SM Fakhar-Uz-Zaman, one of the sponsors and former chairman of Rangpur Dairy and Food Products Ltd, widely known as RD Food, has announced plans to sell his entire shareholding in the company through the stock market.

He disclosed his intention to sell 1.05 lakh shares of RD Food at the prevailing market price through the public market on the Dhaka Stock Exchange (DSE) within the next 30 working days, according to a disclosure filed with the bourse.

Fakhar-Uz-Zaman, the founder of the company, served as chairman from 2004 to 2017.

Over the past few years, however, he has gradually reduced his ownership in the company. Market sources said Fakhar-Uz-Zaman began offloading shares in 2019 when he held nearly 10% of the company's shares.

Once the announced sale is completed, the former chairman will fully exit the company's shareholding.

Apart from his business involvement, Fakhar-Uz-Zaman is also active in politics. He is a presidium member of the Jatiya Party and contested the 13th national parliamentary election from the Rangpur-5 constituency, although he was unsuccessful in securing the seat.

Shares of RD Food closed 1.54% higher at Tk19.80 on Thursday on the Dhaka bourse.

The company's recent financial performance, however, reflects a decline in profitability compared to the previous year. Its earnings per share (EPS) stood at Tk0.16 for the October-December quarter of FY2025, down from Tk0.31 in the same quarter a year earlier.

For the July-December period of the 2025-26 fiscal year, the company reported EPS of Tk0.38, compared with Tk0.66 in the corresponding period of the previous year.

Meanwhile, the company's latest audit report has raised concerns over certain financial practices. Faruk Ahmed, partner at Khan Wahab Shafique Rayhman & Co Chartered Accountants, issued an opinion in the audit report for the fiscal year 2024-25.

According to the auditor, the company calculated its deferred tax liability using a previous statutory regulatory order (SRO) rate of 15% instead of applying the currently applicable rate of 22.5%, which could affect the accuracy of its reported tax obligations.

The auditor also flagged inconsistencies related to unclaimed dividends and IPO funds, noting that Tk57.37 lakh from the IPO subscription remained unadjusted under non-claimed general share applications, which overstated the company's capital position.

The auditor also raised concerns about the company's ability to repay bank loans and other liabilities, citing lower cash inflows.

The report stated that the net operating cash flow of the company decreased to Tk0.16 crore in FY25 from Tk1.47 crore in the previous fiscal year, primarily due to changes in the timing of collections and payments.

As a result, the report noted, the company is facing liquidity constraints, as reflected by delayed payments of bank loans and other liabilities.

The Bangladesh Securities and Exchange Commission (BSEC) has formed an investigation committee to examine allegations of irregularities surrounding board meetings and a leadership dispute at Navana Pharmaceuticals.

The securities regulator took the decision on 8 March and issued an official notification on 10 March, directing a four-member committee to conduct a detailed probe into the matter.

The committee consists of Lutful Kabir, additional director of the commission, Delowar Hossain, additional director, Motiur Rahman, assistant director, and Nizam Uddin, assistant director. The committee has been instructed to submit its report to the commission within seven working days, considering the urgency and importance of the issue.

The dispute stems from developments during the company's 65th board meeting held on 28 January. After approving the official agenda items, the meeting was formally closed by chairman and independent director Saiqa Mazed.

However, after the meeting was adjourned, another faction of the board reportedly convened and elected Javed Kaiser Ally as the new chairman and Sayeed Ahmed as the managing director, while also replacing the company secretary.

Saiqa Mazed later declared those decisions illegal, arguing that the appointments were made after the meeting had officially ended. She subsequently filed a petition with the BSEC seeking to annul the decisions and also lodged a case at Gulshan police station, citing threats from the rival group.

Following the allegations, the BSEC held a meeting with the board members and the company secretary of Navana Pharmaceuticals to review the situation before forming the inquiry committee.

According to the notification, the commission believes that the issue requires a comprehensive investigation as the composition of the company's board, the conduct of board meetings and corporate governance practices are closely linked with protecting the interests of general investors.

As part of the inquiry, the committee will examine several issues, including whether the company's 64th board meeting was actually held and if so, whether it was conducted in accordance with applicable laws and regulations. The probe will also review whether notices for the board meetings were properly issued as required by law and whether all eligible directors received those notices.

Investigators will also determine whether any external individuals received meeting notices or participated in the meetings and whether there were irregularities in setting the agenda, approving resolutions or preparing the minutes of the 65th board meeting.

The committee will further assess whether the processes related to appointing directors, removing the chairman and appointing or replacing the company secretary were carried out in accordance with legal requirements.

The regulator also directed that the board structure that remained in effect until the company's 63rd board meeting will continue unchanged until the disputed matters relating to the 64th and 65th meetings are resolved.

Pubali Bank PLC has approved a plan to raise $100 million through a five-year Green Bond as part of the bank's sustainable finance initiatives.

