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.

Bank Asia PLC has signed an agreement with Chef’s Table to offer Ramadan privileges to its debit and credit cardholders.

Kazi Saiful Islam, general manager for sales and operations at Chef’s Table, and Zishan Ahammad, head of cards, ADC and internet banking at Bank Asia PLC, signed the agreement at the former’s office in Dhaka recently, according to a press release.

Under the agreement, Bank Asia cardholders will enjoy a 10 percent discount at all Chef’s Table outlets throughout the holy month of Ramadan.

This collaboration reflects Bank Asia’s continued commitment to enhancing the customer experience by delivering added value and exclusive lifestyle benefits, especially during Ramadan.

Other senior officials from both organisations were also present at the signing ceremony.

LafargeHolcim Bangladesh PLC (LHB) has launched a new salinity- and sulphate-resistant cement, branded “Holcim Coastal Guard”, aiming to capture the 30-lakh-tonne market in the country’s south-western and south-eastern coastal regions.

The cement is designed to address the growing environmental challenges in coastal areas, where structures are often exposed to saline and sulphate-rich conditions, according to a press statement issued recently.

The product has been developed through the company’s in-house innovation and manufacturing capabilities in collaboration with the Innovation Center of Holcim Group in Lyon, France, leveraging the group’s Smart Blend Technology.

Bangladesh’s annual cement demand stands at around 4 crore tonnes, of which LafargeHolcim Bangladesh supplies approximately 42 lakh tonnes, said Thuhidul Islam, head of communications, CSR and sustainability at LHB, quoting the company’s technical experts.

“We have launched ‘Holcim Coastal Guard’, targeting an annual demand of three million tonnes across the coastal districts -- Khulna, Satkhira, Bagherhat, Patuakhali, Barguna, Barishal, Jhalakathi, Pirojpur, Chandpur, Bhola, Noakhali, Feni, Lakshmipur, Cox’s Bazar and Chattogram,” he said.

Chemical factories, government sanitation projects, and effluent and sewage treatment plants (ETPs and STPs) also have demand for this type of cement, he added.

He claimed that LHB is the first in Bangladesh to receive approval and introduce cement in this category.

Holcim Coastal Guard is engineered to combat the rapid deterioration of structures exposed to sulphate- and chloride-rich soils, coastal groundwater and chemical attacks in water and effluent treatment plants, ensuring longer-lasting and more resilient construction.

Mohammad Mahfuzul Hoque, commercial and logistics director of LHB, said, “This product has been developed through continuous consumer engagement, research, and a thorough understanding of the saline and sulphate impact on structures.”

Inaugurating the product as the chief guest at a city hotel in Khulna recently, he added, “We believe that Holcim Coastal Guard will help our customers build homes that remain resilient against harsh environmental challenges, providing unmatched protection against coastal erosion and decay.”

PRAN-RFL Group, a leading conglomerate in Bangladesh, is set to invest Tk 500 crore over the next three years to manufacture and market motorcycles and electric scooters.

The group aims to produce its own eco-friendly electric scooter brand, RYDO, while also taking over the manufacturing and distribution of the renowned Indian brand TVS in the local market, according to a press release.

The move is expected to create direct and indirect employment for 5,000 people.

A motorcycle assembly and manufacturing plant will soon be established at the Habiganj Industrial Park.

“Today, motorcycles and bicycles are not just modes of transportation for young people; they have become lifestyle products,” said RN Paul, managing director of RFL Group.

Under a recently signed memorandum of understanding (MoU), PRAN-RFL will invest Tk 400 crore in phases to produce “Made in Bangladesh” TVS motorcycles.

Mahmudur Rahman, chief operating officer of RFL’s bike business, said that marketing of TVS motorcycles will commence by the end of February, with full-scale production at the Habiganj factory starting within this year. The initial target is to produce 5,000 units a month.

RFL has already begun assembling RYDO scooters, which are electric vehicles, with an initial investment of Tk 50 crore.

“By 2027, we aim to offer high-quality RYDO electric scooters at around Tk 50,000,” Paul said, adding that the group plans to manufacture almost all components locally within the next year to ensure affordability.

To address charging infrastructure challenges, the group is installing fast-charging stations at its retail outlets in partnership with Glafit Bangladesh Limited.

The country’s motorcycle market is currently valued at Tk 7,000-Tk 8,000 crore, with annual growth of 16-17 percent. Industry experts expect national production capacity to reach one million units by 2027.

