The securities regulator has given its permission to Dominage Steel Building Systems to transfer 30.78 million ordinary shares to Akij Resources and two individuals, resulting in a significant reshuffling of the company's ownership.

The Bangladesh Securities and Exchange Commission (BSEC) gave its approval on August 27, paving the way for the proposed transfer, according to a regulatory filing on Sunday.

As per a negotiated deal, the shares will be transferred at a price of Tk 13 each, said BSEC spokesperson Md. Abul Kalam.

So, Akij Resources and two individuals will have to pay more than Tk 400 million to receive the shares of Dominage Steel.

The individuals who purchased the shares are Sheikh Jasim Uddin and Faria Hossain.

The company said the transfer would be executed outside the regular trading system as a matched transaction. A matched transaction is generally used for a predetermined block of shares between identified parties, rather than through buying and selling orders on the stock exchange.

Dominage Steel said it would inform the market once the share transfer is completed.

Earlier in April this year, Dominage Steel's board decided to sell ownership stakes at a negotiated price through an off-market transaction.

Upon completion of the regulatory process, a new board of directors will take over the management and operations of the company.

No company of the Akij Group has yet been listed on the stock exchanges. So, it will enter the secondary market through the acquisition of Dominage Steel.

Akij Resources holds a significant presence in the steel and construction sectors through its subsidiaries. Officially established in April 2020, it builds on the heritage of the Akij Group, one of Bangladesh's largest conglomerates.

Meanwhile, the stock of the listed steel manufacturer has climbed remarkably over the last year. It surged 401 per cent to Tk 86.2 between September 1 last year and July 28 this year. Later, the stock declined and closed at 63.60 on Monday, gaining 0.32 per cent over the previous day.

The market price of the shares to be transferred stands at Tk 1.95 billion.

As per the securities rules, the sponsor-directors of a listed company are required to jointly hold at least 30 per cent of shares. Hence, the shares will remain locked as sponsor holding.

MIDAS Financing, a non-bank financial institution (NBFI), plans to sell three commercial properties at prevailing market prices, subject to approval from shareholders and regulators.

According to a disclosure to the Dhaka Stock Exchange (DSE) yesterday, the decision was taken at a board meeting on August 27. The properties include commercial floor space on the second floor, along with eight car parking spaces, at Nahar Green Summit in Dhanmondi.

Another property comprises commercial floor space on the first floor, along with one car parking space, at Excel SM Tower in East Nasirabad, Chattogram.

The third property comprises commercial floor space on the third floor, along with one car parking space, at Jamil Shopping Center in Bogura.

The asset sale comes as the company faces a liquidity crunch amid a rise in classified and non-performing loans, said Tanvir Hasan, company secretary of MIDAS Financing PLC.

“Some of our good borrowers also failed to repay their loans,” he said.

There has also been some demand from depositors to withdraw their deposits, he said, adding that the company has a large fixed-asset base and the board wants to revive its financial position by selling some of its assets. Shares of MIDAS Financing rose 1.79 percent to Tk 5.70 on the DSE yesterday.

The NBFI reported a loss of Tk 89.30 crore in the first six months of 2026, sharply higher than the Tk 46.88 crore loss recorded in the same period a year earlier, according to its financial statements.

Apex Footwear has introduced biodegradable shopping bags, replacing conventional plastic ones, for its customers amid growing concern over the widespread use of plastic in Bangladesh and its impact on the environment.

The bags use a bio-resin derived from corn starch and do not contain synthetic materials such as polyethylene and polystyrene, which are commonly used in traditional plastic packaging, Apex said in a press statement.

Apex, one of the largest footwear manufacturers in the country, said the bags have been tested by the Bangladesh University of Engineering and Technology (BUET) and the Bangladesh Council of Scientific and Industrial Research (BCSIR) to assess their quality and environmental characteristics.

According to test findings, the bags can fully biodegrade within seven months of disposal without leaving harmful residues.

Plastic waste, particularly single-use items such as polythene, has been cited by environmentalists and authorities as a major challenge for waste management, drainage systems and ecosystems.

Bangladesh generates around 800,000 tonnes of plastic waste a year, of which only about 40 percent is recycled, according to the Bangladesh Plastic Goods Manufacturers and Exporters Association.

Apex Footwear has a retail presence across 64 districts, with more than 250 retail outlets nationwide, along with more than 260 franchise outlets and a network of over 90 wholesale dealers, according to Raihan Kabir, head of marketing at Apex Footwear.

Together, its outlets require around 700,000 shopping bags a month, he said.

The footwear manufacturer is the latest to join the transition from plastic bags in stores.

Supershops have also moved to cut plastic use in recent years. Following the enforcement of a decades-old polythene ban, chains including Shwapno, Agora, Unimart and Meena Bazar began offering jute and paper bags at checkout counters.

Speaking on the launch of the bags, Raihan said the company had been seeking an alternative to its existing shopping bags for some time.

“We had been looking for something that would allow us to take our sustainability efforts to a wider group of consumers,” he told The Daily Star yesterday.

The search for a supplier took more than a year, as Apex evaluated several locally developed alternatives before selecting a manufacturer capable of meeting its requirements

Raihan informed that a group of students from Chattogram first approached the company with a jute-based bag.

