The New Nation - Internet Edition

Grameenphone issues Tk 4,250m bonds in private placements

NATION BUSINESS REPORT

Grameenphone Ltd on Sunday signed agreements with ten institutions for raising BDT 4,250 million from the local capital market through issuance of coupon bearing bonds on a private placement basis.

Grameenphone will be issuing 425 bonds, denominated in BDT 10 million each. The bonds will be issued in two trenches, one with a 540-day term and the other with a 720-day term. All the bonds will carry an interest rate of 14.5 per cent per annum. The bonds will be unsecured and non-convertible. The bonds will not be listed in any of the bourses but a free transferability structure will mean the instruments can easily be bought and sold over the counter.

The bonds are the first of their kind in the Bangladesh capital market. Grameenphone and the bonds have both been rated as 'AAA' by the Credit Rating Agency of Bangladesh (CRAB), which is the highest credit rating given by CRAB. Citibank N.A. Bangladesh is the Arranger and Placement Agent for the transaction.

Grameenphone has taken the initiative to look beyond the conventional bank loan structure and into the capital market in the form of issuing a debt instrument to meet its funding needs.

Grameenphone will invest the proceeds of the bonds in capital expenditure to improve the infrastructure of the company and will also use the proceeds to prepay a portion of the company's short term debt. In addition to raising capital, the move will help reduce the liquidity risk and better match the asset liability maturity profile of the company.

"Grameenphone is proud to be able to contribute to a meaningful development of the Bangladesh capital market by introducing new debt instruments and creating more awareness in the domestic market," said Grameenphone CEO Anders Jensen. "A placement of this kind will provide the bond market of the country a much needed boost and pave the way for other companies to explore this new avenue of financing."

Janata Bank holds talks with BBCF leaders

NATION BUSINESS REPORT

Janata Bank Limited has taken steps to open an NRB branch at Motijheel Commercial Area in the city targeting Non-Resident Bangladeshis (NRBs) who have achieved success in their respective fields.

In order to provide various banking services and collect remittance from the expatriates, a bilateral discussion was held at Hotel Purbani, Motijheel in Dhaka on Monday. CEO and MD of Janata Bank Limited SM Aminur Rahman and SB Faruk, Chairman of British Bangladesh Chamber of Commerce (BBCC) were present.

The CEO and Managing Director of Janata Bank Limited presided over the ceremony. He extensively discussed with NRB delegation about their banking needs and present status of law and practice of banking within Bangladesh.

Besides, he also answered the questionnaires about remittance proceeds, legal heirs of the depositors, transfer of funds deposited in the banking network. Lastly, he reviewed about the strategies of banking network according to Bangladesh Bank guidelines.

Jaglul Karim and Md Jahangir Miah, DMDs of the bank also joined the discussion.

The NRB delegates proposed to open a new branch in the UK and wanted to know about bilateral interest in banking requirements. All General Managers, Senior Consultants, other executives of banks and Director General of BBCC, AM Waess and other executives of BBCC were also present on the occasion.

PRICE to give EU food safety training to Deptt of Fisheries

NATION BUSINESS REPORT

The USAID-funded PRICE project and the Department of Fisheries announced the completion of a four-day training that began on November 4 to train 38 Fish Inspection and Quality Control (FIQC) staff on European Union (EU) food safety issues. This training was supplemented by the training of eight trainers of the FIQC so that they can train more than one hundred other FIQC field inspection personnel later this year, says a press release.

Led by two international trainers, this training was to assist the Department of Fisheries with meeting the food safety requirements of the European Union, a critical, ongoing issue for the Bangladesh shrimp industry. Approximately 50 percent of Bangladesh shrimp exports are to the European Union, which has imposed numerous import restrictions on Bangladesh shrimp due to food safety concerns, including an outright ban in 1997.

Currently, the EU requires that all Bangladesh shrimp exports to the EU be tested for nitro furans and other contaminants by the Competent Authority, the Department of Fisheries. Currently, this testing is being done by the FIQC labs.

The EU is sending a delegation in November 2008 to receive an update on the progress of the shrimp sector with regard to ED food safety requirements.