PRAN-RFL Group has entered Bangladesh's motorcycle market with a plan to invest around Tk500 crore over the next three years, aiming to set up a manufacturing and assembly facility at the Habiganj Industrial Park and create direct and indirect employment for about 5,000 people.

The country's leading conglomerate will operate in both conventional motorcycles and electric two-wheelers, combining the manufacturing and marketing of its own electric scooter brand, RYDO, with the local production and distribution of motorcycles under the popular TVS brand.

According to company officials, work on establishing the Habiganj plant will begin soon. Alongside manufacturing, PRAN-RFL will invest in building a modern nationwide marketing network and strengthening after-sales services, a segment industry insiders say is critical to sustaining growth in Bangladesh's competitive two-wheeler market.

PRAN-RFL has already started manufacturing and marketing RYDO electric scooters at its Habiganj facility, employing around 1,000 people directly. Once the factory reaches full capacity, another 1,000 direct jobs will be created, while an estimated 3,000 more positions are expected through suppliers, distributors and service centres.

RN Paul, managing director of PRAN-RFL Group, said the decision reflects changing consumer preferences, particularly among young people. "Motorcycles and bicycles are no longer just modes of transportation; they have become lifestyle products," he said, noting that PRAN-RFL's long experience in producing and marketing affordable bicycles provided a foundation for entering the motorcycle and electric scooter segments.

Taking over TVS operations

As part of its expansion, PRAN-RFL has taken over TVS motorcycles in Bangladesh under a recently signed memorandum of understanding between the two companies.

Paul said TVS motorcycles would soon be produced locally as "Made in Bangladesh" products at the Habiganj factory.

An investment of around Tk400 crore will be made in phases for TVS production, with technical support from the Indian manufacturer.

"Through new models, improved braking systems and better after-sales service, we aim to bring this brand back to the top," Paul said.

Mahmudur Rahman, chief operating officer of RFL's bike business, said marketing of TVS motorcycles through PRAN-RFL's network will begin by the end of February, while full-scale production at Habiganj is expected to start within this year. Initially, the factory will produce about 5,000 units per month, with plans to double capacity through expansion.

TVS Motor Company, one of India's leading motorcycle manufacturers, has had a visible presence in Bangladesh's two-wheeler market for years, with models such as the TVS Star City Plus, TVS Apache series and commuter bikes being popular among urban and rural riders alike.

Until recently, the brand's motorcycles were imported and distributed locally by Rangs Motors. However, fragmented distribution and inconsistent after-sales support have limited TVS's competitive edge against rivals with deeper retail networks. With PRAN-RFL now taking over marketing and future local production, the brand aims to strengthen its foothold in Bangladesh through expanded distribution.

Strong push for electric scooters

PRAN-RFL is placing particular emphasis on electric scooters, viewing them as vehicles of the future amid rising fuel costs and environmental concerns. Paul said electric scooters are already widely used in India, China and Vietnam, and Bangladesh has strong demand potential, although high prices have constrained growth.

By 2027, the company aims to offer RYDO electric scooters at around Tk50,000, targeting mass-market adoption. Production and assembly of RYDO scooters have already started at Habiganj with an initial investment of Tk50 crore. Currently, about 20% of components are manufactured locally, with plans to increase localisation to nearly 100% within a year through an additional Tk50 crore investment.

Mahmudur said the factory is now producing around 500 RYDO scooters per month, which will rise to 3,000 units once operations are fully scaled up.

Charging infrastructure remains a key challenge for electric two-wheelers. Addressing this, Paul said PRAN-RFL is installing fast-charging stations at its retail outlets in partnership with Japan-backed startup Glafit Bangladesh Limited, an initiative expected to support wider EV adoption.

Backward linkage push, steady growth strategy

Industry insiders estimate Bangladesh's motorcycle market at Tk7,000-8,000 crore, growing at 16-17% annually. Nearly 99% of motorcycles sold in the country are locally manufactured or assembled, driven by favourable government policies and rising urban and semi-urban mobility needs.

Motorcycle sales have nearly doubled over the past decade, rising from fewer than 2,00,000 units in 2015 to around 4,00,000 units annually. By 2027, industry capacity is expected to reach one million units.

PRAN-RFL also sees strong potential in backward linkage industries. Paul said components such as drive chains, seats, stands, wheels and batteries can be manufactured locally, leveraging RFL's experience in plastics, metal and consumer goods manufacturing.