According to a price sensitive information disclosure issued on Wednesday (11 March), the decision was taken at the bank's board meeting held on Wednesday at its Gulshan corporate branch.

The bank said in its statement, the fund will be raised through the issuance of a Green Bond with a tenure of five years to support projects aligned with sustainable and environmentally responsible financing.

The bank said the initiative will follow Green Bond Principles of the International Capital Market Association (ICMA), along with guidelines of the International Finance Corporation (IFC) and Bangladesh's Sustainable Finance Policy framework.

The proposed bond issuance will be subject to approvals from relevant regulatory authorities and compliance with applicable regulations.

The board of directors of Safko Spinning Mills has decided to sell the loss-making company, citing operational challenges, and plans to transfer its shareholdings to interested investors.

The move aims to ensure business continuity and protect the interests of existing shareholders, the company said in a disclosure to the Dhaka and Chittagong stock exchanges today (11 March).

The share transfer process is currently underway, with steps being taken to facilitate potential ownership changes. The initiative is expected to attract new investors who may acquire the stakes currently held by sponsor-directors, including SAKM Salim, SABM Humayun, Syed Saqeb Ahmed, SFAM Shahjahan, and Syeda Momena Begum.

Following the announcement, Safko's share price rose 9.35% to Tk15.20 on the Dhaka Stock Exchange today.

A team from the DSE had visited the company's factory on 3 February 2025 and found operations closed; production resumed on 31 August last year. The company's auditor issued a qualified opinion, noting significant financial stress.

Safko has accumulated losses of Tk97.81 crore and unpaid bank loans of Tk142.24 crore. Inventory has been sold at nominal prices, and operations were temporarily halted, raising doubts about the company's ability to continue as a going concern.

In the July-December period of the current fiscal year, the company generated revenue of Tk57 lakh after resuming production, with a net loss after tax of Tk6.19 crore, compared with a loss of Tk15.89 crore in the same period last year. Loss per share improved to Tk2.07 from Tk5.30.

Market analysts noted that ownership restructuring is common among listed companies when sponsors seek strategic investors, address financial challenges, or restructure operations. Depending on incoming investors, such transfers may lead to changes in management or business strategy.

Safko confirmed that all regulatory procedures will comply with the Bangladesh Securities and Exchange Commission and stock exchange listing rules. Shareholders will receive updates as the process progresses and approvals are secured.

United Finance PLC has received in-principle approval from Bangladesh Bank to open an Islamic finance window, allowing the company to offer Shariah-compliant financial services alongside its existing conventional operations.

The central bank granted the approval through a letter dated 8 March, according to a price-sensitive disclosure filed with the Dhaka Stock Exchange (DSE).

The approval is subject to several conditions, including amendments to relevant clauses in the company's memorandum and articles of association.

Once the required changes are made and other regulatory conditions are met, the company will be able to conduct Shariah-compliant financing activities through the dedicated Islamic finance window.

Following the disclosure, United Finance shares rose 3.17% on the Dhaka bourse to close at Tk13, reflecting positive investor sentiment about the company's expansion into Islamic financial services.

The move comes as demand for Shariah-based financial products continues to grow in Bangladesh's financial sector. By introducing the Islamic finance, United Finance aims to diversify its product offerings and reach a wider customer base seeking Shariah-compliant financing options, the company said.

United Finance has reported modest financial performance in recent periods. For the July-September quarter of 2025, earnings per share (EPS) stood at Tk0.05, unchanged from the same period a year earlier.

For the January-September period of 2025, EPS rose slightly to Tk0.23 from Tk0.22 in the corresponding period of 2024. Net operating cash flow per share (NOCFPS) improved significantly to Tk0.81 during the nine-month period, compared with negative Tk1.43 in the same period a year earlier.

The company's net asset value per share stood at Tk17.07 as of 30 September 2025, slightly lower than Tk17.84 recorded at the end of December 2024.

In 2024, United Finance declared a 10% cash dividend for its shareholders. For the year ended 31 December 2024, the non-bank financial institution reported EPS of Tk1.12, NAV per share of Tk17.84 and NOCFPS of Tk4.27, compared with Tk0.76, Tk17.32 and Tk0.76 respectively in 2023.

Islami Bank Bangladesh PLC has approved a proposal to bring US-based B100 Holdings LLC as a strategic investor in its mobile financial services subsidiary mCash Ltd, according to a price sensitive disclosure issued yesterday (8 March).

The decision was taken at the bank's board meeting held yesterday at its head office in Dhaka.

According to the statement, the bank approved the onboarding of B100 Holdings as a strategic partner in mCash Ltd, which operates the bank's mobile financial services platform, subject to compliance with applicable legal and regulatory requirements.