“I found the idea interesting because sustainability is one of our core values. But when we looked at their production capacity, raw material availability and financial strength, we realised they were not yet in a position to supply a company of our size,” he said.

Later, a supplier from Rajshahi proposed a corn-starch bag, but was also found to lack sufficient production capacity to fulfill Apex’s needs.

The footwear company eventually began working with a packaging manufacturer supported by BRAC, after assessing its production capacity, financial stability, raw material availability and technical certifications.

“We checked their documents and were satisfied with their capacity. That was when we decided to start working with them,” he said.

Developing samples and negotiating prices took 6-7 months, as the initial cost of the biodegradable bags was considerably higher than that of conventional alternatives, Raihan said.

“After several rounds of sample development and negotiation, we reached a level where we felt we could move forward,” he said.

The bags were introduced at several outlets on a pilot basis to collect feedback from customers and staff before wider rollout. “The response was very positive. Our store managers, sales officers and customers appreciated the initiative.”

Raihan said the bag initiative is part of broader sustainability efforts at the company.Water-saving measures had also helped reduce electricity consumption from generators by around 30 percent, and Apex has also received a sustainability-related award from Singapore, he said.

GBB Power has stepped into the renewable energy business with a 25-year deal, under which it will develop a 5.005-megawatt ground-mounted solar plant at Cumilla Cantonment.

With the deal, the company has steered its business in a different direction after its operations had remained suspended for a long time.

The company said in a stock exchange filing on Monday that its subsidiary, Solaron Power, had signed the agreement with the Station Headquarters, Cumilla Cantonment, under the 33rd Infantry Division of the Bangladesh Army.

Under the agreement, the plant will be installed, owned and operated by Solaron Power before being transferred under the agreed arrangement.

GBB Power holds a 70 per cent stake in Solaron Power, while the remaining 30 per cent is owned by strategic partners with expertise in the solar energy sector.

The total investment in the project is expected to be around Tk 60 million, with commercial operation targeted for the first half of 2027, subject to the completion of the necessary development and installation work.

The project marks an important diversification move for GBB Power, which has remained non-operational for more than three years following the expiry of the power purchase agreement for its gas-fired plant.

The company has remained shut since June 2023, as its power purchase agreement with the Bangladesh Power Development Board (BPDB) expired. It is currently among the 36 non-operational listed companies on the stock market.

Industry insiders said the relatively modest investment requirement and the duration of the deal could give GBB Power an opportunity to build a recurring revenue stream from the project once commercial operation begins.

The move also comes at a time when Bangladesh is placing greater emphasis on renewable energy amid concerns over energy security, rising fuel costs and the need to diversify power sources.

Ground-mounted solar projects are increasingly being considered by industries, institutions and other large consumers as an alternative source of electricity, particularly to reduce dependence on the national grid and fossil-fuel-based generation.

In January this year, a consortium of Fiber@Home and GBB Power also signed a PPA with the BPDB to develop an 18MW solar power plant in Chattogram. The project is expected to start supplying electricity within the next two years.

Unilever is betting that shedding food assets and focusing on beauty, personal care and home products will close a valuation gap with more focused rivals.

The challenge is convincing investors that a simpler company can deliver higher returns.
The maker of Dove soap, Axe deodorant and Cif cleaning products trades at 11.5 times enterprise value to core earnings, according to LSEG data.That compares with 14.8 for Procter & Gamble, 17.5 for L’Oreal and 22.7 for Coca-Cola. Those multiples suggest investors place a premium on more focused consumer goods companies. But investors have two main concerns.Unilever’s deal in March to merge its food business with US spice maker McCormick will leave the British group with an almost 10 percent stake in the combined company, and its shareholders with a roughly 55 percent stake.

At the same time, the transaction reduces Unilever’s exposure to a relatively high-margin business, increasing pressure on management to show that faster-growing beauty, personal care and home products can make up the difference.

“Until you show me the evidence that you’re turning this around, you’re sitting on a very low multiple,” said Dan Hanbury, a portfolio manager at Ninety One, a major investor in Colgate-Palmolive, Unilever and L’Oreal.

The market is wary of “false dawns” from corporate turnarounds, he added, saying Unilever probably needed three or four quarters of strong volume growth to win over doubters.

Big industrial companies from General Electric to Siemens have spent years simplifying their structures in an effort to eliminate what investors call a conglomerate discount, a penalty applied to companies whose complexity is seen as weighing on efficiency and growth.

That thinking has increasingly spread to consumer goods companies.

Where diversification was once seen as a strength that could cushion changes in consumer tastes, investors now increasingly favour category leaders that can focus investment, innovation and marketing on a narrower set of products.

Under CEO Fernando Fernandez, Unilever has accelerated its retreat from food.

The company spun off its ice cream business and in March struck a roughly $65 billion deal to combine its food division with McCormick. The issue is not that food is unprofitable.

The business has historically generated attractive margins, but growth has lagged Unilever’s beauty and personal care operations.

“Being focused on a single category allows you to be more cost effective and more innovative,” said Akeel Sachak, global head of consumer at Rothschild & Co.

Investors often point to Procter & Gamble as a template.

The Tide detergent maker exited food and streamlined its brand portfolio, subsequently delivering stronger growth and earning a valuation premium for much of the following decade.

“P&G pulled off the restructuring, drove higher growth and commanded a relatively higher premium for probably 10 years,” Hanbury said.