Company officials said the first year will focus on stable growth, expanding dealer and service networks, and ensuring strong customer support, with a longer-term goal of emerging as a market leader in both conventional and electric two-wheelers.

The Dhaka Stock Exchange (DSE) has approved the transfer of 30 lakh shares of Genex Infosys PLC held by its director Nilofar Imam to City Bank PLC, according to a disclosure issued by the bourse.

The transfer will be executed outside the trading system of the exchange and is scheduled to be completed within the next 30 working days, effective from 3 February.

The share transfer will take place under Regulation 47(1)(d) of the Dhaka Stock Exchange (Listing) Regulations, 2015, which allows certain transactions to be conducted outside the trading platform. The provision permits off-market transfers in specific circumstances, including cases related to confiscation or loan default, subject to compliance with applicable laws and regulatory approval.

Genex Infosys' share price edged down slightly following the announcement. Today, the company's shares closed 0.38% lower at Tk26.20 on the DSE.

This is not the first instance of sponsor-level share transfers involving Genex Infosys in recent weeks. Earlier, on 18 January, another director of the company, Chowdhury Fazle Imam, transferred 8.07 lakh shares, while a corporate director Oracle Services Limited transferred 9.92 lakh shares to Dhaka Bank, also under the same regulatory provision.

Meanwhile, Genex Infosys' financial performance showed mixed trends in the first half of the ongoing fiscal year. For the July–December period of FY26, the company's consolidated revenue declined by 6% year-on-year to Tk96.96 crore.

However, its consolidated net profit rose by 16% to Tk17.59 crore, supported by improved cost management and operational efficiency. As a result, consolidated earnings per share stood at Tk1.46 at the end of the first half of the fiscal year.

According to the latest shareholding structure, sponsors and directors collectively hold 30.05% of Genex Infosys' shares, while institutional investors own 18.71%. Foreign investors account for 0.09%, and the remaining 51.15% shares are held by general public investors.

Earlier, the company recommended a 1% cash dividend for the fiscal year 2024–25, payable only to general shareholders, excluding sponsors and directors.

The Bangladesh Competition Commission (BCC) has fined S Alam Super Edible Oil Ltd Tk 42.84 crore for artificially inflating cooking oil prices by restricting supply and colluding with dealers and rivals to manipulate the market in 2022.

Following demands from businesspeople, the government raised edible oil prices by Tk 38 per litre on May 5, 2022. Yet supply remained tight, leaving consumers struggling.

The BCC later launched an investigation into the import, production and pricing of cooking oil during that period, and filed charges against the company later that month.

In its final order, issued last Tuesday, the commission found that S Alam Super Edible Oil Company had violated the Competition Act of 2012 by restricting output and conspiring with distributors and other firms to control the market, reads a press statement.

It violated Section 15’s sub-section 1 and sub-section 2’s clauses a(i) and b of the law, which prohibit agreements that harm competition or create monopolies and oligopolies, particularly those that fix abnormal prices or limit production and supply.

Afroza Bilkis, a member of the BCC, told The Daily Star that S Alam Super Edible Oil Ltd must pay the fine within 30 days of receiving the full judgment.

If the company disagrees with the ruling, it can file a review with the commission or appeal to the Secretary of the ministry concerned within the same timeframe.

Bilkis added that failure to pay, review, or appeal would be considered a violation of the order, allowing the commission to initiate legal action, including criminal proceedings, against the company.

The company is owned by Mohammed Saiful Alam, who is accused of laundering thousands of crores of taka in loans from banks under his control during the 15 years of the Awami League-led regime.

The Daily Star attempted to contact S Alam Group’s Kazi Salahuddin Ahmed, senior general manager, and Subrata Kumar Bhowmick, executive director for finance, for comments on the matter. However, they did not respond by the time of filing this report, as of 6:30 pm.

Padma Bank, formerly Farmers Bank, slid into long-term insolvency after large-scale lending irregularities, failed state bailouts and continued governance failures, leaving it unable to recover defaulted loans or restore capital.

How it happened:

The bank began facing severe financial stress soon after its establishment in 2013 because of large-scale lending anomalies.
By 2018, the situation had worsened to the point where four state-owned banks and the Investment Corporation of Bangladesh injected Tk715 crore as a bailout.
State-owned banks later provided a further Tk1,000 crore through subordinate bonds and fixed deposits.
Despite these public investments, the bank failed to recover money from defaulters, allowing capital erosion to continue.
Governance problems persisted even after the board was reconstituted under the bailout package.

