Narayanganj for Tk 3.38 crore.

In fiscal year 2025-26, the company’s revenue rose by more than 6 percent to Tk 2,955 crore.

However, net profit edged down to Tk 199 crore from Tk 201 crore a year earlier, which the company attributed to higher income tax expenses, according to a price-sensitive disclosure.

Olympic Industries has recommended a 35 percent cash dividend for the year ended June 30, 2026, up from 30 percent a year earlier.

The company’s shares remained unchanged at Tk 139.40 at the end of trading yesterday on the DSE.

Sponsors and directors held 37.38 percent of the company’s shares as of September 30, 2026, while institutional and foreign investors held the remainder, according to DSE data.

Customers of National Bank PLC will be able to withdraw money as required from October 15, 2026.

The Board of Directors of National Bank at a meeting on Thursday noon instructed the bank management to provide customers with all banking services as required from all branches and ATM booths of National Bank from 15 October.

"Customers will be able to withdraw money according to their requirements from all branches and ATM booths across the country," said the bank in a statement on Thursday.

From the same day, counter services, mobile app, internet banking and all other digital and online services of the bank will be fully operational, it mentioned.

Earlier on Thursday, National Bank PLC Chairman Professor Dr. Melita Mehjabeen and Acting Managing Director Zahidul Haque met Bangladesh Bank Governor Md. Mostaqur Rahman. BB deputy governors Dr. Md. Habibur Rahman, Dr. Md. Kabir Ahmed, Md. Sarwar Hossain and Md. Anis Ur Rahman were also present at the meeting.

During the meeting, the BB Governor emphasised protecting the interests of depositors and keeping public confidence in the banking sector intact.

He instructed the bank to take necessary measures to ensure withdrawal of money as per requirement of all its depositors.

Chairman Professor Dr. Melita Mehjabeen informed the BB governor that good governance had been established in National Bank as a result of various recent initiatives by Bangladesh Bank. Positive changes have also been brought to the senior management to enhance the efficiency and capacity of the bank.

The Chairman said, "With the overall cooperation of Bangladesh Bank and the coordinated efforts of the Board of Directors and the management, National Bank is returning to customer service at full pace".

"We are sincerely grateful to the customers who have stood by us patiently for a long time. We have always maintained a strict stance on recovering defaulted loans. No defaulter will be spared in the future either. We are determined to fully restore customers' trust through good governance, transparency and accountability," Mehjabeen added.

Acting Managing Director Zahidul Haque said that necessary preparations were being made at all branches and ATM booths to keep services uninterrupted from 15 October.

GPH Ispat Limited, one of Bangladesh's leading steel producers, is facing severe financial pressure as an acute working capital shortage has disrupted factory operations, pushing its net revenue to a four-year low in fiscal 2025-26.

A sharp fall in production and difficulties procuring raw materials have weakened the company's market presence, while rising debt has further strained its balance sheet and debt-servicing capacity, according to the company and its audited financial report.

The company's net revenue fell 29% year-on-year to Tk3,940 crore in FY26 from Tk5,606 crore a year earlier. Revenue from MS rod sales fell 29% to Tk4,038 crore, while MS billet generated no revenue during the year.

Revenue from industrial gas, an ancillary product, fell 37% to Tk22.72 crore, while export earnings dropped 55% to just Tk8 crore.

Net profit plunged to Tk3.54 crore, leaving the company with a net profit margin of just 0.08%. The company mainly managed to remain profitable because of lower management expenses and income tax, according to the report.

A senior company official, speaking to The Business Standard on condition of anonymity, attributed the operational crisis to an escalating cash crunch.

The liquidity shortage has prevented GPH Ispat from opening letters of credit (LCs) to import sufficient scrap metal and other essential raw materials, the official said. As a result, its factories have been operating well below capacity, leaving key products such as MS rod and billet largely absent from the market.

With revenue falling sharply, the company is also under mounting pressure to meet regular debt instalments, the official added.

The financial strain follows heavy debt-financed expansion over the past decade. In 2016, GPH Ispat launched a major capacity expansion using Quantum Electric Arc Furnace and Winlink technologies, raising annual capacity to 10.50 lakh tonnes of MS billet and 7.90 lakh tonnes of MS rod and structural products.

Commercial production from the expanded facilities began in 2021, followed by the launch of specialised high-grade rebar in 2022. The expansion, however, was financed largely through commercial bank loans and capital market rights issues.

As borrowing costs rose amid sluggish sales, long-term loans increased 40.43% to Tk4,088 crore, taking total liabilities to Tk8,319 crore.

Major credit exposures include Pubali Bank at Tk559 crore, Trust Bank at Tk506 crore, United Commercial Bank at Tk436 crore, Dutch-Bangla Bank at Tk426 crore and NCC Bank at Tk284 crore. The company also has Tk705 crore in syndicated term loans and Tk601 crore in foreign currency loans.

The liquidity crisis has been compounded by a broader slowdown in Bangladesh's steel sector. The company's financial report says installed steelmaking capacity stands at 13–15 million tonnes a year, while effective demand has fallen sharply since FY24–FY25, reducing industry capacity utilisation to 30%–40%.