As part of the plan, the paid-up capital of mCash will be increased in phases to Tk500 crore, with Islami Bank maintaining a minimum 51% equity stake in the company. B100 Holdings may acquire up to 48.99% ownership through the subscription of shares, subject to approval from the mCash board and relevant regulatory authorities.

The proposed investment is expected to strengthen the capital base of mCash and support the expansion of digital financial services under its mobile financial services platform.

Islami Bank Bangladesh PLC has approved a proposal to bring little-known US-based B100 Holdings LLC as a strategic investor in its mobile financial services subsidiary mCash Ltd, aiming to strengthen the platform's capital base and expand its digital financial services.

The decision was taken at a board meeting of Islami Bank Bangladesh PLC held at its head office in Dhaka on Sunday, according to a price-sensitive disclosure issued the same day.

Under the proposal, the New York-based B100 Holdings will join as a strategic partner in mCash Ltd, which operates the bank's mobile financial services platform. The investment will be subject to compliance with legal and regulatory requirements and approvals from relevant authorities.

Following the announcement, Islami Bank's share price rose 9.89% on the Dhaka Stock Exchange yesterday, reaching Tk41.10. The bank's market capitalisation increased by around Tk690 crore to Tk6,617 crore.

According to the disclosure, the paid-up capital of mCash will be increased in phases to Tk500 crore. Islami Bank will retain at least 51% ownership of the subsidiary, while B100 Holdings may acquire up to 48.99% of shares through subscription, subject to approval from the mCash board and regulators.

Under rules set by Bangladesh Bank, commercial banks must hold a minimum 51% stake in mobile financial service providers. Islami Bank said it would comply with the requirement while allowing the foreign investor to hold a maximum of 48.99% of shares.

Based on the proposed capital structure, B100 Holdings could invest nearly Tk245 crore in the company.

Omar Faruk Khan, managing director of Islami Bank, said the proposal originated from the US firm.

"They approached us with the investment proposal and our board has accepted it in principle because they committed to bring funds as needed, potentially from the Middle East," Omar told The Business Standard.

He said the bank would now examine the firm's financial strength and capability before finalising any agreement.

"At this stage, we are still in the initial phase. After reviewing their strength and ability, we will make the final decision regarding the partnership," he added.

Omar also acknowledged that mCash has struggled to secure a strong position in the market since its launch more than a decade ago.

"Despite operating for over ten years, mCash remains in a relatively weak position compared to other mobile financial service providers. Our goal is to develop mCash into a competitive platform similar to bKash, the country's leading MFS provider," he said.

To achieve that goal, the bank plans to increase investment in the platform and bring in a strategic partner capable of supporting long-term expansion.

Limited information about US investor

Public information about B100 Holdings, however, remains limited. According to the New York company registry, the firm was established on 22 December 2025 in New York. Arman Chowdhury is listed as its co-founder and chairperson.

Several stock market analysts contacted by The Business Standard said they were unfamiliar with both the individual and the newly formed investment firm.

Information available online indicates that Arman has been serving as national executive director of the Muslim Ummah of North America since 2021. He is also associated with New York's Baitul Mamur Masjid and Community Center as its president.

According to the company's website, B100 Holdings aims to invest in Bangladesh's economic infrastructure by supporting 100 large business enterprises through institutional capital, governance frameworks, and operational expertise.

The firm describes itself as a principal investor and long-term sponsor that deploys capital on a deal-by-deal basis alongside select institutional partners.

It says this model allows it to focus on long-term value creation without the constraints of traditional fund cycles or forced exits.

Islami Bank launched the mCash service in December 2012 and operated the platform directly through its own infrastructure for more than a decade. In January this year, the bank spun off the service into a separate subsidiary to strengthen governance and attract external investment.

The newly formed mCash Ltd has an authorised capital of Tk1,000 crore and an initial paid-up capital of Tk50 crore.

The government has issued a fresh circular to appoint a managing director (MD) for state-owned Sammilito Islami Bank after the previously selected candidate declined to take the position.

The Financial Institutions Division of the Ministry of Finance published the new recruitment notice today (8 March), inviting applications from qualified and experienced candidates.

In February, Nabil Mustafizur Rahman, additional managing director of United Commercial Bank (UCB) PLC, was appointed as the MD of Sammilito Islami Bank.

However, he later expressed his inability to assume the role citing "physical illness," a reliable Bangladesh Bank source confirmed the matter to The Business Standard.

As he did not join the post, the authorities have issued a fresh recruitment notice for the position.

According to the circular, the selected candidate will initially be appointed on a three-year contractual basis, with the possibility of renewal based on satisfactory performance.

Applicants must have at least 20 years of experience in the banking sector. They must also have served either as the chief executive officer of a bank or held a position directly below the CEO for at least two years.

Candidates are required to have expertise in Islamic banking operations, Shariah governance, Islamic accounting systems, profit distribution mechanisms, and Islamic risk management. Experience in digital banking, organisational transformation, or bank mergers will be considered an added qualification.
Nabil Mustafizur Rahman appointed first MD of Sammilito Islami Bank

Applicants must be between 45 and 60 years of age at the time of the circular's publication and must not be loan defaulters.

