Beximco Group is planning to set up a Liquefied Petroleum Gas based power plant. Company's Executive Director (Corporate Affairs) Rafiqul Islam sent a letter to Power Development Board chairman in February, requesting arrangment of a meeting in this regard. According to the letter, Beximco Group was planning to introduce LPG, as a new type of fuel, in power generation with the support of its US-based technical partner General Electric (GE).
In Bangladesh, this form of gas is commonly known as a cooking fuel, which has great usage in power generation too, the letter said, adding, LPG is considered a growing competitor of liquefied natural Gas and even coal due to its good heating value, cleaner generation and lower costs. The letter attested to the potential of GE, claiming that the company is one of the pioneers in this technology across the world and that it was successfully operating several LPG-fired power plants in several countries across America, Africa and Asia.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid recently said - “There is shortage of primary fuel to help establish a power plant. Hence, so we are planning to use various kinds of fuel in power plants and that is why we have taken decision to use LPG in government and private sectors.”
In October, 2016, Beximco Group had inked a deal with two Chinese companies each to generate 2,180MW electricity, of which, 1,980 MW will come from coal- ired power plant and 200 MW from a solar power plant. For the joint ventures, Beximco Groups and the Chinese firms will invest a total of $3.2 billion.
Beximco Pharmaceuticals announced it would start to export hypertensive drug, Carvedilol to the U.S.A. It would be the first Bangladeshi company to do so. It is a big achievement for the country as a whole. Bangladesh’s ever growing drug industry, after meeting local demand, exports to a number of countries including.
Bangladesh can make generic drugs without any intellectual property rights until 2O33 as a Least Developed Country.
Finance Minister Abul Maal Abdul Muhith was present in the launching program. He said "Beximco Pharmaceuticals achieved glory for us." Then he continued "we must celebrate the glory”. US Ambassador Marcia Bernicat was also there in the program. She said “a testament to Beximco’s hard work as well as the quality of their products. I am especially proud that US consumers will now be able to take a life-saving drug and see ‘made in Bangladesh’ on the bottle.” She said receiving US FDA approval was a “long and rigorous” process. Health Minister Mohammed Nasim also congratulated the company.
Beximco Group Vice Chairman Mr. Salman F Rahman said, "Today is a significant milestone for Beximco Pharma. As we deliver our first shipment of Carvedilol to the US market, we begin a new era for the pharmaceutical industry in Bangladesh. We believe our continued focus on building and strengthening the Group's presence in Western markets will cement Bangladesh's position as a major exporting country."
Beximco Pharmaceuticals is the largest exporter of pharmaceuticals in Bangladesh. It has won National Export Trophy (Gold) a record five times. The company currently has a global footprint in more than 50 countries and has been accredited by a number of global regulatory authorities. These include, apart from the FDA, the AGES (EU), TGA Australia, Health Canada, the Gulf Cooperation Council (GCC) and the Tanzanian Food and Drugs Authority (TFDA).
Beximco Group, which is country's largest company, signed a treaty with China Energy Engineering Corporation on developing several energy projects. China Energy Engineering Corporation is a Fortune 500 Company and currently one of the biggest power solution supplier companies in China and in the world. CEO of Beximco Power Company Ltd, Ajmal Kabir, signed the agreement at Beximco Group’s head office.
After signing the agreement, vice chairman of Beximco Group, Salman F Rahman said that it was a significant day for the company. He said the projects will have significant contribution in the energy sector of Bangladesh. Salman F Rahman is one of the top businessmen in Bangladesh and has always looked for new and challenging ventures. Signing agreements with China Energy Engineering Corporation of four energy projects is another feather to his list of contribution to Bangladesh's economy. Beximco Group plans to work on four major projects in Bangladesh with China Energy Engineering Corporation. Among these four, one is an 8MW capacity solar power plant to be developed at the Beximco Industrial Park premises, one is a 660MW coal fired power plant, and one is a 200MW solar power plant in in Gaibandha. The fourth one is on setting up a large nationwide distribution system. All projects will be developed with state of the art technology.
