The New Nation - Internet Edition

GSP Finance declares 5pc cash, 10pc stock dividend

BUSINESS REPORT

GSP Finance Company (Bangladesh) Limited held its 13th annual general meeting (AGM) at the registered office of the company in the city on Saturday. The company declared 5 per cent cash and 10 per cent bonus shares at the meeting for the shareholders for the year 2007.

The meeting was presided over by Mr Ramaswamy Soundararajan in absence of Mr Sutham Chansrichawla, chairman of the company.

Directors Feroz U Haider, M Nurul Islam, Gurdist Malhotra (representing GSP Finance, Hong Kong), Siraj U Haider and Moin U Haider and Managing Director (Incharge) Md Helal Uddin attended the AGM.

Feroz U Haider was elected chairman of the company in the subsequent board of directors' meeting. The shareholders thanked Mr Feroz and the staff of GSPB for their commitment and immense contribution to the success and growth of the company.

GSP Finance Company (Bangladesh) Ltd is a joint venture financial institution of Hong Kong, Thailand, Republic of Vanuatu and Bangladesh. Its foreign and local shareholding is 74.97 per cent and 25.03 per cent respectively and the total shareholders' equity of the company is Tk 480.00 million as on December 31, 2007.

Foreign shareholdings belong to institutions, eminent bankers and persons having big business houses in the Fareast and Southeast Asia.

Citycell signs agreement with Standard Chartered Bank

BUSINESS REPORT

Citycell recently signed an agreement of Integrated Cash Management Solutions with Standard Chartered Bank.

Under this agreement, Citycell will pay its utility bill through Standard Chartered Bank.

Michael Seymour, CEO of Citycell and Mirza Aminur Rahman, Director and Head of Transaction Banking of Standard Chartered Bank signed the agreement on behalf of their respective organizations.

Ahmed A. Shah, Managing Director,. Sohrab Saeed, Director and Shams A. Muhaimin, Associate Director, Transaction Banking of Standard Chartered Bank and Mohammad Tipu Sultan, Director, Financial Control and Nasir Uddin Khan, Manager, Accounts Payable of Citycell and other senior officials of both the organizations were also present at the signing ceremony.

BRAC Bank holds AGM, EGM

BUSINESS REPORT

The 9th annual general meeting (AGM) and the 6th extraordinary general meeting (EGM) of BRAC Bank Limited were held in the city on Thursday where the Bank declared 10 per cent stock dividend for its shareholders for the year that ended on December 31, 2007.

The shareholders approved the issuance of 1:5 right share (one right share for every five ordinary shares of Tk 500 each including premium of Tk 400) and increase of authorised capital to Tk 4.80 billion (480 crore) from the existing Tk 2.00 billion, says a press release.

Chaired by BRAC Bank Chairman Fazle Hasan Abed, the meeting was attended, among others, by directors Syed Humayun Kabir, Muhammad A (Rumee) Ali, Md Aminul Alam, Quazi Md Shariful Ala, Nihad Kabir, Acting Managing Director-cum-CEO Kaiser Tamiz Amin and Company Secretary Rais Uddin Ahmad.

Islami Bank opens Dohar branch

BUSINESS REPORT

Dohar Branch of Islami Bank Bangladesh Limited was inaugurated as its 188th branch on April 27 at Papel Shopping Centre, Joypara, Dohar, Dhaka.

On the occasion, a function was held at the branch premises where Kamal Uddin, Deputy Commissioner of Dhaka District inaugurated the branch as the chief guest while Md Babul Mia, Upazila Nirbahi Officer of Dohar and Alhajj Abdur Rahim Mian, Chairman, Dohar Municipality were present as special guests.

Presided over by Mominul Islam Patwary, Chairman, Executive Committee of the bank, the function was addressed, among others, by Md Shahidul Islam, former Director, Md Habibur Rahman, Deputy Managing Director, Abu Taher Mohammad Saleh, Executive Vice President and Head of Dhaka "South Zone of the bank. Dr. Md Abdul Khaleque, Mufti Moulana Md. Saifullah and businessman Md Atiqur Rahman Sayem addressed the programme from among the local people.

In his speech as the chief guest Kamal Uddin called Islami Bank as the pioneer in Islami Banking in the country. He said that Islami Banking is the demand of the time and the best banking system in the country. As a result other banks are opening Islamic Banking wings following this bank.

He added that IBBL is serving the distressed people and giving scholarships to the poor students and giving treatment facilities by Bank Foundation and Bank Hospital. He expected that Islami Bank would continue its progress in future across the country.

