The New Nation - Internet Edition

CSE closes lower yesterday

UNB, Chittagong

Trading at Chittagong Stock Exchange (CSE) closed lower yesterday (Sunday) with the losers dominating the gainers. The CSE All Share Price Index (CASPI) decreased by 0.96 percent to close at 8835.71 points.

The CSE-30 Index also shed 0.56 percent to close at 7928.97 points. A total of 136 issues were traded today. Of them, 35 gained, 100 declined and only one remained unchanged. Some 4,901,217 shares and debentures worth Tk 42.18 crore changed hands today.

EBL arranges syndicated loan of Tk 300 million for Magnum Steel

BUSINESS REPORT

Eastern Bank Ltd has arranged a syndicated facility of BDT 300 million medium term loan/investment for Magnum Steel Industries Limited (MSIL), an automatic steel re-rolling mill with a production capacity of 90,000 tons of MS Rods per annum.

The signing ceremony of agreements to this effect was held at Pan Pacific Sonargaon Hotel on July 16, 2008. The participating banks are Bangladesh Commerce Bank Ltd, Bank Alfalah Ltd, Eastern Bank Ltd (EBL), Peoples Leasing and Financial Services Ltd, Social Investment Bank Ltd, and The City Bank Ltd. EBL is the Agent and Account Bank for this transaction.

MSIL is setting up a modern production unit at Gazaria, Munshiganj, about 35 kilometers from Dhaka, with the objective of producing a range of hot rolled bars (de-formed rods) of mainly 60 grade and different wire rod/wire drawing items.

The mill will use the latest technology to produce Thermo Mechanically Treated (TMT) bars.

While achieving a higher level of strength, these bars will have a lower carbon content thus allowing greater flex and weld ability and making them more suitable than the standard grade 60 deformed bars.

The main persons behind the group are H R Nizam and Zahir Chowdhury. Although a Mechanical Engineer by qualification, Nizam has spent a long career of over 40 years in business. Zahir Chowdhury is a banker turned industrialist who started his professional career over 40 years ago in Grindlays Bank. After nearly 30 years in banking, he became involved with industry nearly 10 years ago.

Ali Reza Iftekhar, MD & CEO of EBL expressed his appreciation to all lending partners for their wholehearted support towards achieving the financial close of this milestone transaction. Mr Iftekhar also thanked the participating banks for showing their confidence on EBL and assured that EBL will continue its efforts to bring quality transactions in the market. He wished MSIL all success for the future.

Managing Directors, Chief Executive Officers and top executives of the all the participating banks were present on the occasion.

Air India Express starts regular Dhaka-Kolkata flights

AVIATION REPORT

Indian government owned Air India's subsidiary carrier Air India Express started its regular Dhaka-Kolkata flights from yesterday offering attractive economy fare to the passengers. The inaugural flight to Kolkata departed Zia International Airport at 5:50am.

Mrs Mukta D Tomar, Acting High Commissioner of India to Bangladesh, S Mahadevan, Executive Director (East), National Aviation Company of India Ltd (NACIL), SR Premkumar, Country Manager, Air India Express, Bangladesh, high officials of Civil Aviation Authority of Bangladesh (CAAB) and Biman Bangladesh Airlines along with other dignitaries were present at a ceremony organised in this connection at Zia International Airport.

From now on Air India Express will operate six Dhaka-Kolkata and one Dhaka-Mumbai flights every week with state-of-the-art Boeing 737-800 aircraft.

Three of the Dhaka-Kolkata flights after a short stopover at Kolkata, will fly to Bangkok and similarly the remaining three flights to Singapore without changing the aircraft.

Returnee passengers will have the convenient connections to Dhaka as well.

Besides lower fares, an important feature of Air India Express is the internet based reservations system. Interested persons may visit www.airindiaexpress.in for reservation and information. This system is very customer-friendly and passengers can make reservations from home, offices or through appointed travel agents.

Passengers have access to fares and availability of seats, which makes it an extremely transparent system.

In keeping with its objective to provide convenient connectivity on the short haul routes as affordable prices, Air India Express fleet has a single, economy class configuration.

Air India Express serves its passengers snacks and a soft drink in pre-packed boxes. While tea/coffee and drinking water are served complimentary, alcoholic drinks are sold at a nominal price.