Beximco Group operates as an industrial conglomerate in Bangladesh. Its business areas include jute, textiles, basic chemicals, pharmaceuticals, and ceramics, as well as real estate and construction, engineering, media, information technology, and trading and financial services. The company manufactures pharmaceutical formulations and active pharmaceutical ingredients. It also manufactures and exports yarn, fabric, knit, denim, special yarn, and wrinkle-free products, as well as men’s dresses and casual shirts; ladies tops, bottoms, and blouses; and woven and knit garments to the United States, Canada, and Europe. In addition, the company engages in the trading, real estate, and construction of gas transmission lines, industrial/commercial and high rise apartment buildings. Furthermore, the company offers internet service solutions; information technology services; and travel services.
Sources: Bloomberg, Bangladesh's Corporate World
The US Bangla Airlines decided to incorporate four aircrafts into its fleet to expand its wing to home and abroad. The carrier has taken the move following successful completion of its two years of operation that began the journey in July 17, 2014 with its maiden flight from Dhaka to Jessore.
US-Bangla Airlines is the leading premium airline of Bangladesh, with impeccable standards of service equipped with incomparable reliability and ultimate flying comfort, and reaching a milestone for the best on-time performance.
The aircrafts -- three are Boeing 737-800 and one DASH 8-Q400 aircraft-- are expected to join the fleet in late August and enter commercial operation by September this year to enhance domestic, regional and International flight network, said the airlines Deputy General Manager (DGM) M Kamrul Islam in a statement. He said US-Bangla Airlines has planned to operate flight to Kolkata, Paro, Kuala Lumpur, Singapore, Bangkok, Doha, Muscat, Dammam, Dubai and Kunming. The Boeing 737-800 aircraft is decorated with Business Class, Super Economy and Economy class configurations with 156 seats. In the two years, US-Bangla operated over 14,000 flights to various destinations while more than 800 effective workforces are employed here.
The US-Bangla Airlines (USBA) Ltd is a dream project of US-Bangla Group --- a leading business conglomerate of Bangladesh. The US-Bangla Group also owns other enterprises - American Purbachal City, a small township on the outskirt of Dhaka, East American City, Holidays Homes, an ongoing project in Kuakata, Green University of Bangladesh, US-Bangla Medical Hospital & College and US-Bangla Leather Products Ltd. The USBA acquired initially two Bombardier built DASH 8-Q400 aircraft. The 3rd DASH 8-Q400 aircraft was acquired and was 26 June 2015. These are 76-seat high speed propeller aircraft which can fly at jet speed of 667 kilometers per hour. In fact it is the fastest propeller airlines aircraft and also one of the safest airlines with no record of any fatal accident.
It took to the skies with a slogan "Fly Fast-Fly Safe" and has been providing committed services ever since. Since its inception, US-Bangla Airlines received a positive market response and presently holds a major connectivity of the domestic routes and one regional Dhaka-Kathmandu route. In a span of just two years of its operation, US-Bangla has established its brand reputation. In the domestic sectors, currently it provides connectivity to all the domestic airports with the capital by giving regular flights. US-Bangla Airlines operates three aircrafts in its inventory; these are DASH 8-Q400 aircrafts.
In the journey of two years, US-Bangla has achieved "Best Airline of the Year-2015 in Domestic Sector" by Bangladesh Monitor and "Best Domestic Airline of Year-2014 and 2015" by the Travelers Forum.
Sources: US-Bangla site, The Daily Sun
Korean Community of Bangladesh honored Premier Bank Chairman Dr. HBM Iqbal. They gave a crest of honor to him.
Kim Hang Jin (LEO), CEO and Managing Director of Kims Corporations Ltd. and also the chief of Korean Community of Bangladesh handed over the crest to HBM Iqbal on July 17 at the Head Office of the Bank. M.Reazul Karim, the Additional Managing Director of the Bank among others was present there. The Premier Bank was the title sponsor of the Korean Golf Tournament 2016 and last year too.
Premier Bank Ltd. is engaged in the provision of banking and financial services. Its products and services include Islamic banking, Premier SMS, deposit, loan and advances, international services, Premier Visa credit and debit cards, and Premier travel card. The company was founded on June 10, 1999 and is headquartered in Dhaka, Bangladesh.