Weak construction activity, volatility in global scrap prices and foreign exchange restrictions have further worsened conditions. Although demand for high-quality steel remains relatively resilient, GPH Ispat's difficulty securing raw materials has limited its ability to capture market share.

To address the crisis, the company has adopted a two-pronged revival strategy involving debt restructuring and fresh capital. It is negotiating loan rescheduling with lenders to avoid default and has sought policy support from Bangladesh Bank, which is considering the matter.

GPH Ispat also plans to raise nearly Tk968 crore through a rights share issue, with most of the proceeds earmarked for repaying high-cost bank debt and strengthening its balance sheet, the senior company official said.

Bangas Limited, a publicly listed biscuit maker, saw its business decline in the 2025-26 fiscal year, as domestic sales fell by around 16% from the previous year despite a strong rise in exports.

The confectionery products manufacturer reported local sales of biscuits and bread at Tk14.57 crore in FY26, down 18.64% year on year from Tk17.91 crore in the previous fiscal year.

Meanwhile, its exports soared 41% to Tk1.17 crore from Tk83 lakh in FY25, according to the auditor's report published on the stock exchanges' website.

As its sales dropped, the biscuits manufacturer witnessed a decline in its profit by 14% in FY26.

Bangas sells Grand Choice, Evening Touch, Lovely, Wonder, Glucose and Lexus biscuits in the local market.

The company reported earnings per share (EPS) of Tk0.24 at the end of June 2026, down from Tk0.28 in the previous fiscal year.

Based on its outstanding shares, its net profit stood at Tk18.26 lakh in FY26, compared with Tk21.34 lakh a year earlier.

Its board of directors approved a 3% cash dividend for general shareholders only, meaning sponsor-directors will not receive any dividend.

General shareholders will receive Tk17.60 lakh in dividends for FY26.

The company reported a net asset value (NAV) per share of Tk21.10, while net operating cash flow per share was negative Tk0.25.

It has scheduled its annual general meeting (AGM) for 12 November through a hybrid platform, while 19 October has been fixed as the record date to determine eligible shareholders.

Bangas Limited, which was listed on the stock exchanges in 1984, produces sweet and salted biscuits and bread under the Bangas brand.

Its shares closed at Tk117.40 each on the Dhaka Stock Exchange (DSE) yesterday, meaning the stock is trading significantly above its NAV per share.

GPH Ispat, a listed steelmaker with liabilities of around Tk 12,000 crore, has asked the Bangladesh Bank to waive or relax Credit Information Bureau (CIB) requirements for four months as it seeks to restructure part of the debt owed to more than two dozen banks and finance companies.

In a letter to the central bank governor on September 24, the company said the bureau’s procedural and regulatory requirements were complicating its efforts to secure banking facilities and complete the proposed loan restructuring on time.
Earlier in June, City Group was given a three-month lifeline until September to restructure its outstanding loans following its request. City Group’s outstanding loans now stand at around Tk 25,000 crore, spread across 48 banks and non-bank financial institutions.

GPH Ispat said the CIB listing was affecting its working capital management and ability to keep operations running without interruption.

The CIB is the central bank’s database of borrowers’ credit histories. Banks consult it before approving new credit, meaning a borrower’s CIB status can directly affect access to fresh financing, including working capital.

The steelmaker has liabilities of around Tk 12,000 crore with more than two dozen banks and finance companies, including United Commercial Bank, Pubali Bank, Mutual Trust Bank, Trust Bank, City Bank, One Bank, Dutch-Bangla Bank, BRAC Bank, Eastern Bank, Modhumoti Bank, Sonali Bank, NRBC Bank, Meghna Bank, Southeast Bank, NCC Bank, Mercantile Bank and Uttara Bank.

The company said it was taking steps to strengthen its finances, improve liquidity management, regularise its dues and keep the business running.

A meeting on the issue was held at the central bank on September 13, led by the governor. It considered restructuring and rescheduling the company’s loans and credit facilities, as well as implementing a coordinated turnaround plan.

A committee headed by the managing director of United Commercial Bank has been formed to resolve the matter. At its meeting in September, the committee decided to prepare a realistic, coordinated plan to restructure the company’s overall liabilities.

Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank, told The Daily Star, “We sat down with the BSEC chairman to discuss how the company can be supported.”

“In the country’s current situation, we must come forward to save companies like these,” he said, adding that work was under way. “We are considering giving them loan rescheduling or restructuring facilities, and looking at new working capital.”

GPH Ispat wants the relaxation to complete the ongoing restructuring and rescheduling, finalise documents and approvals with banks and financial institutions, arrange working capital to keep its normal business going, carry out its financial restructuring and deleveraging plan approved by regulators and lenders, and improve cash flow and its ability to repay and regularise its dues.

The company stressed that the request was aimed only at supporting its recovery and business continuity, not at evading or weakening any regulatory requirement. It said it remained committed to transparency with banks and compliance with all applicable laws, prudential rules and the BB directives.

The letter was signed by managing director Mohammad Jahangir Alam, who declined to comment when contacted.

An analysis of GPH Ispat’s financial statements shows that it made a profit of more than Tk 100 crore only twice in the decade since FY2014-15, while repeatedly expanding capacity with bank loans. Its profit margin remained mostly below 5 percent.