The appointed MD will oversee all operations of the bank, including corporate, SME, retail, treasury, agriculture, international trade, and digital banking. The role will also involve developing Shariah-based banking products, strengthening risk management, and coordinating organisational integration following the bank merger.

Applications will initially be screened based on qualifications, after which shortlisted candidates will be invited for interviews. Final appointment will require background verification and approval under Bangladesh Bank's "fit and proper" criteria.

Interested candidates must submit their CV, cover letter, attested copies of academic and professional certificates, a copy of their national ID card, and a passport-size photograph. Applications must be sent in a sealed envelope addressed to the Secretary of the Financial Institutions Division at the Bangladesh Secretariat in Dhaka, along with a PDF copy sent via email.

The deadline for submitting applications is 25 March by 5pm.

Sammilito Islami Bank PLC was formed as a new state-owned bank through the merger of five weak Islamic banks – EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank.

The bank's paid-up capital has been set at Tk35,000 crore, of which the government will contribute Tk20,000 crore and Tk15,000 crore will come from depositors' shares. Its authorised capital has been fixed at Tk40,000 crore.

Olympic Industries PLC has approved the purchase and import of new capital machinery to expand its packaging and food processing capacity.

The decision was taken at a board meeting held on Saturday, according to a disclosure filed on the Dhaka Stock Exchange yesterday.

Under the plan, the company will import two sets of brand-new capital machinery to establish a carton production plant. The equipment will have a combined annual production capacity of 315.36 million pieces, with each set capable of producing 157.68 million pieces per year.

The machinery will be procured from China at a total cost of $500,000, including freight charges, which is equivalent to around Tk6.13 crore. The machines will be installed and commissioned at the company's Kutubpur factory in Narayanganj.

In a separate move, the board also approved the purchase of a brand-new egg washing and breaking machine for its food processing operations. The machine, which will have an annual capacity of 175.20 million pieces, will be imported from Hong Kong.

The cost of the machinery, including freight, is estimated at $46,000, equivalent to approximately Tk56.44 lakh. It will be installed and commissioned at the company's Lolati factory in Kanchpur.

The investment is expected to strengthen Olympic's packaging capability while enhancing efficiency in its food production process, said the company in its disclosure.

Olympic Industries, one of the leading fast-moving consumer goods companies, is producing a wide range of biscuits, confectionery and bakery products for both domestic and export markets.

The company has maintained steady financial growth in recent periods. For the July-December period of 2025, Olympic reported revenue of Tk1,548 crore, up from Tk1,490 crore in the same period a year earlier.

During the period, earnings per share rose slightly to Tk5.99 from Tk5.82 a year earlier. The company's net asset value per share stood at Tk65.34 as of December 2025.

Qazi Saleemul Huq, director of GQ Ball Pen Industries, has announced plans to gift company shares worth Tk10.50 crore to his sister, Shermin Huq, a general shareholder, marking a transfer of ownership within the family.

According to a disclosure filed with the stock exchanges today (5 March), Saleemul Huq – who currently holds 23.44 lakh shares – will transfer 2 lakh shares, representing ar 2.24% stake in the company, as a gift outside the trading system of the exchanges.

The transfer is expected to be completed within 30 working days starting from 3 March.

After eight consecutive years of losses and steadily declining sales, the company's shares have surged significantly in recent months. Despite weak business fundamentals – including low sales and continued losses – the company's market capitalisation has climbed to about Tk474 crore, even though its annual sales are only around Tk2 crore.

According to data from the Dhaka Stock Exchange, GQ Ball Pen's share price closed at Tk525.10 each today.

The company manufactures various types of ballpoint pens and distributes them to stationery shops through its distributor network as well as to institutional buyers through sales personnel.

GQ Ball Pen has a paid-up capital of Tk8.93 crore, divided into 89.28 lakh shares, with about 60% of the shares held by general investors.

The auditor of National Feed Mills, a listed company on the stock exchanges, has flagged several non-compliances, including understated purchases, overstated profits, lower reported finance expenses, unpaid workers' participation fund contributions, and a deficit in the unclaimed dividend account.

The auditor's qualified opinion for the year ended 30 June was published on the stock exchanges' website on Thursday (5 March).

The auditor pointed out that National Feed Mills reported Tk7.83 crore in material purchases, while its VAT return showed Tk10 crore.

The auditor's report said there is a possibility that the company's management understated purchases by Tk2.26 crore and overstated the net profit for the year, which could significantly affect the company's earnings per share (EPS).

"Also, we did not find a ledger, vouchers or other supporting evidence for material purchases during the year," the auditor said.