"As the EU represents the most critical export market for Bangladesh shrimp, we arc very pleased to work with the Department of Fisheries and Bangladesh Shrimp and Fish Foundation to arrange this training," indicated Robert Webster, Chief of Party of PRICE. "PRICE believe this will go a long way to giving confidence to the EU of the seriousness of the Government of Bangladesh in ensuring proper handling of shrimp for the EU market. We look forward to working with all industry stakeholders, such as the Bangladesh Frozen Food Exporters Association and the Foundation, to ensure continuing access to the EU market."

PRICE (Poverty Reduction by Increasing the Competitiveness of Enterprises) is a USAID funded project whose objective is to reduce poverty by facilitating the increase of sales, jobs and investment in aquaculture, horticulture, and leather products.

PRICE's activities will be driven by the demand of the market and will seek to ensure that the benefits of growth are shared with women, young adults, SMEs and farmers as much as possible.

IFC honoured for helping raise standards in garments industry

NATION BUSINESS REPORT

Bangladesh Garments Manufacturers and Exporters Association has honoured IFC, a member of the World Bank Group, for its efforts to help improve labor conditions for more than 2.4 million people who work in the country's garments industry.

IFC has worked with the association for five years to implement audits of fire drills, worker safety and child-labor monitoring in Bangladesh's ready-made garments sector, where most workers are women. So far 1,240 factories have been audited and by the end of the year, all remaining factories in Bangladesh will be covered.

This week, the association presented a crest of honor to IFC. Among other achievements, the association cited the Productivity Improvement Program that was designed and implemented by IFC at numerous factories.

The program addressed a critical market gap--the need for local service providers who can help garment factories become more efficient and competitive. It led to the emergence of seven service providers who are now catering to the market on a commercial basis

Deepak Adhikary, head of IFC Advisory Services in South Asia, received the crest of honour on IFC's behalf. It was presented at the Bangladesh Apparel & Textile Exposition, which was held from November 6 through November 8. "Good compliance practices and improved productivity can help companies create long-term value and sustainability," asserted Mr. Adhikary.

IFC Advisory Services in South Asia works to increase access to finance and quality business development services in the region, in partnership with the governments of the Netherlands and Norway, the European Commission, the U.K. Department for International Development, the Canadian International Development agency, and the Asian Development Bank.

IFC also works to create a business-enabling environment and supports value addition to firms through sector development, advisory services, capacity-building programs, training, and research.

Apollo Gleneagles receives large number of visitors

NATION BUSINESS REPORT

Apollo Gleneagles Hospitals Kolkata, which participated in the recently concluded Medexpo-2008, received large number of visitors over the three days of the exhibition.

CK Chaubey, Head International Marketing and Diagnostic Services, Apollo Gleneagles Hospitals Kolkata, said patients from Bangladesh, instead of going to other places of India or countries, now prefer Kolkata for treatment as there is world class hospitals like ours (in Kolkata)."

About 750 international patients go to the hospital to avail its services a month, he added.

Besides two offices- one at Banani and a tele-medicine office at Kakrail in Dhaka for preliminary information and seeking appointments, there is a dedicated desk as well as a foreign exchange counter on the hospital premises for patients going to Kolkata, while pick-up and drop from and to the airport and bus terminal there is on demand. Accommodation can also be arranged if desired, he said.

Mr Chaubey said 45 coronary angio-bypass surgeries, 25 kidney transplants, a large number of cardiac procedures and 30 knee or hip procedures are performed at the hospital every month, on an average.

Dr. Buddha D. Chatterjee, Senior Consultant, Orthopaedics and Spinal Surgery and Santanu Chatterjee, Executive International Marketing, Apollo Gleneagles Hospitals, Kolkata were also present on the occasion.

SJIBL workshop on 'Performance Evaluation thru' Uniform Financial Rating System' held

NATION BUSINESS REPORT

Shahjalal Islami Bank Limited (SJIBL) organised a workshop on Performation Evaluation through "Uniform Financial Rating System" on November 8 at the Head Office of the bank.

The workshop was inaugurated by Muhammad Ali, Managing Director of SJIBL, while ATM Nasiruddin, Executive Director of Bangladesh Bank was the keynote speaker.