Investors and analysts say the focus for Unilever has now switched from portfolio reshuffling to execution.

“If (Unilever) continues to execute, Unilever will continue to see a degree of re-rating ... and then hopefully grow from there,” said Will James, portfolio manager at Guinness Global Investors, which holds shares in Unilever and L’Oreal. Unilever has reported improving results in recent quarters, and in July said sales volumes had reached their highest level in more than a decade.
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Yet despite the operational improvement, some Unilever investors are concerned about their continued exposure to the slow-growing food category via their stake in the company resulting from the McCormick merger, Barclays analyst Warren Ackerman said.

Unilever declined to comment.

CEO Fernando Fernandez told an industry event in June: “I believe that every quarter that goes by, and we deliver the numbers that we have been delivering, and we get closer to the closing of a transaction of McCormick, the value of Unilever will be shown.”

GBB Power Limited has entered the renewable energy sector by signing an agreement to develop a solar power plant, following a 99% surge in its share price over the past few weeks.

According to a disclosure filed with the Dhaka Stock Exchange (DSE) today (24 August), the company's subsidiary, Solaron Power Limited, has signed a 25-year Power Purchase Agreement (PPA) with Cumilla Cantonment.

Under the agreement, Solaron Power will install a 5.005 MWp ground-mounted solar power plant on a Build, Own, Operate and Transfer (BOOT) basis.

GBB Power holds a 70% stake in Solaron Power, while the remaining 30% is owned by strategic partners.

The renewable energy project comes as GBB Power's share price has surged sharply in recent weeks, gaining nearly 99%.

The project, with an estimated investment of Tk6 crore, is expected to begin commercial operations in the first half of 2027.

The announcement comes after a period of extraordinary volatility for the company's stock. DSE data shows the scrip was trading at Tk8.2 on 28 July 28, before skyrocketing 99% to reach Tk16.3 by 18 August. The share price closed at Tk14.20 today.

The move into solar is significant for GBB Power as its two existing power plants are currently non-operational following the expiry of their previous government contracts.

Runner Automobiles PLC is set to manufacture cars of Chinese electric vehicle maker BYD in Bangladesh, marking a strategic shift for the company beyond its traditional two- and three-wheeler business.

Runner has completed a technical agreement with BYD following a feasibility study, paving the way for local production of BYD electric cars. The company will invest in factory expansion and machinery for EV manufacturing, according to a disclosure on Dhaka Stock Exchange website yesterday.
The move comes as Runner’s financial performance is recovering from a sharp downturn. Standalone revenue rose 28 percent to Tk 563 crore in FY2024-25, while operating profit increased to Tk 110 crore. Net profit recovered to Tk 7 crore from a loss of Tk 70 crore in FY2022-23.

However, high financial expenses continue to weigh on earnings, making the EV investment both a growth opportunity and a financial challenge.

Runner’s board has approved raising Tk 250 crore through preference shares, with at least half of the proceeds to be converted into equity later. The company also plans to double its authorised capital to Tk 400 crore from Tk 200 crore, subject to regulatory approval.

For BYD, local manufacturing would establish a production foothold in Bangladesh after the Chinese EV maker entered the market through imports in 2024.

Runner will continue importing and marketing BYD vehicles until local production begins, said an official of the company.

The market has already responded positively. Runner Automobiles’ share price rose 1.53 percent to Tk 53 yesterday, close to its 52-week high of Tk 54.

Meghna Group of Industries (MGI), one of the country’s largest industrial conglomerates, has entered the sanitaryware market, seeking to tap growing demand amid increased construction activity.

The group, which has been manufacturing construction materials, namely cement, for more than two decades, expanded into sanitary products five years after launching its ceramic products business in 2021 as part of its efforts to diversify its product portfolio.

“We want to offer customers a complete range of construction material solutions to meet their needs. That’s why, alongside tiles, sanitaryware is part of our portfolio expansion,” MGI Chairman Mostafa Kamal told The Daily Star recently.

The conglomerate, which also operates in the consumer goods and energy sectors, said it has invested around Tk 300 crore in its sanitary products business. Its factory has a production capacity of around 60,000 pieces a month and employs more than 600 people.

MGI mainly manufactures basins and commodes, which together account for nearly 80 percent of the sanitaryware market, valued at around Tk 2,000 crore. The market is growing by roughly 8 to 10 percent annually, according to industry operators.

Located in Ashariar Char in Narayanganj, the factory currently has the capacity to produce 2,000 washbasins and commodes a day.

The group said it uses 100 percent imported raw materials, sourced from selected countries, to maintain international product standards. The materials are currently imported from Thailand, Malaysia, Egypt, India, Germany and China.

According to fiscal 2024-25 data from the Bangladesh Ceramic Manufacturers and Exporters Association, domestic products account for about 65 percent of the sanitaryware market, while imported products make up the remaining 35 percent.

“Customers today are placing greater importance on quality and reliability, alongside product variety. To meet this demand, we are giving special emphasis to the sanitaryware sector,” said Tanjima Mostafa, a director of MGI.

“Through a combination of quality ceramic products, modern designs, and operational efficiency, we want to strengthen our position in this sector by delivering Fresh Sanitaryware to our customers,” she said.

