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21 hours ago
Banking
Formalities eased for opening NRBs’ taka accounts
January 09, 2023
· The central bank has simplified formalities for the opening non-resident investor's taka accounts (NITAs).
· In order to bring uniformity in the opening of NITAs, banks have been advised to obtain the applicant's valid passport copy, photograph, proof of address, reliable source of income, and the copy of the nominee or authorized person's passport or national identification card, and the photograph.
· The NITA is a facility that is extended to non-resident individuals, institutions or NRBs who are interested in trading Bangladeshi securities against foreign exchanges remitted from abroad.
Capital Market
HC approves Far Chemical-SF Textile merger
January 08, 2023
· The High Court has allowed Far Chemical Industries Limited – a publicly listed textile-based chemical firm – to merge with the non-listed SF Textile Industries Limited.
· As per the amalgamation rules, Far Chemical's existing shareholders will get the shares at a 1:3 ratio. On the other hand, SF Textile's existing shareholders will get the shares at a 1:1.96 ratio.
· Hence, the total number of shares of the new entity Far Chemical Industries will be 1,530,973,330, and its paid-up capital will be BDT 1530 million.
From: https://www.tbsnews.net/economy/stocks/hc-approves-far-chemical-sf-textile-merger-564774
DBL Group gets USD 52mn British loan
January 08, 2023
· DBL Group has availed itself of a USD 52 million loan from British International Investment, a development finance institution of the UK, for the construction of a manufacturing facility.
· With the credit facility, the DBL will establish a LEED (Leadership in Energy and Environmental Design)-certified green building for Jinnat Textile Mills, a cotton yarn spinning mill, at DBL Industrial Park in Shreehatta Economic Zone in Sylhet.
· This loan qualifies under a "2X Challenge" as the facility will contribute toward strengthening women's participation in the economy and improving the quality of employment for women.
From: https://www.thedailystar.net/business/economy/news/dbl-group-gets-52m-british-loan-3215991
Energy
15% retail power tariff hike recommended
January 08, 2023
· The Technical Evaluation Committee of the Bangladesh Energy Regulatory Commission on Sunday recommended an average hike of over 15% in the retail power tariff in a rather hurried move seen as a sign of its immediate implementation.
· The recommendation came in less than two months after a 20% hike in the bulk power tariff was decided after only a day of public hearing which previously extended over days.
· The TEC also recommended raising the wheeling charge of the Power Grid Company of Bangladesh by more than 13%, which was included in the recommended average retail tariff.
From: https://www.newagebd.net/article/191158/15pc-retail-power-tariff-hike-recommended
note: this post is for research and analysis purposes only