90% default loans, insolvent for years – Padma Bank merger still not in sight

Chowdhury Nafeez Sarafat was appointed chairman in January 2018 after former chairman Muhiuddin Khan Alamgir resigned amid allegations of financial scams.
Sarafat allegedly siphoned money from the bank to his firm, Bangladesh RACE Asset Management, further weakening the bank's financial position.
Like his predecessor, Sarafat later resigned after failing to restore the bank's financial health.
Neither Sarafat nor Alamgir has faced legal action over the alleged financial plundering.
By June 2025, Tk5,131 crore of the bank's Tk5,598 crore in loans had turned non-performing, accounting for more than 91% of total loans.
The bank recorded negative shareholder equity of Tk4,533 crore, meaning its liabilities exceeded its assets.
Continued operating losses further deepened the bank's insolvency.
The bank also accumulated Tk683 crore in dues to Bangladesh Bank, including penalties and shortfalls in maintaining mandatory cash and liquidity reserves.

A joint venture led by listed firm Shasha Denims is set to invest Tk350 crore to build the Ghorashal Inland Container Depot (ICD) in Ghorashal, Narsingdi, according to a stock exchange disclosure.

The depot will be developed under a design, build, finance, operate, maintain and transfer model and operated as a public-private partnership with Bangladesh Railway.

The joint venture has already signed a 30-year concession agreement with Bangladesh Railway and disclosed the investment plan through a filing on Sunday.

The project is being undertaken by Container Company of Bangladesh Limited (CCBL), to establish a multimodal inland container depot on 20 acres of land to handle import and export cargo from Chattogram and Mongla ports.

To implement the project, a special purpose company named "Ghorashal ICD and Port Limited" has been formed, in which Shasha Denims currently holds a 90% stake, the disclosure said.

The company added that the shareholding structure may change in future with the inclusion of strategic investors to strengthen the project's technical and financial capacity.

Aslam Ahmed Khan, company secretary of Shasha Denims, told TBS that the company has initially taken a 90% stake, but the ownership structure will evolve once strategic partners are brought in.

Previously, he said, "The depot will be built on 20 acres of land owned by Bangladesh Railway. The railway will only provide the land on a rental basis for 30 years, and in return, the railway will receive 15% of the total revenue."

The company expects construction to be completed by 2028, after which commercial operations will begin, he added.

In January 2024, CCBL, a government-owned company under the Ministry of Railway, floated a tender to build the multimodal inland container depot, seeking interest from local and foreign investors.

Earlier reports by TBS said the project failed to attract bidders despite two rounds of tenders, prompting CCBL to prepare for a third bidding attempt.

The project aims to ease the movement of export-import cargo to and from Chattogram and Mongla ports and is being implemented by CCBL, a subsidiary of Bangladesh Railways.

Shasha Denims is one of the leading listed textile companies, with an annual turnover of about Tk1,000 crore. In FY25, the company posted consolidated revenue of Tk1,128 crore, marking a 0.91% year-on-year decline, while profit fell 12.54% to Tk21.68 crore, with earnings per share of Tk1.57.

The board recommended a 5% cash dividend for shareholders. In the first half of the current fiscal year, revenue declined 2.33% year on year to Tk617.40 crore, while profit dropped 52% to Tk8.02 crore.

Today, Shasha Denims shares closed at Tk16 each, up 4.58% from the previous trading session.

Summit Alliance Port Limited, one of the country's leading inland container terminal and logistics operators, reported a sharp decline in revenue and profit in the first half of FY26, primarily due to a slowdown in export-related container handling and lower freight rates.

According to its price sensitive statement, the company's consolidated revenue fell by 28% year-on-year to Tk322 crore in the July–December period of FY26, while consolidated net profit dropped by 37% to Tk22.82 crore. As a result, consolidated earnings per share stood at Tk0.96, compared to a stronger performance in the same period of the previous fiscal year.

The company's consolidated net asset value per share also declined, slipping to Tk34.47 from Tk35.67 a year earlier.

Summit Alliance Port attributed the weaker performance largely to the downturn in its subsidiary Container Transportation Services Limited (CTSL), which experienced lower net profit during the reporting period due to reduced cargo volumes, a fall in freight rates and the absence of dividend income from subsidiaries.