Founded in 1976, MGI operates more than 57 industrial units and employs over 65,000 people, according to a press release.

Runner Automobiles PLC is moving ahead with its partnership with Chinese electric vehicle giant BYD Auto Industry Co, approving a series of measures to launch the import and distribution of BYD vehicles in Bangladesh.

At a board meeting on 20 August, the company approved the next course of action under its Master Supply and Manufacturing Agreement (MSMA) with BYD, according to a price-sensitive statement.

Under the agreement, Runner will sign a Technical Licence Agreement (TLA) with BYD and import and distribute BYD vehicles in completely built-up (CBU) condition.

The company said the initiative is aimed at establishing the necessary distribution network and preparing for the proposed project.

As part of the plan, Runner also intends to raise Tk250 crore through the issuance of preference shares, subject to regulatory and shareholder approvals.

The board's decision marks a significant step in Runner's expansion beyond its traditional motorcycle business into the passenger vehicle segment, particularly amid growing demand for electric and technologically advanced vehicles in Bangladesh.

BYD is one of China's leading clean energy firms, known for EVs, batteries, and renewable solutions. Founded in 1994, it has grown into a global EV powerhouse, competing with companies like Tesla. BYD produces cars, buses, and trucks, while also manufacturing advanced lithium batteries.

The company is expanding rapidly across Asia, Europe, and Latin America, playing a key role in the global transition to sustainable transportation.

Industry insiders say Runner has been preparing for such a venture. In May 2025, the company acquired land in Sreepur, Magura, and near its existing facility in Bhaluka, Mymensingh, with plans to establish a vehicle manufacturing plant in collaboration with a foreign partner.

Runner already has experience in automotive production, having invested around Tk300 crore to manufacture Bajaj three-wheelers. It also markets a range of international brands, including Eicher trucks and buses, KTM motorcycles, and Vespa scooters, alongside its own two-wheeler line-up.

Tk250cr preference shares

To support its expansion plans, Runner Automobiles has also approved the issuance of Tk250 crore of cumulative, non-participating preference shares with a 50% convertibility option. The preference share issue remains subject to approval from the relevant regulatory authorities and shareholders.

The board has also approved a proposal to double the company's authorised share capital to Tk400 crore from Tk200 crore.

The increase in authorised capital will allow the company greater flexibility to raise additional equity capital in the future as it expands its business.

Both proposals will be placed before shareholders at an Extraordinary General Meeting (EGM), scheduled for 8 October 2026 at 11:30am through a digital platform. The record date for the meeting is 13 September.

The increase in authorised capital requires approval from the EGM, Bangladesh Securities and Exchange Commission, Registrar of Joint Stock Companies and Firms and other relevant authorities. Runner did not disclose the investment required for the BYD project or provide details of the proposed terms of the preference shares.

Building BYD distribution network

Under the approved plan, Runner will import BYD vehicles as CBU units while establishing the required distribution and support network. The company is also preparing for the project through the technical licensing arrangement with BYD.

Industry observers see the partnership as an important development for Bangladesh's emerging electric vehicle market, where infrastructure, product availability and after-sales services remain key challenges.

Runner Automobiles is listed on the Dhaka Stock Exchange in 2019 and has traditionally focused on motorcycles and automotive products. The BYD partnership could diversify its revenue base and strengthen its position in the country's evolving automobile market.

Furthermore, Runner reported an 18% surge in consolidated revenue, reaching Tk878 crore for the July-March period of FY26. The company returned to profitability with a consolidated net profit of Tk13.70 crore and earnings per share (EPS) of Tk0.50, rebounding from a loss in the corresponding period of the previous year. Previously, for FY25, Runner disbursed a 10% cash dividend to its shareholders after posting a net profit of Tk10.23 crore.

NCC Bank is set to scale up its Shariah-compliant operations after receiving in-principle approval from Bangladesh Bank to convert 20 of its conventional branches into full-fledged Islamic banking units.

According to a price-sensitive disclosure filed with the Dhaka Stock Exchange today (19 August), the central bank communicated its approval through a letter dated 17 August 2026.

The bank stated that the conversion process will be carried out in strict accordance with the "Guidelines for Conversion of a Conventional Bank to an Islamic Bank" and other relevant regulatory frameworks issued by the central bank.
Currently, NCC Bank operates a very limited Islamic banking network, with only four dedicated branches in Dhaka, Chattogram, Feni, and Thakurgaon. The addition of 20 more branches represents a fivefold expansion of its dedicated Shariah-based service points, reflecting the growing demand for Islamic financial products in the country.

Despite the news of a strategic expansion, the bank's shares saw a marginal correction on the premier bourse. NCC Bank's share price edged down by 0.65% to settle at Tk15.20 today.

Meanwhile, the lender reported a consolidated earnings per share of Tk2.08 in the first half of 2026, marking a 12% growth from Tk1.86 in the corresponding period of 2025.

The bank attributed the rise in profitability primarily to an increase in investment income and the recovery of provisions previously kept against shares.

At the end of June 2026, the bank's consolidated Net Asset Value per share stood at Tk26.39, up from Tk26.15 in December 2025.

However, the bank's cash flow position witnessed a decline. The consolidated net operating cash flow per share dropped to Tk6.68 for the first six months of 2026, compared to Tk10.96 in the previous year.