Central Insurance half yearly managers’ conference 2008 held

The Half Yearly Branch Managers' Conference-2008 of the Central Insurance Company Ltd was held on July 19, 2008 at Hotel Purbani International, Dhaka.

The conference dwelt on the activities of the company during the last half year with a focus on the future business policies and growth.

Md Zahid Anwar Khan, Managing Director (C.C.) of the company presided over the conference. Alhaj Md Nurun Newaz, Chairman and Azizul Haque Chowdhury, Adviser of the company were present as the chief guest and special guest respectively at the conference.

Alhaj Md Nurun Newaz, Chairman of the company inaugurated the conference. The Chairman in his inaugural speech admired the efforts of the Branch Managers as well as the development personnel in procuring business for the company despite unfavourable market situation.

He further reminded them of their onerous duties to utilise and explore resources prudently and judiciously for the benefit of the company and the economy of the country as a whole.

He urged the Managers and Executives of the company to put in their best efforts to counter daunting challenges lying ahead and stay competitive in the market. Emphasis has been given on settlement of the claims of clients on priority basis.

Adviser Azizul Haque Chowdhury addressed the conference as special guest. He advised the Managers to collect more business for the company.

Direcor and Ex-Chairman Alhaj Md Abu Taher Chowdhury, Directors Mrs Tayeeba Alam and Mrs Hosne Ara Begum, MR Ali, Mrs Sufia Kabir and Ex Director and Ex Chairman Haji MA Malek, Managing Director (CC) Md Zahid Anwar Khan, Consultant Tasir Uddin Ahmed and Company Secretary Mirza Md Alauddin were present at the conference.

Tasir Uddin Ahmed delivered the address of welcome.

Welcoming the participants, Md Zahid Anwar Khan, Managing Director (C.C) of the company gave a vivid account of the performance of the company in different areas, namely collection of premium, business development, introduction of new insurance products and investment policy of the company etc.

He also listed the areas that needed greater thrust. The participants exchanged freely their views, ideas and experiences among themselves in a cordial atmosphere.

The conference was attended by Managers of all Branches and Executives of the Head Office of the company.

Standard Bank achieves confidence of clients: Chairman Kazi Akramuddin Ahmed tells at Half-Yearly Managers' Conference 2008

BUSINESS REPORT

The Half-Yearly Managers' Conference-2008 of Standard Bank Ltd (SBL) was held at a hotel in Dhaka on July 10 last.

Kazi Akramuddin Ahmed, Chairman of the Board of Directors of the bank was present as the chief guest.

Managing Director (CC) SA Farooqui presided over the conference. Executive Committee (EC) Chairman of the bank Kamal Mostafa Chowdhury, Directors Shaikh Mesba Uddin and Sahazada Syed Nizamuddin Ahmed and Sponsors Ferozur Rahman, Mohammed Abdul Aziz and Mrs Monowara Begum were present as guests of honour on the occasion.

DMD Md Nazmus Salehin and Board Secretary AFM Nizamul Islam Chowdhury and all Branch Managers and Executives of Head Office were present at the conference.

Kazi Akramuddin Ahmed founder Chairman of the bank congratulated the branch managers, executives, officers and employees of the bank for their active participation, commitment and valuable contribution to the growth and success of the bank.

He mentioned that Standard Bank has been able to achieve the confidence of its clients and patrons. The bank has also been shown great success in handling of substantial volume of deposits, loans and advances as well as exploring import and export business.

Ahmed emphasized on preparedness to face the global challenge in the upcoming days and also advised to lay foundation of state-of-art technology-based banking service for the clientele.

SA Farooqui, Managing Director (CC) of the bank in his speech advised the branch managers, executives and officers to become more serious in their profession for meeting aspiration of Board of Directors through achievement of the target for the year 2008.

Sonargaon Textiles declares 10pc cash dividend

BUSINESS REPORT

The 22nd Annual General Meeting of Sonargaon Textiles Ltd was held at Barisal Club, Barisal.

Chairperson of the company Mrs Rosy Rahman presided over the meeting. Managing Director AKM Azizur Rahman and Directors Md Khalilur Rahman Chowdhury, Mohammad Jahangir Alam and a large number of shareholders were present at the meeting.

The public shareholders of the company took part in the discussions on Annual Reports for the year 2007 and the overall performance of the company was also reviewed in the meeting.

