Stocks
BGMEA, KOFOTI Signs to Promote Trade & Investment
BGMEA, The Bangladesh Garment Manufacturers and Exporters Association, signed a memorandum of understanding, MoU with the Korea Federation of Textile Industries, KOFOTI, to promote trade & investment, particularly in the apparel and textile industries, of both countries.
The MoU includes more cooperation in the areas of exchange of information and discussion of trade issues between Bangladesh and South Korea.
The collaboration also seeks to promote direct or joint venture investments from South Korea to Bangladesh in non-cotton textiles, high-end garment items, woven textiles and garments, skills development and innovation.
BGMEA President Faruque Hassan and KOFOTI Chairman Sang Woon Lee signed the MoU in South Korea’s Seoul Monday, 24 October.
“South Korea is one of the emerging markets for Bangladesh in the East Asian region. As we have identified innovation, diversification and technological up-gradation as the key strategic priorities for our future growth, a collaboration between Bangladesh and South Korea is crucial,” Faruque said.
BGMEA Vice-President Shahidullah Azim, Director Asif Ashraf, Korea Trade-Investment Promotion Agency Director General Jong Won Kim, Korea Fashion Industry Association Vice-President Kim Sung Chan, KOFOTI Executive Vice-Chairman Soyoung JOO, Korea Textile Trade Association General Director Jung-kee Lee, DBL Group Managing Director of MA Jabbar and Hams Group Managing Director Md Shafiqur Rahman were also present.
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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