Mominul Islam Patwary said that Islami Bank started its journey with a view to solve the five fundamental rights of the people of the country. This bank has opened its door for the help of the poor people. He told that those who are related to this bank have taken it as their own deposit. He told that Islami Bank has created a wave in the whole world by preserving the rights of the people. He urged all to work as the guide of the Islami Bank.

Md. Habibur Rahman said that it is Islami Bank that has been providing Online service in 100 Branches with it's own software inriovated by it's own manpower. Islami Bank is now earning 20 per cent remittance which is the highest in banking sector. Islami Bank could do it for its committed manpower who not only work for money but also take it as their own bank.

On the occasion of inauguration of Dohar Branch, Dhaka of the bank, a seminar on 'Islamic Economics and Banking' was organized at the bank premises on April 26. Mufti Sayeed Ahmad, member of Shari'ah Council of the bank was present in the seminar as the chief discussant. Presided over by Md. Habibur Rahman, Deputy Managing Director of the bank, discussion at the seminar was also participated, among others, by Abu Taher Mohammad Saleh, Executive Vice President and Head of Dhaka South Zone of the bank, Hafez Maulana Abdul Oahab Dohari, Chairman, Kushumhati Union Parishad, Md. Muzibul Haidar, Principal of Malikanda Meghula School and College.

DAM honoured with Bankers' Forum Award-2007

Dhaka Ahsania Mission has been honoured with Corporate Social Responsibility Award-2007 of Bankers' Forum. Bangladesh Bank Governor Dr Salehuddin Ahmed handed over this award to Dhaka Ahsania Mission President Kazi Rafiqul Alam at a ceremony held at the CIRDAP Auditorium on April 26.

Presided over by Bankers Forum President MA Khaleq, Bangladesh Association of Bankers Chairman Md Nazrul Islam Mazumder was present as special guest on the occasion.

Dhaka Ahsania Mission President Kazi Rafiqul Alam, Dutch- Bangla Bank Managing Director Md Yeasin Ali, Pubali Bank Managing Director Helal Ahmed Chowdhury, Standard Chartered Bank CEO Osman Morad and Islamia Eye Hospital Managing Director ASM Kamaluddin spoke on the occasion. Bankers' Forum Secretary General Armanul Habib delivered the address of welcome at the ceremony.

Speaking on the occasion, Bangladesh Bank Governor Dr Salehuddin Ahmed said, bank and corporate sector would have to come forward to perform social responsibility, profit should not be their main concern, they would also have to work for the poor people. He mentioned that in Britain there is a separate minister for social responsibility. In India also there are separate guidelines for the central bank regarding social responsibility which are ensured in big corporate houses and corporations. In Bangladesh it is not possible to implement this by mere order. He urged the bank and financial institutions to perform their social responsibility.

Dhaka Ahsania Mission President Kazi Rafiqul Alam said, only a few out of 30 banks have come forward to perform social development. But the corporate bodies are not doing anything significant in the field of social obligation. He said, "We want to work jointly." He urged the concerned authorities to come forward in this direction.

Bankers Forum has given Award to six organisations in the year 2006-07 in recognition to their contributions in the field of social activities. The award winning organisations were Dhaka Ahsania Mission, Dutch Bangla Bank, Pubali Bank, Islamia Eye Hospital, Dhaka Bank, Standard Chartered Bank.

Mutual Trust Bank opts for GP Business Solutions

BUSINESS REPORT

Grameenphone Ltd. has signed an agreement. with Mutual Trust Bank Limited recently to provide complete communication facilities under its Business Solutions package to Mutual Trust Bank Limited.

Grameenphone Business Solutions is an integrated telecommunications service, specially designed for the business entities of Bangladesh, providing customised telecommunications solutions through a consultative approach, tailored to the needs of individual businesses.

Mutual Trust Bank Ltd. offers all kinds of commercial, corporate and personal banking services covering all segments of society.

Diversification of products and services include Consumer Banking, Foreign Services, Correspondence Banking and SME Finance.

The agreement was signed by Kazi Md. Shafiqur Rahman, Managing Director of Mutual Trust Bank Ltd, and Laszlo Barta, Head of Sales of Grameenphone, on behalf of their respective organisations.

Quamrul Islam Chowdhury, Deputy Managing Director, A.K.M. Shameem, Executive Vice President, Nurul Islam, Executive Vice President of Mutual Trust Bank Limited, Saad M.Faizal Karim, Head of Corporate Key Accounts, Shakib Altaf, Deputy Manager, and Sameena Sharmeen, Officer, Direct Sales of Grameenphone, were also present, among others, at the signing ceremony.

Business Solutions, composing of modern mobile telecommunications services for any business needs, provides voice, text messaging and mobile data and internet services. Also on offer is a complete Mobile-Office solution, including mobile email, mobile high-speed data access, internet access, mobile fax and more, providing the freedom to work from anywhere within Grameenphone's wide network coverage.