The meeting was informed that sales in volume for the year 2007 stood at Tk 65,02,85,484 which was 4.38 per cent higher than that of the previous year and net profit ratio increased by 8.08 per cent compared to the previous year.

The shareholders of the company conformed to the Audited Balance Sheet for the year ended December 31, 2007 and 10 per cent cash dividend was approved as recommended by the Board of Directors.

Although Sonargaon Textiles Ltd is located at a non-gas zone area and project is suffering from infrastructural support, the shareholders thanked to the Board of Directors for recommendation of 10 per cent dividend during this period.

M Moniruzzaman, Executive Director and Company Secretary conducted the meeting.

All University Fair 2008 ends amid tremendous response from students

Staff Reporter

The three-day 'All University Fair 2008' concluded at Bangladesh-China Frinedship Conference Centre in the city on July 19.

The fair that began on July 17 was participated by 57 participants with 72 stalls. They included private universities, local representatives of international universities, recognized educational institutions, educational consultancy firms, training institutes and fashion institutes.

The organiser and event manager of the fair was Windmill Advertising Ltd. The media partners of the fair were The Daily Samakal, The Daily Star, Radio Foorti, Channel I and The Daily Prothom Alo.

The fair was organised with a view to making the HSC passed students acquainted with the best quality under-graduation education offered by different local and foreign universities so that they could make important decisions of their lives visiting different stalls under a single roof.

To support their financial conditions the organiser is also encouraging financial institutions to provide students with loan facilities for higher study and create awareness among students about their educational loan procedures.

Visiting the fair the students and their guardians received valuable information and consultancy. They got the opportunity of getting admission to any university for the next session. The fair provided an excellent opportunity to different educational institutions to highlight their courses and offer discounts.

The students also got information of SAT I and II, GMAT, IELTS, TOEFL and different other courses like fashion and interior design.

Participants of the fair were: North South University, BRAC University, East West University, Independent University, American International University-Bangladesh, Stamford University, Prime University, Manarat International University,

Darul Ihsan University, Eastern University, Dhaka International University, Atish Dipankar University, Royal University of Dhaka, International Islamic University Chittagong, Aeronautical College of Bangladesh, London Trinity College, Leadership University College, London College of Legal Studies, Center for Foreign Studies, Icon College, London, Pearl Fashion Institute, New Castle Law Academy, Coventry University, BSB Global Network, Cambrian College, Moves Plus Consultants, RSL Education Counselling, Prime Worldwide Admission, Overseas Education 4 U, Innovative, H&I, Commonwealth Law College, UK, Educare, Well International, Raffles Education, KSB Consultant Ltd, Observe, Pathex Education, Daffodil Institute of IT, Bangladesh Skill Development Institute, Daffodil International Professional Training Institute, FM Method, St. Paul's Consultant, Institute of Management Studies, India, City Education Services, School of Textile and Fashion Management, IBCB Education Services, Pioneer Vision, British Education Consultants, Visa Worldwide Admission, Xpert Visa Council, Metro Net, The Daily Star, The Daily Samakal, Protham Alo Jobs. Com, Impress Telefilm Ltd (Channel i) and The Radio Foorti.

ADH signs agreement Build int'l standard commercial space, corporate office in capital

BUSINESS REPORT

Apartment Developments and Holdings (ADH) has signed an agreement to build a multi-storeyed international standard commercial space and its own corporate office at Gulshan, adjacent to Arong and Toyota on Tejgaon-Gulshan Link Road.

Foyez Ahammed, Managing Director and Chief Executive Officer of ADH signed the agreement with SM Nizam Uddin and Associates and registered the land.

Directors of the company, retired defence officials working in the company, invited guests and high officials of different banks were present at the agreement signing ceremony.

ADH, which is run under the joint management of the retired defence officials and real estate experts, has been allocating spaces for super shops, banks, private universities, showrooms of cars, showrooms of furniture and corporate offices at Gulshan of the capital for government and non-government officials, businessmen and expatriates.

ADH also offers special discounts and arranges housing loans of Bangladesh Bank at 10 per cent interest rate for the government and non-government officials for buying apartments. ADH has been constructing some 500 apartments at different scenic locations in the capital. ADH has also the reputation of handing over apartments to the customers before time.