Stocks
CSE Chief Visits QME for Market Collaboration
Asif Ibrahim, Chairman of the Chittagong Stock Exchange PLC (CSE), visited the Qianhai Mercantile Exchange (QME) in Guangdong, China today (May 22). During his visit, Ibrahim engaged in fruitful discussions with the top management of QME regarding future collaboration aimed at developing Bangladesh’s Commodity Derivatives Markets.
The discussions focused on several key areas including consultancy services, business cooperation, information technology support, and buyer-seller assistance to establish an efficient commodity derivatives market in Bangladesh. This collaboration aims to leverage the expertise and infrastructure of QME to enhance the trading environment in Bangladesh.
Qianhai Mercantile Exchange (QME) is a physical commodities trading platform initiated by Hong Kong Exchanges and Clearing Limited (HKEX Group), with HKEX and Qianhai Financial Holdings as joint shareholders. Located in Shekou, Qianhai, Pilot Free Trade Zone, Guangdong, China, QME officially launched on 19 October 2018, starting with alumina trading. The initial trade saw 3,000 tonnes of alumina transacted between Chalco Trade and Xiemen Xiangyu at a price of 3,030 yuan per tonne, establishing the first benchmark pricing of physical alumina in the Mainland market based on actual transactions.
QME aims to create a standardized asset framework that connects entities with the financial market through technology, cross-border cooperation, and finance, offering practical solutions to the financing challenges faced by physical enterprises.
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.