Participated by all branch managers, deputy managers, head and in-charges of various divisions of head office of the bank, the workshop was addressed, among others as guest speakers from Bangladesh Bank, Md Mofizuddin Chowdhury, General Manager, SM Rabiul Hasan, Deputy General Manager and Md Zahir Hussain, Deputy Director of Deptt of Offsite Supervision. Deputy Managing Directors of the bank Md Jillur Rahman and Md Mukhter Hossain were also present.

The speakers mainly focused on the six dimensions of the Uniform Financial Rating Systems, particularly on Capital Adequacy, Assets Quality, Management Standard, Earnings, Liquidity and Sensitivity. The core objective of the workshop was to disseminate knowledge on the techniques and tools and how the performance of a bank is evaluated based on the above six critical elements.

Oddvar Hesjedal appointed new CEO of Grameenphone

NATION BUSINESS REPORT

The Grameenphone Board of Directors has appointed Oddvar Hesjedal as the company's new Chief Executive Officer on November 10. He takes up the position immediately, succeeding Anders Jensen, who in September announced his decision of shortening his tenure as CEO for family related reasons.

"The Board of Directors is very pleased to appoint Oddvar Hesjedal as Grameenphone's new CEO. His extensive experience within the mobile industry will be a great benefit to the company. Furthermore, his knowledge of both the organization and Bangladesh is an advantage. We welcome him as the new CEO and look forward to continue working together with him," said Sigve Brekke, Chairman of the Board of Directors of Grameenphone and CEO of Telenor Asia.

The 58-year-old Oddvar Hesjedal has been serving as Grameenphone's Chief Technology Officer since June this year. Prior to joining Grameenphone, he has held various top management positions within the Telenor Group. He was CTO of Kyivstar, Ukraine in 2004-06.

Before he joined the Telenor Group, Oddvar Hesjedal was CEO of software and consultancy companies in Norway and Sweden. He has a Masters degree in computer science from the University of Oslo. Oddvar is married and has three daughters.

"I am honored to be given the task to lead the premier mobile operator in Bangladesh.

Grameenphone has played a decisive role in developing the communications sector in the country and will continue to do so in the future. I have deep respect for the achievements made by Anders during his time as the CEO and look forward to continue in the direction he has set forth for the company", said Oddvar Hesjedal.

"Anders Jensen has done a great job over the last year, and he has headed the company in a professional and strong, yet empathetic and listening manner. Although it is sad that he is leaving the company, we fully respect his decision and wish him all the best in his future career," noted Sigve Brekke.

"It has been a great pleasure to have been a part of the development and continued success of Grameenphone. The company has a great team, and I congratulate Oddvar on his appointment and wish him and Grameenphone the best of luck for the future," said Anders Jensen.

Grameenphone is the largest mobile phone operator in Bangladesh, serving 20.8 million customers as of third quarter 2008.

Shamsher Zakaria new MD of Jiban Bima

BCS (Admn) Cadre member and Joint Secretary to the Govt. SM Shamsher Zakaria joined as Managing Director of Jiban Bima Corporation.

Prior to joining the Jiban Bima Corporation he performed successfully as Metropolitan Magistrate, Deputy Commissioner, Director of Prime Ministers' Office and in other important assignments.

He obtained post-graduation degree in Public Administration with honours from Dhaka University.

He has traveled to the East, Middle East and Far East countries for participating seminars, workshops and training programmes. He is a proud father of three meritorious, highly educated and well established daughters.

Dr Shagufa Anwar new GM of Apollo Hospitals Dhaka

Dr Shagufa Anwar has joined as General Manager, Business Development in Apollo Hospitals Dhaka, the only 'JCI accredited' multi-disciplinary super specialty tertiary care hospital in Bangladesh.

After completion of MBBS from Chittagong Medical College, Dr. Shagufa has acquired more than thirteen years of extensive business management experience of working in different areas of marketing within the pharmaceutical industry of the country, namely Eskayef Bangladesh Ltd and Beximco Pharmaceuticals Ltd.

Dr Shagufa is assuming leadership of the Business Development Team of Apollo Hospitals Dhaka at a time when it is thriving to deliver healthcare of international standards and earning the confidence of the people from all walks of life. She will work closely with the physicians' community, with a vision to ensure proper implementation of advanced health care delivery system of Apollo Hospitals Dhaka to its patients.

Prior to joining Apollo Hospitals Dhaka, Shagufa was the General Manager Marketing of Eskayef Bangladesh Limited.