The elimination of dividend income amounting to Tk17.32 crore further weighed on overall profitability during the first half of the fiscal year.

The half-yearly financial report showed that earnings from air and sea freight export handling under Container Transportation Services fell significantly by 38% to Tk198 crore. The decline reflects subdued export activity and intense competition in the freight forwarding segment, which compressed margins despite the company's efforts to expand its service offerings. Container Transportation Services continues to remain the primary revenue driver for Summit Alliance Port, making the group's overall performance highly sensitive to changes in export volumes and global trade conditions.

According to the Export Promotion Bureau, overall export earnings during the July-December period declined 2.19% to just under $24 billion.

Established in 2013, Container Transportation Services initially focused on domestic transportation but later diversified into freight forwarding after obtaining a customs licence in June last year. The company has since been positioning itself as an integrated logistics service provider, catering to both domestic and international clients. As part of this strategy, CTS partnered with Germany-based Hellmann Worldwide Logistics as its local agent, aiming to tap into global freight networks and strengthen operational capabilities.

In January 2025, Summit Alliance Port announced a strategic partnership with Hellmann Worldwide, under which the German logistics firm subscribed to 3.33 lakh new CTS shares at Tk66.50 each. The collaboration was designed to enhance the group's international reach and improve efficiency across South Asia. However, the benefits of this partnership have yet to fully offset the impact of weaker export demand and lower freight rates in the current reporting period.

Summit Alliance Port's shareholding structure includes Alliance Holdings with a 23.48% stake and Summit Holdings owning 8.07%. Among individual sponsors, Alliance Holdings founder and Summit Alliance Port Managing Director Jowher Rizvi holds 5.48% of the shares, while Summit Group Chairman Aziz Khan owns 7.03%.

Of the 110,774 green buildings recognised worldwide, HAMS Garments Ltd has secured a top position, scoring 108 out of 110 points under the latest certification.

The factory owners said they had to spend less than Tk2 crore additionally to obtain recognition as a top green factory.

Although the factory does not receive higher prices from foreign buyers for green production, Shafiqur Rahman, managing director of HAMS, told The Business Standard that the recognition helps keep the company "in buyers' good books." "It is a prestigious achievement," he said.

Ananta Ahmed, managing director of 360 TSL, which works on green buildings in Bangladesh and provided technical support to HAMS for the certification, told TBS that globally, about 30 buildings have scored more than 100 points, of which nine are in Bangladesh. Notably, all of the top five such facilities are located in Bangladesh.

Explaining why HAMS scored higher than others, Ananta said the factory successfully met the criteria it had targeted within the stipulated timeframe, which helped it secure the score.

He added that the factory missed two points mainly because it could not meet the outside water-saving criteria. "There was not enough space outside the factory area to fulfil that requirement," he said.

Ananta said the main criteria for green certification include comparisons with set benchmarks on water consumption and how much energy use is reduced through energy-efficient technologies.

He said the indoor environment of the factory or building is also assessed, along with the percentage of open space outside the factory building maintained as green areas.

He added that scoring also considers, if crops are grown in green spaces, how irrigation is managed and what types of fertilisers or pesticides are used there.

He further said that the amount of carbon emissions generated by workers' commuting to and from the factory is also taken into consideration.

"Bangladesh enjoys a comparative advantage in this regard," Ananta said, noting that many workers commute on foot, which keeps carbon emissions lower and helps raise scores.

He added that areas such as location and transportation planning, site selection and management, policies and procedures, audits, training and human development, preventive maintenance systems, procurement strategy, product and material selection, and operational discipline and documentation do not require extra costs, yet together account for around half of the total score.

The factory owner said the facility, which employs about 7,000 workers, had to spend nearly Tk2 crore additionally to achieve the highest score.

Shafiqur Rahman told TBS, "The use of environmentally friendly technologies has reduced water consumption by 30% and energy use by 20% at the factory."

For the achievement, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) accorded a special reception to HAMS Garments Ltd yesterday.

Speaking at the event, BGMEA Senior Vice President Inamul Haque Khan said HAMS Garments Ltd set a new world record by scoring 108 out of 110 under the US Green Building Council (USGBC) LEED Platinum certification.

"The achievement is not just about numbers but represents the highest score among green factories worldwide," he said.

"The success has taken the prestige and capability of the 'Made in Bangladesh' brand to a new height globally and has created a global benchmark for Bangladesh's garment sector," he added.