According to its audited report, GPH Ispat, which was incorporated in 2006, had long-term loans of Tk 4,718 crore and short-term loans of Tk 2,802 crore at the end of the last fiscal year.

Sales fell by around 30 percent year-on-year to Tk 3,940 crore. Despite the decline, the company posted a profit of Tk 3 crore, compared with a loss of Tk 24 crore in the previous year.

GPH Ispat’s annual production capacity includes 8.4 lakh tonnes of mild steel billets and 6.4 lakh tonnes of MS rods and medium sections.

In its FY25 annual report, the company said the country’s total annual steel production capacity was around 13-15 million tonnes, while effective demand had declined sharply, pushing capacity utilisation down to roughly 30-40 percent.

It described the mismatch between capacity and demand as a major short-term challenge for the sector. The situation did not improve in the last fiscal year.

Beximco Group is seeking government approval for a new leasing model to partially reopen its closed factory operations with investment from British and Chinese firms, according to officials.

British firm Charter HCP Ltd and Chinese company Besting Ltd plan to invest $23 million to partially restart Prefix Fashions Ltd at Beximco’s industrial park in Gazipur under the proposed leasing arrangement.

Khalid Shahrior, senior general manager of Beximco’s Textiles and Apparel Division, and Huda Mohammed Faisal, CEO of Revival Global, which is acting as an asset manager for the two investors, confirmed the development to The Daily Star in a group phone call recently.

Beximco officials are scheduled to meet the chairman of Invest Bangladesh, the country’s apex investment facilitation agency, on October 11 to discuss the proposed business model, Khalid said.

If approved, the plan is to restart the factory in April next year, primarily producing export-oriented jackets, he said. About 90 percent of its production would be jackets, with the remaining 10 percent comprising other products.

Prefix Fashions, one of 16 textile and garment units inside the Beximco Industrial Park in Kashimpur, Gazipur, has been a joint venture with Besting since its inception, according to Khalid.

The factory will initially employ around 2,500 workers if the plan succeeds, according to the officials.

Under the proposed model, the foreign investors would sign a five-year agreement with Beximco Group. Loan repayments would be made directly from the factory’s export proceeds through the banks holding liens over the assets, according to Khalid and Huda.

The arrangement is intended to prevent Beximco from interfering with the repayment process, as the banks would automatically deduct the agreed amount from the export receipts.

The investors expect the factory to ship garments, particularly jackets, worth around $500 million within two to three years. Besting’s position as an international clothing retailer and brand would help generate orders, Khalid said.

If the government approves the plan, Beximco will comply with environmental, social and legal requirements for reopening the factory, he added.

The proposed leasing or profit-sharing model would require approval from Invest Bangladesh and Bangladesh Bank.

If the model proves successful, Beximco plans to reopen the other 15 shut units at the industrial park in phases. The move could create jobs for more than 30,000 workers who lost employment following the closure of the factories, officials estimate.

Revival Group, a Japanese-Bangladeshi venture, has been working with Beximco on plans to restart its shuttered textile operations. The firm was previously involved in a proposed lease arrangement to restart Beximco’s wider textile operations, under which it planned to invest $20 million with US-based Ecomilli.

Beximco has been struggling with a massive debt burden. Its total bank debt stands at more than Tk 40,000 crore, including Tk 29,925 crore against 32 factories at the Beximco Industrial Park, according to media reports.

Janata Bank alone is reportedly owed Tk 23,285.42 crore.

Beximco’s factories, owned by Salman F Rahman, former private industry and investment adviser to former prime minister Sheikh Hasina, faced disruption after the fall of the Awami League government amid a mass uprising on August 5, 2024, when some of the factories were vandalised and set on fire.

Salman remains incarcerated following his arrest in August 2024, when he was caught trying to flee Dhaka through Sadarghat.

The interim government led by Prof Muhammad Yunus subsequently announced the closure of all 16 units in March 2025 after the group failed to pay workers’ wages and dues. The government had earlier provided Tk 526 crore to pay workers’ wages and other dues.

Nahian Rahman Rochi, a member of Invest Bangladesh, told The Daily Star that the government would be able to guide Beximco on the proposal after holding a meeting with Revival and discussing the issue in detail.

The company today (5 October) signed a land lease agreement with Invest Bangladesh at the latter's Agargaon office for 6.5 acres of developed land at the economic zone. Rancon Lubricants is a sister concern of Rancon Group.

Under the agreement, the company will establish an industrial unit with an initial annual production capacity of 25 million litres of lubricants, including industrial and automotive lubricants, gear oil, heat transfer oil, compressor oil, transformer oil and grease.

Al-Amin Talukder, project coordinator and manager of Rancon Lubricants, told TBS the plant would be equipped with modern machinery, equipment and laboratory facilities compliant with international standards.

"The plant will have facilities to receive base oil by road as well as directly from vessels through pipelines to the base oil plant. It will produce high-quality lubricants of an internationally renowned and established brand," he said.

Rancon Group has been marketing Shell lubricants in Bangladesh for more than two decades and has recently started marketing Motul, the company said.

The investment is aimed at meeting growing domestic demand, ensuring a stable supply and contributing to the national economy. Rancon currently imports finished engine oil for the local market and plans to import raw materials and blend the lubricants locally.