According to the agreement, Mutual Trust Bank Limited is being provided complete communications solutions tailored to the needs of its members, including voice, data, international Roaming and other services. Mutual Trust Bank Limited will use the services to further improve communication amongst its different branches, at an affordable cost.

AB Bank Foundation to transact Trust Bank securities

BUSINESS REPORT

Trust Bank Limited, Sunday enlisted AB Bank Foundation, a top brokerage house of Dhaka Stock Exchange (DSE) for transaction of securities in the country's two bourses.

In this regard, an agreement was signed between the two banks for launching operations of securities through the Dhaka and the Chittagong Stock Exchanges.

Kaiser A Chowdhury, president and managing director of AB Bank Ltd, and Iqbal U Ahmed, managing director of Trust Bank Ltd, signed the agreement on behalf of their respective companies in the city.

Sajedur Seraj, vice chairman of board of directors, Faruq M Ahmed, deputy managing director, of AB Bank Ltd, Ishtiaque Ahmed Chowdhury, deputy managing director and Md Ahsan Ullah, senior vice president and head of Merchant Banking, of Trust Bank Ltd, among others, were present at the agreement signing programme.

Trust Bank's agreement with the AB Foundation as one of its brokerage houses will help the former to operate its securities in the Dhaka Stock Exchange and the Chittagong Stock Exchange more smoothly, the officials said. Both AB Bank and Trust Bank are listed banks in the country's stock market.

FBCCI men leave for Kuwait to attend World Islamic Forum

A three-member delegation of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) left Dhaka for Kuwait Monday to attend the 4th Islamic Forum to be held from today (Tuesday) to May 1, '08.

The Forum will be inaugurated by Ameer of the State of Kuwait Shiekh Sabah Al-Ahmad Al-Jabir Al-Sabah, according to a press release.

The Forum has the support of many heads of state, prime ministers, businessmen, bankers, academicians and intellectuals.

It will discuss a number of Islamic, regional and international economic issues from the perspective of the private sector's role in economic and social development, as well as setting up the appropriate environment for it, to undertake this role.

The Forum also aims at consolidating and enhancing economic relations among businessmen in the Islamic countries through joint ventures in their respective countries.

The members of the FBCCI team are its Vice President Abu Alam Chowdhury, former president Mir Nasir Hossain and Director MA Rouf Chowdhury.

Jamuna Oil declares 15pc dividend

Our Correspondent

CHITTAGONG, April 28: Jamuna Oil Company Ltd (JOCL) in its 32nd annual general meeting (AGM) declared 15 per cent dividend for its shareholders for the 2006-2007 fiscal.

JOCL was transformed into a public limited company from its previous status of private limited company and the first AGM of the company was held Saturday at a community centre in the city.

JOCL board Chairman and Additional Secretary to the Ministry of Power and Energy Md. Wahidunnabi Chowdhury presided over the meeting. While reading the annual report of the company JOCL chairman told the audience that the company earned net profit worth over Taka 32.6 million during the said fiscal, which was 104 per cent more than that of the preceding year.

He said, Jamuna undertook an initiative of installing LPG plant in Guptakhal area of Chittagong but due to lack of facilities, the move was cancelled. However, a new petroleum motor gasoline production plant will be set up, JOCL chairman added.

The AGM was attended by the members of the board of directors of the company, high officials and a large number of shareholders.

Singer AGM approves 35pc stock dividend

The 28th Annual General Meeting of Singer Bangladesh Ltd. was held on Monday at the National Shooting Complex at Gulshan, Dhaka, a company press statement said.

Mr. Gavin Walker, President and Chief Executive Officer of Singer Asia and Director, Singer Bangladesh Limited, presided over the meeting. Members present in the meeting approved 35 per cent Stock Dividend for the year 2007.

Mr. Gavin in his address mentioned that 2007 was another successful year for the company. Singer increased its business by 40 per cent and opened 20 new retail shops in different locations of the country, including a large format multi-brand shop at Bogra, which is the largest electronic and home appliance retail shop in the country.

Singer went into a partnership with the world's largest appliance and electronics brand, Samsung. Under this partnership Samsung products are now available at all Singer Plus Shops across the country. The performance of Singer cables in its second year of operations was commendable. It is expected to improve further in 2008. The Company contributed Tk. 1,080 million to the national exchequer in the form of corporate income tax, duties, Value Added Tax (VAT) and other taxes. A number of new products were introduced in 2008; among them were generators and LCD Televisions.

The AGM of the company became lively with the participation of a large number of members.

The accounts of the Company for the year ended December 31, 2007 were placed at the meeting and members made a critical review of the performance of the company.