Stocks
BB Rejects People’s Leasing Name Change Amid Ongoing Legal Battles
The Bangladesh Bank has declined People’s Leasing and Financial Services Limited’s request to change its name, citing the ongoing legal proceedings against the scam-ridden non-bank financial institution (NBFI), as stated in a stock exchange filing. The NBFI faced severe challenges after Prashanta Kumar Halder, former managing director of NRB Global Bank and Reliance Finance Ltd, absconded abroad following the misappropriation of Tk3,500 crore in loans, including those from People’s Leasing.
In a bid to rebrand and recover its business, the High Court-appointed board of People’s Leasing proposed a name change to Bangla Lease Finance PLC. However, the attempt was thwarted as the licensing authority refused the name alteration during an extraordinary general meeting (EGM) on December 26. The board also suggested injecting fresh capital, loan recovery, and efficient asset utilization to revive the company.
Chairman Hasan Shaheed Ferdous emphasized the need for a name change, linking the current name to fraudulence. The company, facing a 99% default rate in classified loans, seeks to attract new funds and investors to operate optimally. The company, suspended from trading in 2019, recently held its annual general meeting (AGM) for 2021 after six years.
Despite financial challenges and a history of scams, the High Court’s intervention in July 2021 reconstituted the NBFI’s board, preventing its liquidation. In December 2021, People’s Leasing reported total deposits of Tk2,661 crore and outstanding loans of Tk1,206 crore.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
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.