Nahian Rahman Rochi, member (Investment Development) of Invest Bangladesh, said the agreement was the institution's first land lease deal following the merger of three investment promotion agencies.

"Commitments from anchor investors such as Rancon Lubricants signal confidence in the new institution and help build confidence among other investors," he said.

Rochi told TBS, "Until now, Rancon Lubricants Limited has been importing finished engine oil for the local market. Under the new plan, it will import raw materials, blend the lubricants locally and supply the finished engine oil to the domestic market," he said.

The 50-year lease will begin from the date of possession, with provision for renewal. The land is scheduled to be handed over within 90 days, with construction expected to begin within 120 days and operations within 36 months of handover.

Dominage Steel Building Systems disclosed yesterday that its board had recorded the transfer of 3.07 crore shares, about 30 percent of its 10 crore, to Akij Resource and two of its top executives, and approved a new board.

The recipients were Akij Resource; Sheikh Jasim Uddin, its group CEO and managing director; and Faria Hossain, its chairman.
The shares had been transferred through a matched transaction at an October 4 board meeting under Central Depository Bangladesh Limited rules, following approval from the Bangladesh Securities and Exchange Commission on August 27 and from the Dhaka Stock Exchange (DSE) on October 1, according to a DSE disclosure.

In a matched transaction, the buyer and seller agree on terms beforehand, and the deal is then processed through the depository system.

Following the transfer, the board had accepted the resignations and retirements of Muhammad Shamsul Islam, Mohammad Rafiqul Islam, Sujit Saha, Abul Kalam Bhuyan, and Rakibul Islam, all directors, effective from close of business on October 4.

The new board has Sheikh Jasim Uddin as chairman, Faria Hossain as managing director, and Md Masum Billah, Md Sheikh Sadi, and Shobrata Kumar Roy as nominee directors representing Akij Resources.

Nominee directors represent the interests of a specific shareholder or entity on a board.

Meanwhile, Dominage shares declined 1.98 percent to Tk 64.50 on the DSE to end trading yesterday.

The company posted a loss of Tk 76 lakh in the January-March quarter this year, against a profit of Tk 15 lakh a year earlier, owing to lower revenue collection, according to its financial statements.

Established in 2007, Dominage Steel Building Systems Limited specialises in pre-engineered steel buildings, offering fabrication and structural design across Bangladesh and in expanding markets abroad.

Akij Resources is already in the steel business through Akij Ispat, which produces rod. By acquiring a stake in Dominage, it is expanding into pre-fabricated steel, said Raihan Kabir, deputy chief financial officer of Akij Resources.

The company also has a cement business. “With the inclusion of Dominage, we want to create a synergy,” he said.

“We have a plan to utilise the full capacity of its factory in Ashulia within the next year,” he added.

The Insurance Development and Regulatory Authority (IDRA) has overseen the disbursement of Tk 26.37 crore in insurance claims to 7,641 policyholders in the third phase of a payout initiative aimed at rebuilding public trust in the insurance sector and protecting policyholders’ rights.
The payments were handed over to claimants yesterday at IDRA’s office in Motijheel, according to a press release from the authority’s public relations department.

Claims were settled directly at IDRA’s office in the first two phases as well, reflecting the regulator’s priority of settling valid claims and protecting customers’ interests, the release said.

The authority arranged funds from various sources, including the insurers’ assets and government securities, to settle long-pending claims.

In the first phase, Tk 14.51 crore was paid to 2,549 policyholders of BAIRA Life Insurance, Fareast Islami Life Insurance, Golden Life Insurance, Homeland Life Insurance, Padma Islami Life Insurance, Progressive Life Insurance and Sunflower Life Insurance.

In the second phase, Tk 23.03 crore was paid to 5,868 policyholders of Padma Islami Life Insurance, Homeland Life Insurance, Fareast Islami Life Insurance, Sunflower Life Insurance and Sunlife Insurance.

AkijBashir Group has become the first Bangladeshi company to join RE100, the global corporate renewable electricity initiative led by Climate Group.

According to a press release issued today (4 September), the group is reinforcing its transition toward 100% renewable electricity across its operations, placing renewable energy at the core of its long-term strategy for responsible industrial growth.

Sk Bashir Uddin, managing director of the group, said, "Joining RE100 is more than a renewable energy commitment for AkijBashir Group; it is a step towards transforming how we power our business and build sustainable growth."

"As the first company from Bangladesh to join this global initiative, we are proud to take a pioneering step towards 100% renewable electricity. We believe the future of business must be built on both growth and responsibility," he said.

"Through this commitment, we aim to contribute to Bangladesh's transition towards a cleaner and more resilient energy future, while inspiring other businesses and industries to accelerate their journey towards renewable energy. Together, we can create lasting value for our business, our people, and Bangladesh," he added.

What RE100 means for AkijBashir Group

RE100 is the world's leading corporate renewable electricity initiative, bringing together more than 400 businesses globally that have committed to using 100% renewable electricity by 2050 at the latest.

Members report progress annually, while renewable electricity claims are reviewed against RE100's technical criteria. The initiative also provides access to peer learning, renewable-energy expertise, policy engagement and international best practice.

For AkijBashir Group, RE100 provides a globally recognised framework to make its renewable-energy journey more structured, measurable and transparent.