The audit report also said National Feed reported Tk4.40 crore as interest charges in the statement of financial position and Tk2.44 crore as financial expenses for interest on term loans.

"Therefore, the management of the company understated financial expenses by Tk1.96 crore and overstated profit, which could significantly affect EPS," it said.

Moreover, the auditor said it did not find the interest expense ledger, the loan statement of Tk25.78 crore from Bank Asia, or supporting evidence of loan repayment or adjustment amounting to Tk1.96 crore during the period.

The company has Tk2.48 crore in the workers' profit participation fund, but the amount has remained unpaid for several years.

Deficit in unclaimed dividend account

According to the auditor, the company showed Tk3.15 lakh in the unclaimed dividend account, which has remained unclaimed for more than three years.

The fund is supposed to be transferred to the Capital Market Stabilisation Fund (CMSF), but the company's management did not transfer the amount to the fund.

The auditor said the closing balance in the unclaimed dividend account was Tk77,020. Therefore, there is a shortage of Tk2.38 lakh in the dividend bank account.

Inventory items unverified

In its financial statement, National Feed reported Tk55.31 crore in inventory at the end of June 2025.

The auditor said it did not find a slow-moving items list, a damaged items list, a net realisable value (NRV) test, an inventory valuation report, counting sheets, or other supporting evidence.

The NRV test is an accounting procedure used to ensure inventory is not overstated on the balance sheet and is valued at the lower of cost or market value.

"No physical inventory verification was conducted by us due to management unawareness," the auditor said.

When asked about the non-compliances in the financial statements, Md Jahidul Islam, acting company secretary of National Feed Mills, declined to comment and asked to be contacted next Sunday.

The Bangladesh Securities and Exchange Commission (BSEC) did not approve the proposal for FCS Holdings Ltd to acquire the shares of Yeakin Polymer held by the company's sponsor directors because the required No Objection Certificates (NOCs) for defaulted loans were not provided.

According to BSEC sources, the application was rejected because the applicants failed to submit the required No Objection Certificates (NOCs) from the relevant banks and financial institutions regarding the company's defaulted loans. Yeakin Polymer currently has outstanding loans of around Tk52 crore with banks and financial institutions.

Sources said FCS Holdings had sought approval from the commission to acquire a significant number of shares from the sponsor-directors of Yeakin Polymer. Under the plan, the share transfer would have enabled FCS Holdings to become a major shareholder in the company.

However, during the review process, the regulator found that Yeakin Polymer has defaulted loans with Islami Bank Bangladesh and Industrial and Infrastructure Development Finance Company Ltd (IIDFC). In such cases, obtaining consent from the lending institutions is mandatory before any transfer of sponsor-directors' shares can proceed.

The applicants failed to collect and submit the necessary NOCs from the lenders to the commission. As a result, the BSEC cancelled the application.

However, the commission has not completely closed the matter. Instead, it has instructed FCS Holdings to submit a fresh application along with NOCs related to the rescheduling of the company's bank loans.

This means that if the concerned banks and financial institutions agree to reschedule the loans or provide consent regarding the liabilities and issue the necessary NOCs, FCS Holdings may reapply to the commission seeking approval to acquire the shares.

Mohammad Harunor Rashid, managing director of Yeakin Polymer stated that they have already obtained No Objection Certificates (NOCs) from financial institutions- IIDFC for loans totaling Tk9 crore. However, the NOC from Islami Bank, which involves a loan of Tk43 crore, has not yet been received, though they expect to get it soon. The bank is currently assessing how it will recover its loan.

He also mentioned that the Bangladesh Securities and Exchange Commission (BSEC) has not directly rejected their application. Instead, BSEC has asked them to submit a new application along with the required NOCs. Once they receive the remaining NOC, they will submit the application promptly.
Infograph: TBS
Infograph: TBS

According to regulatory sources, FCS Holdings and three sponsor-directors of Yeakin Polymer jointly applied to the commission last September seeking approval to transfer 1,58,52,993 shares, representing about 21.50% of the company's total shares, to FCS Holdings.

The shares were to be transferred from Yeakin Polymer's chairman Chakladar Rezaunul Alam, director Kapita Packaging Solutions Ltd, and director Didarul Alam.

During the review process, the securities regulator asked the applicants to submit NOCs from the lenders due to the company's outstanding loans and financial obligations with multiple institutions.

However, the applicants were unable to provide the required approvals within the stipulated timeframe, prompting the commission to cancel the proposal and instruct them to submit a fresh application with the necessary lender approvals if they wish to proceed.

BSEC Officials familiar with the matter said that regulatory approval for such transfers is subject to ensuring that the interests of lenders and other stakeholders are protected, particularly when the shares involved are linked to outstanding liabilities.

Under the proposed arrangement, FCS Holdings planned to acquire the shares without making any direct cash payment to the selling sponsors. Instead, the company intended to assume responsibility for settling certain financial obligations of Yeakin Polymer, including bank loans and outstanding supplier payments.