Dr. H.B.M. Iqbal, a dynamic business personality of the country is the Chairman of the Premier Bank Limited. It has been his vision since the beginning of the Premier Bank to see it as the best amongst the top financial institutions of Bangladesh. Under his true leadership and guidance within a few years 94Premier Bank with its motto “service first” has become one of the best third generation banks of the country.
Sources: The Daily Sun, 4 Traders
The Department of Environment has awarded the location environment clearance for construction of the coal-based 1320 megawatt power plant at Gandamara union of Banskhali upazila of the district. Environmental impact clearance on the site of the power plant was issued following which the S Alam Group, local entrepreneur of the power plant, would have no bar on starting construction work.The conditions include rehabilitation of the affected villagers, protection of the tradition and culture of the locality, suspension of construction works by night time on the site, works by night time with permission by the DoE, protection of the natural canals of the area, construction of environment-friendly buildings etc.
S Alam Group applied for the plant's environment clearance in August 2015. The DoE stated that it has examined pros and cons of the project's environmental impact on the locality and its people before issuing the clearance. SS Power Ltd and two firms of Chittagong will jointly implement the project worth US Dollar 2.50 billion with 70 per cent owned by the SS Power Ltd of S Alam Group and 30 per cent by the Chinese firms.
A senior official at the S Alam Group said green trees will be planted on 30 per cent land of the project area considering the environment. The members of the affected families of the locality will get job in the power plant based on their qualifications. He said about 7,000 people will be employed in the project in the first five years. Some 1,000 people will be directly employed permanently after completion of the project while another 6,000 will get indirect employment. The project is scheduled to go for commercial production by November 2019.
S.Alam Group is a Bangladeshi industrial conglomerate. The industries under this group include Food & Allied Products, Steel, Banking, Consumer products, Sugar, Cement, Power, Energy, Transportation, Shipping, Manufacturing, Hospitality, Financial Institution, Agro, Trading, Oil, Gas. Its products C.I Sheets, Color coated Iron sheet, Cement, Vegetable oil, C.R Coil, Soya Seed extraction, Public Transport, Gas Refueling Station, P.P Woven Bags, Shrimp Hatchery, Refined sugar, Agro farms, Natural gas, heavy oil, furnace oil and other based power generation plant, Real Estate, Hotels & Resorts, Import and Trading of commercial items, storage service of crude oils etc. S. Alam Group has a target investment and has concentration in specialized investment in large power projects under joint venture and / independent participation in economic structural development etc. The S. Alam Group enjoys a dominant position in all the fields in which it operates. The annual turnover of group is over BDT. 140.00 Billion (USD 2.00 Billion). Its fixed assets after commissioning the projects under implementation shall reach to BDT.198.61 Billion (USD 2.84 Billion). The group employs about 7000 people.
For over 27 years, S. Alam Group has been committed to the self-reliance for company, community and country by its quality products and services reach out to the people of Bangladesh. Its products C.I Sheets, Color coated Iron sheet, Cement, Vegetable oil, C.R Coil, Soya Seed extraction, Public Transport, Gas Refueling Station, P.P Woven Bags, Shrimp Hatchery, Refined sugar, Agro farms, Natural gas, heavy oil, furnace oil and other based power generation plant, Real Estate, Hotels & Resorts, Import and Trading of commercial items, storage service of crude oils etc. play a key role in economic growth of Bangladesh, being import substitute, social responsibility growing and its development.
S. Alam Group has a target investment and has concentration in specialized investment in large power projects under joint venture and / independent participation in economic structural development etc.
Sources: wikipedia, Financial Express, home page of the company
BASIC Bank has sought approval from the finance ministry for increasing its authorised capital to Tk 55 billion from existing Tk 25 billion. Khondoker Md Iqbal, managing director of the bank, in a letter sent to the finance ministry sought the approval.