It can help the group strengthen accountability around renewable electricity sourcing, benchmark progress against international practice and reinforce credibility with global customers and partners.

Once a reputed and profitable state-owned lender, BASIC Bank is still struggling to recover from the financial damage caused during the tenure of its former chairman Sheikh Abdul Hye Bacchu, under whom irregularities involving around Tk 4,500 crore came to light.
Established in 1989, the bank was profitable till 2009, when the then Awami League government appointed Jatiya Party leader Bacchu as its chairman.
Soon after, the commercial lender became mired in financial irregularities.

An inspection by the Bangladesh Bank (BB) later found that loans worth Tk 4,424.93 crore were disbursed with serious irregularities across four branches between December 2009 and November 2012. The loans are yet to be recovered by the bank.
Bacchu resigned as BASIC Bank chairman in July 2014, shortly after BB uncovered massive irregularities and scams and recommended that the finance ministry dissolve the bank’s board.

By then, the state lender’s bad loans had jumped to 57.15 percent from just 4.83 percent at the end of 2010.Although widespread irregularities and corruption took place at the bank, Bacchu was not officially held responsible until 2015.
By the time the Anti-Corruption Commission (ACC) identified him as responsible, he had already fled the country.

FAILED MERGER WORSENED BASIC CRISIS

Amid the irregularities and scams, BASIC Bank posted a net loss of Tk 53 crore in 2013. Since then, it has reported losses every year.

The loss stood at Tk 416 crore in 2023 and had reached Tk 655 crore by September 12 this year, according to the bank’s data.

Over the same period, its bad loans rose to Tk 8,153 crore, or 64.49 percent of its total disbursed loans, while its provision shortfall stood at Tk 5,051 crore as of September 12 this year. The bank also faces a capital shortfall of Tk 5,148 crore, show data.

Under the previous Awami League government, then BB governor Abdur Rouf Talukder pushed BASIC Bank towards a voluntary merger with City Bank, one of the country’s largest private lenders, in April 2024.

The move was part of a broader central bank drive to merge weak banks with stronger ones.

However, the rescue initiative dealt another blow to the bank. It triggered a severe liquidity crisis as public and institutional depositors panicked. The plan was eventually scrapped following the political changeover in August 2024.

The image problem still hurts deposits and business despite improvements over the past two years, according to Helal Ahmed Chowdhury, chairman of the bank, who took charge in November 2024.

Helal, a senior banker with nearly five decades of experience, said that the bank’s main wound is the scam that started in 2009. “We are still struggling to overcome its impact.”

He said the bank is now focused on reducing non-performing loans (NPLs), expanding export and import business, onboarding new exporters, strengthening its foreign currency position and attracting remittances through arrangements with overseas banks.

TK 5,000CR DEPOSIT SOUGHT FOR RECOVERY

The current chairman of the bank said they are seeking Tk 5,000 crore in low-cost deposits from the government or BB to improve its financial position and reduce NPLs.

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“The proposal is still under process.”

Helal said the low-cost funds could be used to replace some high-cost deposits, helping strengthen the bank’s liquidity position and rebuild depositor confidence.

The bank is also seeking government support to open Special Notice Deposit (SND) accounts with government agencies and to be included among the banks designated to receive government deposits and loans.

An SND account is a short-term, interest-bearing bank account for businesses, institutions and individuals who need frequent transactions but want to earn a higher return than a standard current account.

As of September this year, the bank’s deposits stood at Tk 17,224 crore, while its loans and advances stood at Tk 12,521 crore, according to data.

Helal said the bank is working with Sonali Bank and other lenders on bilateral arrangements and is seeking agency agreements with overseas banks to facilitate remittance inflows.

To boost lending and recovery, BASIC Bank has introduced a system requiring every branch to submit two loan proposals and two recovery plans each month.

The bank has 72 branches and 35 sub-branches, along with other operational units.

Up to September this year, the bank recovered Tk 79 crore in cash and Tk 229 crore through non-cash recovery from classified loans, according to data.

‘SIGNS OF IMPROVEMENT IN SIGHT’

The chairman said the bank has already begun to show signs of improvement, although its large legacy losses mean positive results have yet to fully offset accumulated losses.

Policy support from BB, including relevant regulatory measures and schemes, would be crucial to the bank’s turnaround, he said.

“We believe there is every possibility of turning the bank around within the next three years, provided we receive the necessary support,” he said, adding that the bank has drawn up a three-year action plan involving low-cost funds from BB, policy support, reduced cost of funds and capital injection.

TOP 20 DEFAULTERS OWE TK 2,288CR

As of June this year, BASIC Bank’s top 20 defaulters collectively owed Tk 2,288.25 crore in classified bad loans, all rated “Bad/Loss”, the worst category under the Bangladesh Bank’s loan classification norms.

Real estate firm Amader Bari Ltd topped the list with Tk 204.66 crore in outstanding dues, followed by Crystal Steels & Ship Breaking Ltd, Western Housing Ltd, Well Tex Ltd and Zeal Wears Ltd.

Other large defaulters include Cox’s Developer Ltd, Map Paper Board Mills Ltd, IG Navigation Ltd, Bay Navigation Ltd, and Regent Weaving Ltd -- each owing more than Tk 110 crore.

