Stocks
“Commodities trade shall be a place for exchanging futures contracts”
A commodities exchange, yet to be introduced in Bangladesh, will lead to stabilizing commodity prices in the local market through integration with foreign markets and can contribute to the country’s overall development, said Dr. Mizanur Rhaman, commissioner, Bangladesh Securities and Exchange Commission (BSEC).
“A stock exchange is a place for trading securities while a commodities exchange will be a place for trading futures contracts for buying and selling commodities. A commodities exchange can play a key role in soothing markets so it is deeply related to the development of our country,” said Mizanur Rahman as chief guest at a conference in Chattogram.
BSEC and Chattogram Stock Exchange (CSE) jointly organized the conference on corporate governance on Thursday, where secretaries of many listed companies participated.
Mizanur Rahman said BSEC has been working for 15 years to reduce corporate crises. The commission also oversees the appointment of auditors and ensures accountability between company boards, board committees, and investors.
At the seminar, CSE Managing Director (Acting) Ghulam Faruque said, “We will try to launch the commodities exchange this year, albeit with one product.”
CSE Chairman Asif Ibrahim, presiding over the program, said, “A company’s board of directors is the primary force influencing corporate governance. Good corporate governance guides leadership and aligns the interests of shareholders, directors, management and employees, which helps build investor confidence.”
There were various sessions in the seminar such as “Related party transactions and disclosures”, “Auditing of financial statements and audit opinion”, “Corporate governance audit”, and “The role of corporate boards and board committees”.
CSE Director, Major (Retd) Emdadul Islam, gave the opening speech at the conference while BSEC Executive Director ATM Tariquzzaman presented the keynote address. CSE Managing Director (Acting) Ghulam Faruque spoke on the occasion, among others.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
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