The bank explained that the decline in cash flow was due to a surge in the purchase of government securities for trading, higher loan disbursements, and advance payments for office rents during the reporting period.

HSBC Bangladesh has launched the 10th edition of its Export Excellence Awards, highlighting the need to diversify the country's export basket and scale up businesses in emerging sectors beyond garments and textiles.

Speaking at the launch at Pan Pacific Sonargaon Dhaka today (18 August), HSBC Bangladesh CEO Md Mahbub ur Rahman said exports have a "multiplier impact" on the economy by generating employment and foreign exchange while attracting investment.

"Export diversification has been talked about for a long time, and rightfully so," he said, warning that excessive dependence on a single sector makes the economy vulnerable and increases economic volatility.

Mahbub said Bangladesh should build on the competitive advantage developed by the garments and textile industry while identifying other sectors where the country has, or can develop, a competitive edge.

The awards have recognised 40 companies over the past nine years, including 20 from garments and textiles and 20 from other industries. Mahbub said the experience shows export excellence exists beyond RMG, but these businesses need to scale up.

"Other than garments and textile, maybe hardly one or two sectors have reached the billion-dollar mark. And then, it's a huge gap," he said.

Exporters can nominate themselves for the 2026 awards in four categories: RMG companies with annual export revenue of at least $100 million; RMG backward-linkage companies with at least $50 million; non-traditional and emerging manufacturing sectors with at least $10 million; and non-traditional and emerging services sectors with at least $5 million.

The programme is open to all enterprises operating in Bangladesh, regardless of whether they are HSBC customers, and carries no entry fee.

Mahbub said the awards aim to showcase Bangladeshi businesses succeeding in global markets and highlight practices that policymakers can replicate across the economy.

He said export growth can also drive investment, citing the RMG sector, where exports helped spur investment in backward-linkage industries such as fabric and yarn.

Past winners highlighted technology, skilled manpower, branding and market adaptation as key to export growth. PRAN-RFL Group Chairman and CEO Ahsan Khan Chowdhury stressed value addition and global branding, while Urmi Group Director and CEO Asif Ashraf said the company is using AI and robotic process automation to improve efficiency and sustainability.

Ulkasemi CEO Enayetur Rahman highlighted Bangladesh's potential in semiconductor design, citing its skilled workforce, but identified power and internet infrastructure and data security as challenges.

The awards are being organised with support from the Ministry of Commerce and the British High Commission Dhaka, with Ernst & Young as technical partner.

The nomination deadline is 20 September 2026. Nomination forms and further details are available at www.business.hsbc.com.bd/EEA2026

Struggling non-bank financial institution Midas Financing PLC is facing a severe liquidity crunch to meet depositors' requirements, highlighting an urgent need for adequate liquidity arrangements to restore customer confidence, according to its statutory auditor.

In the auditor's report for the year ended 31 December 2025, AKM Kamrul Islam, managing partner of Islam Aftab Kamrul & Co, Chartered Accountants, highlighted critical financial distress under an "Emphasis of Matter" paragraph.

The report revealed that Midas Financing holds lease, loan, and advance portfolios totalling Tk788.82 crore. Of this amount, non-performing or classified loans stand at Tk432.47 crore – accounting for over 54% of its total loan book – while unclassified loans account for Tk356.35 crore.

To cover potential losses, the Bangladesh Bank mandated a provision shortfall of Tk25.98 crore against 41 individual lease, loan, and advance accounts, along with Tk6 crore in other general provisions.

Following an appeal by the non-bank financial institution, the central bank issued a letter on 22 June 2023, allowing Midas Financing to adjust the provision shortfall over five years starting from 2022.

The financial statement highlights significant capital and operational erosion. For 2025, the institution reported a net interest loss of Tk46.87 crore, a total operating loss of Tk46.36 crore, and a massive net loss after tax reaching Tk335.29 crore.

Furthermore, its Capital to Risk-Weighted Assets Ratio faces a shortfall of Tk350.07 crore, leaving shareholders' equity in the negative at Tk266.01 crore as of 31 December 2025.

The auditor also noted a compliance lapse regarding Tk9.61 lakh presented under unclaimed dividend payables, which contradicts Bangladesh Securities and Exchange Commission directives requiring unclaimed dividends to be reported as a separate line item.

Banglalink has received a Payment Service Provider (PSP) licence from Bangladesh Bank, paving the way for the telecom operator to enter the country's digital payments market with its new service "Mukto Pay".

The licence was issued today (11 August), according to a press release from the leading digital operator.

Mukto Pay is a fully owned Banglalink service that will offer digital payment solutions, including money transfers, merchant and e-commerce payments, utility and government bill payments, salary and other disbursements, as well as other approved payment services.

Banglalink said the service is aimed at making everyday digital transactions simpler, more secure and accessible, particularly for individuals, micro-merchants, and small businesses that are unbanked or underserved by formal financial services.

It said Mukto Pay will leverage Banglalink's nationwide connectivity, customer reach and digital ecosystem to broaden access to digital financial services.

According to Banglalink, the PSP licence is part of the broader strategic vision of the company and its parent, VEON, to invest in and expand digital financial services in Bangladesh.

The milestone marks a significant step in Banglalink's expansion into digital financial services, supporting the transformation of Bangladesh's financial ecosystem, accelerating the country's transition towards a cashless society, and contributing to its ambition to become a $1 trillion economy by 2034.

