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CSE Granted Conditional License for Commodity Exchange

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chittagong stock exchange

The Bangladesh Securities and Exchange Commission (BSEC) has conditionally granted the country’s first commodity exchange license to the Chittagong Stock Exchange (CSE) on Wednesday, March 20th. The condition stipulates that strategic investors must divest their ownership of brokerage firms within three months of receiving the license.

Commodity exchange regulations prohibit strategic investors from holding shares in any brokerage firm that has ownership in the CSE. According to a BSEC official, Stock and Security Linkway Limited, a concern of strategic investor ABG Limited of Bashundhara Group, owns 0.51% of CSE shares, which must be transferred to an entity unaffiliated with ABG Ltd.

Speaking at a program regarding this development, Asif Ibrahim, chairman of CSE, stated, “We anticipate formally inaugurating Bangladesh’s first commodity exchange within this year. The procurement of hardware and software is nearing completion, facilitating this endeavor.” He noted that Multi Commodity Exchange of India has been appointed as a technical adviser due to its expertise in the field.

Ibrahim highlighted the significance of establishing a commodity exchange in Bangladesh, noting the absence of such exchanges unlike in neighboring countries like India, Pakistan, and Nepal. He emphasized that the exchange would eliminate syndicates manipulating commodity prices, particularly benefiting the port city of Chattogram.

State Minister for Commerce Ahsanul Islam Titu, serving as the chief guest, expressed optimism about the establishment of the commodity exchange. He envisioned enhanced transparency in commodity prices in both international and domestic markets, preventing price manipulation and mitigating issues like money laundering and revenue loss. The program was chaired by BSEC Chairman Shibli Rubaiyat Ul Islam, with Sheikh Kabir Hossain, Chairman of Central Depository Bangladesh Ltd, as a special guest.

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Heidelberg Cement Discloses their Q3 Financials

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Heidelberg Cement

One of the listed companies,Heidelberg Cement Bangladesh Limited discloses its financial reports for the first quarter, (January – March 24).

The company’s earnings per share (EPS) was Tk 6.96 paisa in Q1 of the current financial year (January – March 24). EPS was Tk 6.85 paisa during the same period last year. NAV per share was Tk. 74.16 as of March 31, 2024.

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Matin Spinning Reports Impressive EPS Growth in Q3

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Matin Spinning

One of the listed companies, Matin Spinning Mills PLC discloses its financial reports for the third quarter, (January – March 24).

The company’s earnings per share (EPS) was Tk 0.98 paisa in Q3 of the current financial year (January – March 24). EPS was Tk 0.11 paisa during the same period last year. NAV per share  (with revaluation reserves) was Tk. 57.19 as on March 31, 2024.

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EPS hikes for Prime Bank in Q1

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Prime Bank

One of the listed companies, Prime Bank PLC discloses its financial reports for the first quarter, (January – March 24).

The company’s Consolidated earnings per share (EPS) was Tk 1.16 paisa in Q1 of the current financial year (January – March 24). Consolidated EPS was Tk 0.92 paisa during the same period last year. Consolidated NAV per share was Tk. 31.93 as of March 31, 2024.

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