Sources said the plan was part of a broader strategy to restructure the finances and management of the struggling polymer manufacturer.

If approved, the transaction would have allowed FCS Holdings to become a major shareholder and potentially play a key role in reviving the company's operations. The plan also included restructuring the board of directors, with representatives of FCS Holdings expected to join the board after the share transfer. However, the lack of lender consent halted the process.

Market analysts note that when shares are pledged against bank loans or linked to corporate liabilities, obtaining lender approval is essential. Without such consent, regulators generally do not allow ownership changes to proceed. Yeakin Polymer, a publicly listed company, has been facing business and financial challenges in recent years.

The company raised Tk20 crore from the capital market through an initial public offering (IPO) in 2016 to expand its operations. However, its performance declined after government policies encouraged the use of environmentally friendly jute sacks instead of polymer bags for agricultural packaging, reducing demand for the company's core products.

Since listing, Yeakin Polymer has struggled to maintain profitability and declared only a 1% cash dividend once after its IPO, reflecting weak financial performance.

Due to prolonged operational challenges and failure to meet certain listing requirements, the company has also been placed in the Z category on the stock exchanges.

The proposed takeover by FCS Holdings initially drew attention from investors who hoped the change in ownership could revive operations and improve the company's financial condition.

But with the commission cancelling the proposal due to incomplete documentation, the future of the planned takeover remains uncertain.

BRAC Bank has promoted Md Shaheen Iqbal, CFA, and Ahmed Rashid Joy to additional managing directors (AMDs), effective from 1 March 2026.

Md Shaheen Iqbal will serve as additional managing director and head of wholesale banking. He will oversee corporate, commercial and institutional banking, transaction banking, structured finance, remittance and probashi banking, and financial institutions.

Shaheen joined BRAC Bank in 2004 and has worked across treasury and financial management, including foreign exchange, money markets, capital markets, derivatives, asset-liability management and financial institution relationships.

He completed his BSc in mechanical engineering from Bangladesh Institute of Technology, Chattogram (now CUET), and an MBA from the Institute of Business Administration (IBA), University of Dhaka. He is a CFA charterholder and a former president of CFA Society Bangladesh.

Managing Director and CEO Tareq Refat Ullah Khan said, "Shaheen Iqbal has been a cornerstone of BRAC Bank for 21 years, demonstrating unwavering commitment, leadership and excellence across multiple business functions. His strategic vision, innovation in financial products and market understanding will strengthen our wholesale banking business. In this leadership position, I am sure he will contribute to making BRAC Bank the most esteemed and preferred corporate and transaction bank in the industry."

Ahmed Rashid Joy has been promoted to additional managing director and chief risk officer. He joined BRAC Bank in October 2019 as head of credit risk management and, the bank said, has played a key role in strengthening risk governance and asset quality.

Ahmed Rashid began his banking career as a management trainee at Eastern Bank and has also worked at the International Finance Corporation (IFC), Mutual Trust Bank and IDLC Finance. He completed a master's in bank management (MBM) from the Bangladesh Institute of Bank Management (BIBM). The bank said he has served on several regulatory committees.

Commenting on the promotion, Khan said, "Ahmed Rashid's leadership has significantly enhanced our risk management capabilities. He has played a pivotal role in strengthening the risk management framework and driving key transformation initiatives. His technical expertise, disciplined approach and commitment to global best practices have been critical in maintaining superior portfolio quality and reinforcing our strong credit standing."

Banglalink is participating in Mobile World Congress (MWC) Barcelona 2026, held from 2–5 March 2026 in Barcelona, Spain, to engage with global industry leaders and explore the next phase of AI-led digital transformation.

Banglalink is a VEON company. VEON is a Nasdaq-listed, UAE-headquartered digital operator serving customers across five markets, including Bangladesh.

Hosted by the GSMA, MWC Barcelona 2026 is being held under the umbrella theme "The IQ Era", focusing on how artificial intelligence is reshaping networks, digital platforms and new services.

Banglalink said its officials, alongside VEON representatives, are holding bilateral meetings with global technology partners and development institutions, including the World Bank and the International Finance Corporation, to explore collaboration on digital infrastructure, financial inclusion and AI-driven innovation.

At the event, VEON Group CEO Kaan Terzioğlu delivered a keynote titled "Transforming Tomorrow's Connected World", highlighting VEON's DO1440 strategy and the need to embed digital services into daily life alongside connectivity.

Johan Buse, chief executive officer of Banglalink, said the AI era is a pivotal moment for Bangladesh's digital journey, with telecom operators evolving beyond connectivity to expand economic participation, and digital and financial inclusion.

Banglalink said it has integrated AI and machine learning into network planning and optimisation, introduced AI-enabled customer support tools, and expanded digital financial and lifestyle platforms as part of its evolution into an integrated digital services provider.