The move also marks another step in Banglalink's transformation from a telecommunications company into a digital operator, extending its services beyond connectivity into digital and financial services.

Johan Buse, chief executive officer of Banglalink, said, "Bangladesh's journey towards building a cashless society and becoming a trillion-dollar economy will require greater financial inclusion and a digital ecosystem that enables more people to participate in the country's growth. Mukto Pay is an important step in that direction.

"By combining Banglalink's nationwide reach and deep understanding of local customers with VEON's global digital expertise, we aim to make digital payments simpler, more accessible and more relevant to people's everyday lives."

"This licence strengthens our ambition to invest further in digital financial services and contribute to building a more inclusive, cashless and digitally empowered Bangladesh, making a better life for all," he said.

Meanwhile, VEON is also pursuing opportunities in digital banking and has applied for a digital bank licence, according to the press release.

With Mukto Pay, the number of licenced companies or brands operating as payment service providers in the country has risen to 10.

The other nine are iPay Systems Ltd, D Money Bangladesh Ltd, Recursion FinTech Ltd, Green & Red Technologies Ltd, Progoti Systems Ltd, ABG Technologies Limited, Digital Payments Limited, Sheba Fintech Limited, and Shamadhan Services Limited.

Solar Equity Venture has signed an issue management agreement with LankaBangla Investments and Southeast Bank Capital Services Limited to raise capital through an initial public offering (IPO).

The agreement was signed on Sunday in the capital by Ezaz Al Qudrat A Mazid, managing director of Solar Equity Venture; Iftekhar Alam, CEO of LankaBangla Investments; and Md. Mominul Haque, CFA, managing director of Southeast Bank Capital Services Limited, according to a press release.

LankaBangla Investments and Southeast Bank Capital Services Limited will work as joint issue managers. Solar Equity Venture was founded with a clear vision-- to accelerate Bangladesh’s transition toward a clean, resilient, and sustainable energy future, reads a press release.

Building on the extensive experience and proven track record of its sponsor company, Solar EPC Development Ltd., Solar Equity Venture combines renewable energy project development expertise with innovative investment solutions to unlock scalable clean energy opportunities. “Since 2018, our team has successfully developed, financed, engineered, procured, constructed, and managed high-quality solar energy projects across Bangladesh, creating a strong foundation for the company’s next phase of growth,” said Mr Mazid.

“This strategic partnership represents an important milestone in our journey to build a scalable and institutionally structured renewable energy investment platform, mobilise long-term capital, expand our clean energy portfolio, and create sustainable value for investors and stakeholders,” he noted.

“Together, we aim to contribute meaningfully to the growth of Bangladesh’s renewable energy sector and capital market while advancing the country’s clean energy transition,” he added.

Solar Equity Venture believes that by establishing an effective link between renewable energy and the capital market, it will be possible to create new opportunities for domestic and foreign investors to participate in the growth of Bangladesh’s clean energy sector.

Royal Footwear expects its profit to jump by 50-60% if it can utilise the funds raised from the capital market as planned, primarily by repaying bank loans, cutting interest costs, and ensuring a steady supply of raw materials and spare parts.

The 100% export-oriented footwear manufacturer also expects its revenue to grow by 20-30%, as the funds will strengthen its working capital and support production, the company said.

Royal Footwear is raising Tk12 crore through an Initial Qualified Investor Offer (IQIO) on the SME platform. The Bangladesh Securities and Exchange Commission approved the proposal at its 1,020th commission meeting held on 14 July.

As part of the offer, the company will issue 12 lakh shares to qualified investors at a face value of Tk10 each.

Factory running at full capacity

During a recent visit to the company's factory at Tilargati in Tongi, Gazipur, The Business Standard found all three production lines running at full capacity.

The factory manufactures footwear for a host of international brands, including Deichmann, Intersport, Cisaisa, Arena, RedTape, Kappa, Admiral, Furo Sports Shoes, Bata, Bartek, ZXY, CAT, Umbro, Lidl, Fila, LPP and CCC.

Royal Footwear exports its products to markets such as Germany, Italy, Poland, Switzerland, the United States and the United Arab Emirates. It also supplies footwear to ROSS, a leading footwear retailer in the US.

Around 750 workers were engaged in production during the visit. Company officials said the workforce swells to more than 1,200 during the winter season, when the factory runs in two shifts. The company has also set up a training centre for new workers.

Most of the funds to repay loans

According to the approved utilisation plan, Tk8 crore of the Tk12 crore proceeds will go towards repaying bank loans, Tk2 crore towards purchasing raw and packaging materials, Tk1.67 crore towards procuring spare parts, and the remaining Tk33 lakh towards IQIO-related expenses. This means two-thirds of the funds raised will be used to reduce bank debt.

The company expects the repayment to lower interest expenses and ease pressure on cash flow, while spending on raw materials and spare parts will help maintain uninterrupted production.

Royal Footwear Chairman Md Zakir Hossain Patwari said the capital market funds would strengthen the company's financial position and support production.

"Repaying a significant portion of our bank loans will reduce interest expenses. At the same time, ensuring adequate supplies of raw materials and spare parts will reduce the risk of production disruptions," he said.