The board of directors of the bank in its 385th meeting decided to raise the authorised capital from existing Tk 25 billion to Tk 55 billion, according to the bank data. The meeting also decided to change the face value of its ordinary shares to Tk 10 from Tk 100 each. The proposal will be placed before the 27th Annual General Meeting (AGM) of the bank scheduled for July 14 next. At present, the paid-up capital of the bank is Tk 10.89 billion. However, the bank received Tk 16 billion in two instalments from the government last year to replenish its capital shortfall. The bank was also provided with funds by the government earlier to meet its capital shortage. The bank has requested the Bank and Financial Institutions Division under the finance ministry to make available more capital either in cash or other form amounting to Tk 26 billion to meet its capital shortfall.
BASIC Bank Limited is one of seven state owned banks in Bangladesh. In 2016 the finance minister in a statement described the state of the bank as weak due to graft by top officials of the bank and would require some time for improvement.Sonali Bank UK Ltd and other international banks had censured Basic bank over irregularities. Since 2012 Basic bank had been frozen out of international transactions as a result of the irregularities. BASIC Bank Limited is unique in its objectives. It is a blend of development and commercial banks. The Memorandum and Articles of Association of the Bank stipulate that 50 percent of loanable funds shall be invested in small and cottage industries sector.
The bank currently offers:Term loans to industries especially to small-scale enterprises, Full-fledged commercial banking service including collection of deposit, short term trade finance, working capital finance in processing and manufacturing units and financing and facilitating international trade, Technical support to Small Scale Industries (SSls) in order to enable them to run their enterprises successfully, Micro credit to the urban poor through linkage with Non- Government Organizations (NGOs) with a view to facilitating their access to the formal financial market for the mobilization of resources,
In order to perform the above tasks, BASIC Bank works closely with its clients, the regulatory authorities, the shareholders (GOB), banks and other financial institutions.
Sources: Wiki, Financial Express, bank's home page
Stock market broker analysts have updated their ratings and price targets on shares of Beximco Pharmaceuticals Ltd in May 2016. Beximco Pharmaceuticals Limited (BPL) is a Bangladesh-based company engaged in manufacturing and marketing of generic pharmaceuticals formulation products, including lifesaving intravenous fluids and Active Pharmaceutical Ingredients (APIs). The Company’s products are sold in domestic and international markets. It also provides contract manufacturing services. The Company produces more than 500 products in different dosage forms of therapeutic categories. Its product categories include allergic disorders, analgesics and antipyretic, anti-infectives, cardiovascular, central nervous system, cough and cold, eye care, endocrine and diabetes, gastrointestinal, intravenous fluids, muscloskeletal, oncology, respiratory, skin care, vitamins and minerals supplement, and other products.
Beximco Pharmaceuticals Limited is owned by one of the leading companies of the country - Beximco Group. Beximco Group's another wing- Beximco Communications in April 2016 launched RealVU, a direct-to-home satellite television service, for the Bangladesh market. RealVU signal is available everywhere across the country and the product will be available at selected and authorised trade partner locations in Dhaka, Sylhet and Chittagong divisions. The company is working to expand trade partner network from August this year.
RealVU customers will be able to watch 105 channels with our package and enjoy digital quality picture and clear sound. The package will involve the most popular TV channels, including five in high definition format. Moreover, the RealVU subscribers will enjoy other advantages such as recording function and smart electronic program guide. The customers will have to buy a set-top box and a dish antenna from the authorised trade partners while complete set costs Tk 4,499, exclusive of VAT. The purchase comes with a two-year warranty for the set-top box. RealVU certified installers of the trade partner will also provide installation services to customers, and the dish antenna can be placed anywhere.
RealVU also has a 24/7 professional customer care to assist all current and potential customers. The service will cost Tk 300 a month and payment can made through RealVU scratch cards, as well as through multiple mobile payment systems like b-Kash, DBBL Mobile Banking, IFIC mobile banking and U-Cash. Option to pay online is also available.