Banglalink said it has invested more than $2.5 billion in Bangladesh over the past two decades, contributed over $4 billion to the national exchequer, supported about 10,000 direct and indirect jobs, and serves more than 38 million subscribers.

Bangladesh Services Limited (BSL), the owner of InterContinental Dhaka, has reported a 24% year-on-year reduction in losses in the first half of the current fiscal year, though the state-run hospitality firm continues to struggle with heavy debt and accumulated losses.

According to its disclosure, it incurred a loss of Tk38 crore with the loss per share of Tk3.95 in the July to December period of 2025-26. It had incurred Tk50.85 crore loss with per share loss of Tk5.20 in H1 of 2024-25.

In the second quarter during October–December, the company incurred a loss of Tk12.61 crore, with a loss per share of Tk1.29. In the corresponding quarter of the previous fiscal year (FY25), it had posted a higher loss of Tk18 crore, with a per share loss of Tk1.85.

Its net asset value per share at the end of December increased to Tk2.58, which was Tk1.97 for the July-December of 2024. While its net asset value per share stood at Tk215.79 as of December 2025, which is lower from Tk219.74 as of 30 June 2025, it data showed.

Despite the improvement in half-year performance, Bangladesh Services Limited remains under significant financial strain.

The travel and leisure sector-listed firm has been incurring losses for years amid a business slowdown and the burden of substantial loans taken for renovation. Its long-term loans and borrowings swelled to over Tk800 crore by June 2025, according to its latest annual report.

As of June 2025, accumulated losses stood at Tk706 crore, including an additional Tk87.38 crore loss in FY25. The company has failed to declare dividends for years due to continuous losses.

Its auditor said its accumulated losses for FY25 stood at Tk706 and a current assets deficit of Tk308 crore.

In addition, the company has loans of Tk908 crore and debt equity ratio of 0.42. These matters indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern, the auditor said.

MEP Hi-Tech Industrial Park Limited, a concern of MEP Group, will invest Tk 200 crore to set up a modern electrical and electronic products manufacturing facility on nearly 10 acres of land at the National Special Economic Zone in Chattogram.

A land lease agreement was signed between the Bangladesh Economic Zones Authority (Beza) and MEP Hi-Tech Industrial Park Limited at Beza’s office in Dhaka’s Agargaon today, according to a press release.

The factory will produce electrical wires, switches and sockets, fans, LED lights, circuit breakers, and other related products, aiming to reduce the country’s reliance on imports and expand local manufacturing capacity.

Established in 1974, MEP Hi-Tech Industrial Park Limited is a business conglomerate with around 2,000 corporate clients and more than 1,000 distribution networks nationwide.

Construction of the project is scheduled to begin in April 2026 and is expected to be completed by December 2028, with commercial production targeted for January 2029.

Once fully operational, the facility is expected to generate employment for around 2,000 people directly and indirectly.

Saleh Ahmed, executive member for investment development at Beza, said the Tk 200 crore investment by a domestic industrial group would support import substitution, export diversification, and technology-driven industrialisation.

Jahangir Alam Chaklader, managing director of MEP Group, said the project would strengthen local production of electrical goods and contribute to the country’s export prospects in the future.

Currently, around 15 industrial units are in operation at the National Special Economic Zone, while about 20 more are under construction.

The pre-IPO shares held by the sponsors, directors and placement shareholders of Asiatic Laboratories will remain under lock-in until three years beyond the existing lock-in expiry date or until the completion and commercial operation of its proposed 32-storey building — whichever occurs later.

The decision was taken by the Bangladesh Securities and Exchange Commission (BSEC) today (17 February), according to a press release. The extended lock-in will apply to shares held by 183 individuals and institutions mentioned in the company's prospectus.

The regulator said the decision was made considering recommendations from an inspection report of the Dhaka Stock Exchange, prevailing market conditions and the interest of general investors.

Asiatic Laboratories received approval from the commission at its 837th meeting on 31 August 2022 to raise Tk95 crore through an initial public offering (IPO). According to its prospectus, the company planned to use the IPO proceeds for business expansion, including purchase and installation of machinery, construction of a factory building, repayment of bank loans and covering issue management expenses.

However, the company has yet to complete the utilisation of the IPO funds.

Without completing the utilisation process and without conducting project evaluation, feasibility studies or securing necessary regulatory approvals — including building plan approval from RAJUK and environmental clearance — the company disclosed price-sensitive information on 28 September 2025, announcing an ambitious plan to construct a 32-storey building.

The BSEC also noted that entering into the real estate or hotel business through the construction of such a building is not consistent with the company's Memorandum of Association. An inspection conducted by the DSE identified these inconsistencies.

The Dhaka Stock Exchange (DSE) has issued a query to Dulamia Cotton Spinning Mills, a listed textile company, for failing to submit its dividend distribution compliance report within the stipulated timeframe.