The company expects these measures to boost profit by 50-60%, though actual growth will depend on production, export performance, interest expenses and international market demand.

Revenue may rise 20-30%

Company officials said the funds would improve working capital availability and production efficiency. While production capacity is not expected to grow at the same pace as profit, revenue could rise by around 20-30%, they said.

Royal Footwear currently runs three production lines and plans to set up a second production unit on 206 decimals of land in Ashulia.

The new unit is expected to boost production capacity, allowing the company to meet growing demand from existing buyers while taking on orders from new international customers.

Buyer requirements behind listing

According to company management, the decision to enter the capital market was driven not only by the need for funds but also by the requirements of international buyers.

European buyers are increasingly focusing on corporate governance, transparency, compliance and accountability alongside product quality, pricing and production capacity, the company said.

Officials said several international buyers had encouraged Royal Footwear to go public, noting that stronger governance and compliance standards can, in some cases, help suppliers secure larger orders from global buyers.

Patwari said the listing would strengthen the company's transparency, accountability and corporate governance, and help build greater confidence among international buyers.

Second fundraising attempt

Royal Footwear had initially applied for a similar fundraising proposal in 2024 but later withdrew it, citing political uncertainty, a slowing economy and an unfavourable business environment.

With the business environment now improving, the company has revived its fundraising plan.

Established in 2014, Royal Footwear currently exports footwear to several international markets and manufactures products for multiple global brands.

The company now plans to use capital market financing to cut financial costs, strengthen production capacity, meet international buyer requirements and expand its export business.

United Finance PLC has reported a stellar start to the 2026 financial year, with its net profit surging by 55.48% during the first half ended 30 June.

According to the company's financial results released on Wednesday, the non-bank financial institution earned a net profit of Tk5.03 crore in the January-June period, up from the corresponding period of the previous year.

The significant bottom-line growth pushed the company's earnings per share to Tk0.27 for the six months, compared to Tk0.17 in the first half of 2025. This robust performance was further highlighted by a 67% year-on-year increase in operating profit before provision, driven primarily by strong growth in net interest income and disciplined cost management.

In terms of business volume, United Finance recorded a steady expansion in its total portfolio, which reached Tk2, 349 crore. The company's lease, loan, and advance segment grew by 4.26%, while its deposit portfolio stood at Tk1, 465 crore – marking an 11.12% growth against December 2025. This double-digit growth in deposits reflects increasing customer confidence in the institution despite broader macroeconomic challenges.

United Finance has also positioned itself as a leader in sustainable banking. In the first half of 2026, a staggering 81% of its total disbursements were channelled into green and sustainable financing, significantly exceeding the targets mandated by the Bangladesh Bank.

On the technological front, the company's mobile app, UMA, has continued to streamline the customer journey through fully paperless services, including account opening and instant certificate downloads.

Commenting on the results, Mohammed Abul Ahsan, acting managing director of United Finance, attributed the performance to the company's "prudent risk management DNA and solid corporate governance."

He noted that these core strengths have allowed the firm to remain resilient and perform consistently even under macroeconomic stress.

Marico Bangladesh Limited, the producer of the popular Parachute brand, reported a 12.38% year-on-year decline in net profit for the April-June quarter of 2026, marking the first time the company has faced a quarterly earnings slump in four years.

According to its latest financial statements, the company's net profit for the quarter stood at Tk170.47 crore, down from Tk194.56 crore in the corresponding period of 2025.

This downturn comes despite a 4% growth in revenue, which reached Tk531.86 crore during the same period. The last time the multinational witnessed a contraction in its first-quarter profit was in 2022.

The company reported that its earnings per share (EPS) settled at Tk54.12 for the quarter, compared to Tk61.77 a year earlier.

Management attributed the profit squeeze primarily to a sharp rise in raw material prices and a decrease in finance income. Additionally, the net operating cash flow per share (NOCFPS) plummeted to Tk20.28 from Tk66.73, which the company explained was due to significantly higher payments made to suppliers during the three-month period.

Meanwhile, the company's net asset value (NAV) per share rose to Tk146.14 as of 30 June 2026, up from Tk92.02 in March, bolstered by a strong retained earnings position.

Despite the earnings dip, the board of directors declared a substantial 500% interim cash dividend, equivalent to Tk50 per share. The record date for the dividend entitlement has been set for 27 August.

Market analysts noted that while rising input costs remain a challenge for the manufacturing giant, the hefty dividend payout reflects the company's robust cash reserves and continued commitment to shareholder returns.

The listed banking sector posted a sharply divided performance in the first half (January-June) of 2026, as robust treasury returns buoyed strong performers while mounting non-performing loans and high deposit costs pushed several major lenders into deep losses.

Out of the 36 banks listed on tyhe stock exchanges, 14 posted a surge in net profit year-on-year, five experienced profit declines, and six incurred massive losses.

Meanwhile, trading remains suspended for five banks that are undergoing merger processes with Sammilito Bank, while another five lenders have yet to release their financial statements.

Industry insiders attributed the profitability growth among top performers largely to lucrative investment income generated from government risk-free securities.

However, the broader sector continues to wrestle with a tough macroeconomic environment characterised by elevated interest rates, a sluggish economy, and muted private sector credit growth.