In April 2016, local conglomerate ACI has sold a portion of its portfolio of household brands to a US-based company for Tk 250.54 crore, a move that is likely to boost competition and ensure quality products. Under the deal, SC Johnson & Son will own the ACI brands, including ACI Aerosol, Mosquito Coil, Cockroach Killer Spray, Angelic Air Freshener and Vanish Toilet Cleaner. ACI Formulations will continue to manufacture the insect control, air care and toilet care products for the next five years, while ACI Ltd will distribute them.
The deal strengthens SC Johnson's footprint in the growing Bangladesh market, Fisk Johnson, chairman and CEO of SC Johnson. This is the first time that a Bangladeshi company has sold locally established household brands to a global company at a premium price, according to industry insiders. Global companies are eyeing the country's fast-moving consumer goods segment due to the huge population base and the impressive economic growth.
Since its inception in 1967, ACI Aerosol has been a noted product in Bangladesh. In June 2008, the company launched the ACI Cockroach Spray, the first-ever locally-manufactured cockroach-killing spray.Vanish Quick Action Toilet Cleaner has been part of the ACI portfolio since 2003, but it was reborn in 2008 with new and attractive packaging in two different sizes: 500ml and 750ml.
Angelic Air Freshener is the leading locally manufactured air freshener. Mosquito coil, Aerosol and air freshener account for 48.54 percent of ACI Formulations's total sales of Tk 234 crore in 2013, according to the company's annual report. SC Johnson employs about 13,000 people worldwide, with sales of $9 billion a year. It has operations in more than 70 countries and sells products in virtually every country around the world, according to the company's website. Its product portfolio includes global brands such as Pledge, Duck, Mr Muscle, Windex, Scrubbing Bubbles, Glade, Raid, Baygon and Ziploc. Earlier this month, SC Johnson purchased HomeBrands AS from Unilever CR in the Czech Republic. HomeBrands' products include pest control, home cleaning and air care brands such as Biolit insecticides, Diffusil repellents and Citresin air fresheners.
The Queen Mother of Bhutan, Tshering Pem Wangchuck, visited BEXIMCO Group's Industrial Park at Sarabo of Kashimpur in Gazipur on 17 May. She visited the Design Studio, Woven fabric manufacturing unit, Yarn manufacturing factory, Digital Printing, Garments factory, Washing Plant, Shinepukur Ceramics factory and YELLOW display centre.
From its founding in the 1970’s by two brothers with uncommon foresight and vision, Ahmed Sohail Fasiur Rahman and Ahmed Salman Fazlur Rahman, the BEXIMCO group has grown from being focused solely upon commodities trading to the largest private sector group in Bangladesh. From real estate development to energy to aviation to textiles, the group has certainly touched lives. With a diversified group of industries accounting for almost three quarters of Bangladesh’s gross domestic product (GDP), “Taking Bangladesh to the world” seems a more-than-fitting motto for thegroup.
In today’s climate of global business, it is not enough to be satisfied with success solely on the domestic level. BEXIMCO is certainly not. Even as Bangladesh’s biggest private sector employer, the group employs over 48,000 people worldwide and continues to grow. Under the guidance of its gifted management, BEXIMCO has its sights on the international market. The management team of each company work independently to achieve success. With dedication and talent to spare, it is easy to see why BEXIMCO continues to surpass expectations.
One example of Salman F Rahman and BEXIMCO’s success can be seen in the manufacturing plants near Dhaka, the capital of Bangladesh. Inside the state-of-the-art plants are housed power-generation, water purification, waste water treatment and other facilities. BASF, Chevron, Macys, UNICEF, and JC Penney are just some of the Group’s global clients.
However, even given all of its immense successes, BEXIMCO has not forgotten from where it came. The group has instead used the means made possible through its international successes to give back to Bangladesh society. “Proyash”, an organization sponsored by the group, promotes the holistic development of special needs children. Another institution sponsored by the Group is “Gono Sahajjo Songstha”, which offers education to underprivileged students.
In the ever-evolving world of business today, very few certainties exist. However, it seems relatively certain that Salman F Rahman's BEXIMCO will continue to thrive, grow, and give back to the country of Bangladesh. Perhaps, it is time to modify that motto “Taking Bangladesh to the World” to “The World’s Taking Notice of Bangladesh".