The remaining names on the list are Confidence Shoes Ltd, The Aristocrat Agro Ltd, Ali Trade International Ltd, Ajbina Agro Industries Ltd, Atlas Food & Beverage Ltd, Barshon Agro Industries Ltd, Techno Design & Development Ltd, Mynco Jute Mills (Composite) Ltd, New Auto Define, and Lohozong Trade International Ltd.

Bank data show recovery against these accounts has been minimal, with cumulative collections of only about Tk 36.4 crore so far -- barely 2 percent of the total outstanding -- while the forced sale value of pledged collateral covers just Tk 364.71 crore, or roughly 16 percent, of the amount owed.

The chairman said the bank is pursuing legal action against the defaulters through the money loan court, under the Negotiable Instruments (NI) Act, and through cases filed by the Anti-Corruption Commission.

Recovery efforts against loans disbursed during the period of major irregularities are also continuing, he said, suggesting that the actual recovery position be assessed from a specific cut-off date.

The bank’s recovery efforts could be significantly strengthened if it regained control of its building, currently under dispute with a developer, he said. The bank also needs additional manpower and technological upgrades, including an updated core banking system (CBS).

‘GOVERNANCE KEY TO ANY RECOVERY’

Toufic Ahmad Choudhury, former director general of the Bangladesh Institute of Bank Management (BIBM), said there is no example in Bangladesh of a weak bank becoming strong through government liquidity support or capital injection.

He described some state-owned banks, including BASIC Bank, as “bottomless baskets” that cannot recover on liquidity support alone.

Strong governance and a focus on reducing non-performing loans are essential, he told The Daily Star.

“Liquidity support should not be provided without ensuring good governance,” he said.

“The government itself is responsible for the distress of state-owned banks. Fixing them requires political commitment, but the government lacks the willingness to reform them. If it had the political will, these banks would have recovered by now,” Toufic added.

Advanced Chemical Industries (ACI) has approved an additional equity investment of Tk 600 million in ACI CO-RO Bangladesh, its existing joint venture with Danish beverage maker CO-RO, to expand its presence in the beverage market.

The ACI board also approved the formation of a new joint venture with Japan-based Ichinen Holdings Co Ltd, marking the company's planned expansion into motorcycle financing, skilled manpower placement and the export of agricultural products to Japan.

The decisions, taken at a board meeting on Monday, were disclosed through separate regulatory filings on Tuesday.

ACI CO-RO was established in 2019 as a greenfield joint venture to manufacture fruit-based beverages in Bangladesh under CO-RO's brands and in conformity with CO-RO's quality standards.

The joint venture inaugurated its first state-of-the-art fruit drink factory in Narayanganj in February 2024 with a $20 million investment. The additional investment is aimed at supporting the venture's expansion as consumer demand for convenient and quality drinks evolves, according to the company.

CO-RO, founded in Denmark in 1942 by brothers Flemming and Jep Petersen, operates across the Middle East, Asia, Europe and Africa. Its brands, including Sunquick, Suntop, Sun Lolly and Suncola, are sold in more than 80 countries, according to the company.

A new venture to branch into new markets

ACI is also set to form a new joint-venture company with Japan-based Ichinen Holdings, named ACI-ICHINEN Bangladesh Ltd, to branch into motorcycle financing, skilled manpower placement and agricultural exports to Japan.

The partnership brings together ACI's established presence in Bangladesh with the diversified business expertise of Ichinen Holdings, a Japanese corporate group headquartered in Osaka.

The proposed company will have an authorised capital of Tk 500 million and paid-up capital of Tk 150 million. ACI will hold a 60 per cent stake in the joint venture, subject to approval from the relevant authorities.

The plan is to purchase Yamaha motorcycles from ACI Motors and sell them to retailers with financing in six to twenty-four monthly instalments. The initiative is expected to create a financing channel for retailers purchasing Yamaha motorcycles.

The joint venture will also facilitate the migration of skilled Bangladeshi workers to Japan, while another part of the business will focus on cultivating sweet potatoes in Bangladesh for export to the Japanese market.

Ichinen Holdings operates across several sectors, including automotive leasing, chemicals, parking, machine tools and synthetic resin products. Its automotive-related operations include vehicle leasing, rental services, disposal of leased vehicles and outsourced vehicle maintenance.

The Japanese group also manufactures and sells chemicals for automobiles, machinery and industrial applications, while its other businesses include parking operations and the sale of machine tools, automotive maintenance equipment, air-conditioning tools and measuring instruments.

Ichinen also has operations related to agricultural products, property leasing and management, and processed glass products.

The proposed joint venture comes as ACI continues to pursue business expansion through new investments and partnerships.

Financial performance

The fresh investment and new venture have been considered despite persistent pressure on ACI's consolidated financial performance for three consecutive years to FY25.

The listed conglomerate has reported consolidated losses for the financial years mainly because of higher borrowing costs and losses incurred by several subsidiaries. Between FY23 and FY25, ACI's cumulative losses amounted to Tk 2.54 billion.

In FY25, the group posted a consolidated loss of Tk 650 million. However, its standalone business remained profitable, with net profit rising 19 per cent year-on-year to Tk 3.99 billion, reflecting the strength of its core operations.