MJL Bangladesh Limited, a leading lubricant and energy company, has reported a year-on-year decline in its consolidated revenue and profit for the first six months of the current fiscal year, as customers faced ongoing economic challenges and increasingly shifted toward lower-cost products.

In the July to December period, the company's consolidated profit decreased to Tk100.88 crore, which is 53.61% lower from Tk217.44 crore in the period of the previous year, according to its financial statements.

The company said changes in consumer purchasing behaviour – driven by cost pressures and cautious spending – negatively affected sales volumes and profit margins during the period. As customers prioritised affordability, demand for premium and higher-margin products weakened.

Since MJL primarily manufactures and markets high-quality products, the growing preference for low-cost alternatives had a direct impact on the company's revenue performance. The shift in consumer demand limited sales growth and exerted pressure on overall profitability during the reporting period.

The share price of the company closed at Tk92.40 on the Dhaka stock exchange on Thursday (29 January).

Revenue down 17.52%

In the July to December period, the company made revenue of Tk2017.53 crore, which is 17.52% lower from Tk2446.12 crore compared to the same period of the previous year, said the financial statement.

In the first six months, its earnings per share stood at Tk3.86, which was Tk6.66 a year ago.

In the October to December quarter, its consolidated profit reduced to Tk4.74 crore, which is down from Tk104.27 crore in the period of the previous year.

In this quarter, the company made revenue of Tk1027.88 crore, which is lower from Tk1200.65 crore compared to the same period of the previous year.

In the October to December quarter, its earnings per share stood at Tk0.80, which was Tk3.23 a year ago.

'No compromise on product quality'

A senior company official, speaking on condition of anonymity, said they never compromise on product quality, which makes its products slightly more expensive than competitors in the market.

"Due to inflationary pressures and challenging economic conditions, customers are increasingly shifting toward lower-cost alternatives, which has affected the sales of high-value, quality products," he added.

Meanwhile, imports of liquefied petroleum gas (LPG) from Iran have become more difficult due to existing sanctions. The company usually imports these raw materials through Singapore. Since these products cannot be imported secretly, the restrictions have directly impacted the company's business operations.

Its net asset value per share stood at Tk52.72 at the end of December 2025.

The company owns a state-of-the-art lube oil blending plant and offers high-performance and authentic lubricants, grease products and other innovative energy solutions to the local market and exports some of its products to the international market as well, according to its financial statement.

In FY25, MJL recommended a 52% cash dividend of their shareholders. As on December 2025, the sponsors and directors jointly hold 71.52%, institutions 22.15%, general investors 6.33% of the company.

Two listed cement makers, Crown Cement PLC and Premier Cement Mills PLC, reported sharp profit declines in the first half of the current fiscal year, despite largely stable revenue, highlighting growing margin pressure in Bangladesh's cement sector amid intense competition and rising input costs.

Crown Cement posted revenue of Tk1,872 crore in the July–December period of FY26, up 15% from a year earlier. Second-quarter revenue rose 8% to Tk993 crore, while export earnings increased 36% year-on-year to Tk46.46 crore.

However, profitability weakened significantly. Net profit fell 48% year-on-year to Tk11.75 crore in the first half, while second-quarter profit dropped 73% to Tk5.08 crore. Earnings per share declined to Tk0.79 from Tk1.52 a year earlier.

Following the earnings disclosure, Crown Cement's shares slipped 1.87% to close at Tk47.20 on the Dhaka Stock Exchange today (29 January).

In its financial statement, the company attributed the profit drop to rising production costs and pricing pressure. Although sales volume increased 11.64% – supported by strong demand and the commissioning of its sixth production unit, adding 8,040 tonnes of daily capacity – the cost of goods sold rose 13.16%, driven by higher clinker duties and increased global raw material prices. As a result, the gross margin narrowed to 9.74% from 13.87% a year earlier.

Premier Cement Mills reported a similar trend. Its first-half revenue stood at Tk1,059 crore, nearly unchanged from the previous year, while second-quarter revenue remained flat at Tk541 crore. Export income fell 35% year-on-year to Tk9.77 crore.

The company's net profit declined 49% year-on-year to Tk1.97 crore in the first half, with second-quarter profit dropping 72% to Tk0.68 crore. Earnings per share fell to Tk0.19 from Tk0.36 a year earlier.

Premier Cement's shares dropped 2.67% to close at Tk36.40 on the DSE following the announcement.