Economy
BSEC to probe into Bay Leasing financials
The Bangladesh Securities and Exchange Commission (BSEC) on Thursday formed a three-member committee to look into the financial statements of Bay Leasing and Investment Limited – a non-bank financial institution – as its net profit has drastically dropped.
Headed by BSEC Additional Director Md Kawsar Ali, the other committee members are Deputy Director Kazi Md Al-Islam and Assistant Director Md Atikur Rahman.
It will review the company’s financials for four quarters, share price movement, insider trading, and manipulation, if any, during the period.
The officials will conduct the inquiry and submit their report to the commission within 20 working days.
Market insiders said usually an investor decides to lodge money in a listed firm considering its fundamental and business prosperity.
But due to such an earnings deviation of the company, investors suffer drastically.
The company provided an explanation through the stock exchanges that the consolidated earnings per share decreased due to profit after tax drastically falling because of an increase in provision by 1,343.01pc although the increase of operating income was 68.36pc.
The total provision had been kept against lease and investment in the share of Tk97.72 crore. Additional Tk57.72 crore had been added for the year-end 2021 as per the explanation.
Company Secretary Sharmin Akhter declined to comment in this regard.
Incorporated in 1996, Bay Leasing and Investment was listed on the stock market in 2009.
The company extended lease financing as its core business for all types of machinery and equipment including vehicles for industrial, commercial, and private purposes.
It has also expanded its activities into term finance and housing finance.
BLI Capital Limited is a subsidiary company of Bay Leasing and Investment. It also has two associate companies – Lucky Feed Limited and BLI Securities Limited.
In 2021, the company recommended a 5pc stock dividend for its shareholders compared with a 10pc cash dividend in 2020.
In that year, it incurred a loss of Tk13.92 crore, taking its losses per share to Tk0.99.
From April to June 2022, its net profit was Tk3.54 crore and earnings per share stood at Tk0.25.
As of August this year, sponsors and directors held 30.07pc, institutions 21.42pc, foreign investors 0.15pc, and general investors 48.36pc shares of the company.
The last closing share price of the company on the Dhaka Stock Exchange was Tk23.90 on Thursday.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
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