Despite the consolidated loss, ACI's board recommended a 25 per cent cash dividend for FY25, signalling confidence in the company's long-term fundamentals and cash-generating ability.

ACI's consolidated losses narrowed sharply to Tk 71.22 million in the nine months through March this year, from Tk 783 million in the corresponding period a year earlier, driven by higher sales.

ACI PLC will invest an additional Tk60 crore in ACI CO-RO Bangladesh Ltd, its existing joint venture with Denmark-based CO-RO A/S, to expand the business and increase production and exports.

The investment was approved at the company's 232nd board meeting held yesterday (29 September) through a hybrid system.

The investment is subject to approval from the relevant regulatory authorities, according to a disclosure by ACI on the Dhaka Stock Exchange (DSE). ACI's share price closed at Tk182 on the DSE today (29 September).

ACI and CO-RO A/S established ACI CO-RO Bangladesh in 2019 as a greenfield joint venture. ACI had previously invested around Tk50 crore in the venture and held a 49.9% stake, according to company information.

If the previous investment remains unchanged, the latest Tk60 crore investment would take ACI's cumulative investment in the venture to around Tk110 crore.

Mohammad Mostafizur Rahman, company secretary of ACI, told The Business Standard that the additional investment was approved mainly to expand the company's business.

"The board has approved the additional investment for business expansion," he said.

He said CO-RO A/S is not making any fresh investment in the venture at this stage.

He declined to disclose ACI's current ownership percentage in the joint venture or whether the latest investment would change its stake.

The company has also started exporting its products on a small scale, and exports are expected to increase following the planned business expansion, he said.

The stock exchange disclosure, however, did not specify how the Tk60 crore would be used. It remains unclear whether the additional funds will be used entirely for factory expansion, production-capacity enhancement or other business requirements.

ACI CO-RO Bangladesh manufactures and markets CO-RO's Sunquick fruit drink brand in Bangladesh. The company's factory in Narayanganj was inaugurated in February 2024.

The venture was established with a combined investment of more than $20 million by ACI and CO-RO, according to earlier company information. The figure represents the joint investment in the project and should not be considered CO-RO's individual investment.

New Japanese joint venture

At the same board meeting, ACI also approved the formation of another joint venture, ACI-ICHINEN Bangladesh Ltd., with Japan-based ICHINEN Holdings Co Ltd.

The proposed company will have an authorised capital of Tk50 crore and paid-up capital of Tk15 crore. ACI will hold a 60% stake in the new venture, subject to approval from the relevant authority.

The company plans to operate in areas including human resource development and manpower supply, motorcycle retail financing and agriculture.

The new venture will add another business line to ACI's diversified portfolio as the group continues to expand beyond its traditional consumer and pharmaceutical businesses.

Financial position

ACI's financial performance has also been a key consideration for investors as the company continues to make new investments.

According to the company's financial disclosures, its revenue increased 16% to Tk3,995 crore during the nine months ended March 2026, while net profit rose 13% to Tk368 crore. Earnings per share stood at Tk41.91 and net asset value per share was Tk379.57 during the period.

For investors, the key issues surrounding the latest investment will be how quickly the additional capital translates into higher production, sales and exports, as well as whether the expansion improves the profitability of ACI CO-RO Bangladesh.

The absence of details on the utilisation of the Tk60 crore and the resulting ownership structure means investors will likely need further information from the company on the project's capacity expansion, funding structure and expected returns.

Pubali Bank, one of the largest private commercial lenders, has emerged as a potential interested party in Standard Chartered Bank Bangladesh's retail banking business, alongside BRAC Bank and City Bank, as the British lender reportedly considers exiting retail banking to focus on corporate and institutional banking.

Standard Chartered has made preliminary approaches to potential buyers, although no deal structure or timeline has been finalised, according to people familiar with the matter.

If a formal sale or transfer process begins, the portfolio would be subject to valuation, audit, due diligence, and regulatory approval.

Standard Chartered's retail and CMSME loan portfolio stood at around Tk8,479 crore at the end of 2025, while retail deposits were around Tk8,000 crore, according to the bank's financial information.

Why Pubali is being considered

Pubali Bank has been expanding its retail banking operations beyond traditional branch-based services, with greater emphasis on retail loans, cards, digital banking, QR payments and self-service banking.

The bank's Managing Director and CEO Mohammad Ali has also identified retail banking as one of its key areas of future growth.

StanChart Bangladesh plans to close retail banking operation
Pubali currently has a retail loan portfolio of around Tk8,000 crore, accounting for more than 10% of its total loans. Its retail products include personal, home, car and nano loans.

Standard Chartered's retail business has a significant base of priority and high-value customers, including salary-account holders working for multinational and large corporate organisations, as well as longstanding retail banking customers.

Integrating such a portfolio with Pubali's existing retail operations could expand the bank's customer base in higher-value segments, according to a senior Pubali Bank executive.

Financial capacity

Pubali's balance sheet and financial indicators would also be relevant in assessing its ability to acquire a sizeable retail portfolio.

According to its published financial information for 2025, the bank had total assets of around Tk118,014 crore, deposits of Tk89,519 crore and loans and advances of about Tk71,141 crore.

The bank's profit after tax stood at around Tk1,080 crore in 2025, while its return on equity was 15.51%. Its non-performing loan ratio was 2.20% at the end of the year.