Under the rules of the Bangladesh Securities and Exchange Commission (BSEC) and Regulation 29 of the listing regulations, listed companies are required to submit a dividend compliance report to both the exchange and the commission within seven working days of completing dividend payments.

Shareholders of Dulamia Cotton approved a 3% cash dividend for FY25 at the annual general meeting (AGM) held on 3 December. Following shareholder approval, the company was required to disburse the dividend within one month and file the compliance report within seven working days.

However, the DSE said the company failed to submit the report in accordance with regulatory requirements, prompting the issuance of a query letter.

According to DSE data, Dulamia Cotton has remained non-operational since 14 June 2020. Despite having no revenue in the first half of the current fiscal year due to continued closure, the company reported a profit of Tk22 lakh, with earnings per share (EPS) of Tk0.29 for the July-December period.

In the corresponding period of the previous fiscal year, it posted a profit of Tk17 lakh and EPS of Tk0.23. Notably, although the company has no active operations, its share price has continued to rise. The stock closed at Tk138.5 yesterday, up from Tk124.4 on 25 January.

GPH Ispat Ltd's sponsor Mohammed Almas Shimul is set to transfer 2 crore shares to his son and daughter, both general shareholders of the company, marking the entry of the second generation into the company's shareholding structure.

Currently, Almas Shimul, additional managing director of GPH Ispat, holds around 5.24 crore shares, equivalent to 10.82% of the company's total outstanding shares.

In a disclosure posted on the stock exchange website yesterday, he expressed his intention to transfer a 4.13% stake — one crore shares each — to his daughter, Sobha Soha, and son, Saihan Sadik Pial, as a gift.

Following completion of the transfer, each recipient will hold a 2.06% stake in the company. Based on the current market price, the value of the two crore shares stands at approximately Tk35 crore as of yesterday, its shares are traded at Tk17.50 each at the Dhaka Stock Exchange (DSE).

The disclosure said the shares will be transferred as gifts outside the exchange's trading system within 30 working days after approval from the Chittagong Stock Exchange.

In January 2025, Mohammed Jahangir Alam, sponsor and managing director of GPH Ispat, transferred 2.5 crore shares — 1.25 crore each — from his 11.41 crore holding to Sadman Syka Sefa and Salehin Musfique Sadaf, both general shareholders of the company.

A recent example is Crown Cement PLC, one of Bangladesh's leading cement manufacturers, which is entering a new phase of leadership as second-generation members of its sponsor families assume board-level roles — a transition that signals a significant shift in the company's long-term governance and succession planning.

According to the company's annual report for FY25, Crown Cement has appointed two second-generation directors to its board – Solaiman Kabir, son of Vice Chairman Alamgir Kabir, and Mushsharat Mahajabin, daughter of sponsor director and Additional Managing Director Mizanur Rahman Mollah.

In April last year, Alamgir Kabir transferred 29.70 lakh shares to his son, while Mizanur Rahman Mollah gifted 30 lakh shares to his daughter through transactions executed on the DSE.

GPH Ispat manufactures and trades iron, steel and other metallic or allied materials. Its factory commenced the commercial production on 21 August 2008.

The company reported revenue of Tk2,361 crore in the first half of the current fiscal year, down from Tk2,884 crore in the same period a year earlier.

Profit fell sharply to Tk4.55 crore from Tk31.38 crore year-on-year. For FY25, the company incurred a loss of Tk8.71 crore, though it still paid a 5% cash dividend to shareholders.

BRAC Bank PLC has recently launched a new sub-branch at Monipuripara in Dhaka.

With this addition, the bank’s sub-branch network now stands at 116, according to a press release.

Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank PLC, inaugurated the sub-branch at JDPC Bhaban, Monipuripara in Tejgaon, Dhaka, as the chief guest, the press release said.

The area is well known for its Monipuri ethnic community, residential neighbourhoods and growing urban establishments, offering BRAC Bank a strong opportunity to serve a diverse customer base with more convenient and enhanced banking services.

The new sub-branch will offer a range of modern banking services, providing convenience to both individual and business customers.

Customers can avail themselves of services such as account opening, cash deposits and withdrawals, deposit pension schemes, fund transfers using EFTN and RTGS, remittance services, utility bill payments, credit cards, student file processing, consumer loans, debit cards and chequebook processing, Astha App enrolment, school banking and savings instruments, among others, except foreign exchange services.

The bank’s expansive network includes 310 branches and sub-branches, 330 ATMs, 446 SME Unit Offices and 1,117 agent banking outlets, making it one of the largest in Bangladesh.

Sheikh Mohammad Ashfaque, deputy managing director and head of the branch distribution network; AKM Tareq, senior zonal head for Dhaka North; and Taher Hasan Al Mamun, senior zonal head for Dhaka South, along with other senior officials of the branch distribution network, were also present.