Pubali recorded around Tk685 crore in consolidated profit in the first six months of 2026.

What does StanChart's retail banking exit mean for Bangladesh?
These figures indicate the scale of Pubali's balance sheet relative to the retail portfolio under discussion. However, any acquisition would depend on the valuation, transaction structure, funding requirements and regulatory approvals.

Branch network and digital services

Pubali's nationwide branch network is another factor that could be relevant to a potential transaction.

Standard Chartered has a comparatively limited physical footprint in Bangladesh, with 18 branches, according to published information.

Pubali, in contrast, operates more than 500 branches and over 280 sub-branches across the country. The bank also inaugurated its 1,000th ATM/CRM booth in 2026.

A combination of Standard Chartered's largely urban and premium customer base with Pubali's broader physical network could expand access to branches, sub-branches and ATM/CRM facilities.

Pubali has also been investing in digital banking through its PI Banking platform, which offers services including NPSB, BEFTN, RTGS, transfers to mobile financial services, bill payments, credit card services and Bangla QR payments.

The PI Digital Platform had around 528,000 active users at the end of 2025 and processed more than 18.6 million transactions during the year.

Any transfer of Standard Chartered's retail business would involve more than loans and deposits. Customer accounts, cards, payment channels, digital banking services and customer data would also have to be migrated while ensuring continuity of service.

At this stage, however, no transaction involving Pubali Bank has been finalised.

IPDC Finance has received in-principle permission from Bangladesh Bank to launch an Islamic Shariah-based financing business through an Islamic Finance Wing, subject to meeting regulatory conditions.

According to a disclosure on Sunday, the company will take necessary measures to comply with the central bank’s requirements, including amending its Memorandum and Articles of Association and establishing an independent Shariah Supervisory Committee.

The company will also establish a separate Islamic Finance Division, segregate Islamic funds and implement prescribed policies, an operational manual and separate accounting arrangements, according to the disclosure.

Once it fulfils the stipulated conditions, IPDC Finance will apply to Bangladesh Bank for final approval to commence Islamic Shariah-based financing business.

The move will allow the non-bank financial institution to offer financing products based on Islamic Shariah principles alongside its existing conventional financing operations.

Bangladesh’s two private mobile operators, Robi Axiata and Banglalink, have taken opposing positions on the auction of E-GSM spectrum, the frequency range that can travel long distances and penetrate buildings effectively.

Banglalink has urged the telecom regulator to defer any major spectrum-related decisions until the country’s new Telecommunications Policy is finalised, while Robi is pressing for the spectrum’s immediate release.

The development comes as the Bangladesh Telecommunication Regulatory Commission (BTRC) has decided to hold an auction of the spectrum this year. The regulator in April decided to auction the E-GSM band, ranging from 880 MHz to 888.4 MHz, which is important for providing coverage in dense cities and remote areas.

For customers, the additional spectrum could help improve network coverage and capacity, particularly in areas where mobile networks face congestion or coverage gaps. It could also support more reliable mobile internet services as operators deploy additional capacity on their networks.

In a letter to the BTRC on September 21, Banglalink said the commission should “maintain the status quo on major spectrum-related decisions, including E-GSM” until the forthcoming policy is completed.

The operator argued that spectrum assignment, renewal, pricing, tenure and payment structures should align with the government’s long-term direction on connectivity and digital inclusion, and warned that acting before the policy is finalised “may create inconsistencies between immediate regulatory actions and the government’s long-term strategic direction”.

The operator also flagged that the new policy is expected to enable active infrastructure and spectrum sharing among operators, which could alter spectrum requirements and necessitate the refarming of existing frequency assignments.

Allocating new spectrum beforehand risked fragmentation or inefficiency, said the letter, signed by Banglalink’s Chief Corporate and Regulatory Affairs Officer Taimur Rahman.

Banglalink called for a comprehensive review of the spectrum-pricing framework — balancing public revenue against operators’ capacity to invest — once the policy takes effect, “through meaningful consultation with industry stakeholders”.

Robi Axiata PLC, however, took the opposite stance.

In a letter on September 24, Robi urged the BTRC to expedite the release and assignment of E-GSM spectrum “in the greater interest of consumers and digital connectivity”.

Robi said delaying access would postpone network capacity and coverage improvements for subscribers, and argued that releasing the spectrum “has limited bearing on the finalisation of the Telecommunications Policy” and would not prejudice future frameworks on infrastructure or spectrum sharing.

Robi contended that pricing concerns need not hold up the release, noting that these could be addressed through the spectrum renewal process scheduled for November 2026, according to the letter signed by its Chief Executive Officer and Managing Director Ziad Shatara.

It also emphasised that the contiguity of any assigned E-GSM spectrum was essential to unlock its technical and economic value, warning that fragmented assignments would undermine spectral efficiency and investment certainty.

The operator said it remained committed to “commensurate investments” in network expansion if granted regulatory certainty and contiguous spectrum.

Contacted, BTRC Chairman Major General Md Emdad-Ul-Bari (Retd) said the process would continue as it is and that the commission had already received approval from the ministry to proceed with it.

“This has nothing to do with the policy,” he said. “The government has given permission to set the pricing for the auction, noting that it is within BTRC’s jurisdiction.”