Top earners capitalise on yields and growth

BRAC Bank emerged as the top earner in H1 2026, logging a consolidated profit of Tk1,423 crore, reflecting a massive 57% year-on-year growth. Pubali Bank secured the second spot with Tk685 crore in profit (up 19%), followed by City Bank with Tk527 crore (up 75%), Dutch-Bangla Bank with Tk442 crore (up 319%), and Eastern Bank with Tk439 crore (up 25%).

Speaking to The Business Standard, BRAC Bank Managing Director and CEO Tareq Refat Ullah Khan said the bank currently manages a combined fund of nearly Tk1.70 lakh crore across deposits and assets.

"Our portfolio is expanding every year," Khan said. "Over the past year, our deposits grew by nearly 25%, surpassing Tk95,000 crore, while assets expanded around 18% to cross Tk76,000 crore – achieving growth well above the market average."

He added that operational efficiency improved significantly, trimming the bank's cost-to-income ratio from 48% to 42%, while its non-performing loan (NPL) ratio declined to 2.03% from 2.27% over six months.

City Bank similarly attributed its sharp profit rise to strong investment yields alongside healthy growth in commission and fee income.

Other banks recording profit increases during the period include Jamuna Bank, SBAC Bank, NCC Bank, Uttara Bank, NRBC Bank, Southeast Bank, Midland Bank, United Commercial Bank, Shahjalal Islami Bank, and NRB Bank. Conversely, profits dropped at One Bank, Mutual Trust Bank, Standard Bank, Bank Asia, and Trust Bank.

Suspense income and bad loans squeeze bottom lines

On the flip side, six lenders reported severe consolidated net losses, led by National Bank with a loss of Tk2,286 crore. AB Bank followed with Tk1,936 crore in loss, IFIC Bank at Tk1,668 crore, Islami Bank at Tk1,316 crore, Rupali Bank at Tk640 crore, and Premier Bank.

National Bank explained in its disclosure that its deficit stemmed from an inability to recognise interest income on delinquent and rescheduled loans with grace periods, even as deposit interest obligations remained fixed.

Islami Bank Acting Managing Director Md Altaf Hossain noted that a large non-income-generating investment exposure to a major group hit earnings, as Shariah rules mandate holding unrealised yields in suspense accounts rather than recognising them as income. He added that future recoveries could significantly reverse the bank's fortunes.

Berger Paints Bangladesh has decided to invest Tk20 crore in the ordinary share capital of its wholly owned subsidiary, Jenson & Nicholson (Bangladesh) Limited, according to a disclosure published on the stock exchanges today (29 July).

Jenson & Nicholson manufactures metal containers for the paint, food and other industries. Established in Bangladesh in 1995, the company operates manufacturing facilities in Chattogram and Dhaka.

Over the years, it has expanded its product range from paint containers to lubricant, engine oil, hair oil and food-grade containers. The company has also entered the fancy container segment, becoming the first manufacturer of such containers in Bangladesh, according to Berger

Paints' website.Berger Q1 profit doubles

Separately, Berger Paints reported a 111% year-on-year jump in consolidated net profit for the April-June quarter, driven by higher sales, strategic price adjustments, lower finance costs and tax-related gains.

The company's revenue rose 15% to Tk814.19 crore in the first quarter of 2026 from Tk708.73 crore a year earlier.

Net profit after tax climbed to Tk180.77 crore from Tk85.69 crore, while earnings per share (EPS) increased to Tk36.81 from Tk18.11.

In its financial statement, Berger said the sharp rise in EPS was mainly due to higher sales, price adjustments to offset rising raw material and packaging costs, and lower interest expenses on UPAS loans.

The company also attributed the earnings growth to a lower effective tax rate and favourable adjustments to tax liabilities recognised in the previous year following the enactment of the Finance Act 2026.

US-Bangla Airlines yesterday announced the acquisition of 21 new Boeing aircraft in a deal worth about $1.5 billion, calling it “one of the most significant fleet expansion programmes in the country’s aviation history.”

The announcement was made at an event titled “Beyond with Boeing” at the Sheraton Dhaka.

The new fleet will include 15 Boeing 737-8 aircraft and six Boeing 737-800 aircraft. All are scheduled to be delivered in phases by the end of 2027 under a leasing programme.

In a statement, the private airline said the expanded fleet would allow it to launch flights to several new destinations, including Bengaluru and Hyderabad in India; Colombo in Sri Lanka; Kathmandu in Nepal; Kunming, Shenzhen and Beijing in China; Johor Bahru and Penang in Malaysia; destinations in South Korea and Japan; Kuwait; Bahrain; Madinah and Dammam in Saudi Arabia; and Salalah in Oman.

“This investment represents much more than fleet expansion. It reflects our long-term vision to transform US-Bangla from an airline into a fully integrated global aviation group. We are investing in aircraft, people, technology, training, maintenance, cargo, catering and infrastructure to support the sustainable growth of Bangladesh’s aviation sector,” said Mohammad Abdullah Al Mamun, managing director of US-Bangla Group and US-Bangla Airlines.

Mamun said foreign airlines still carry nearly 70 percent of passengers on Bangladesh’s international routes, indicating a significant opportunity for the country’s aviation industry.

United States Ambassador Brent T Christensen described the announcement as a historic milestone and called Boeing Bangladesh’s “best business case”.

“Perhaps even more important is the investment in people. US-Bangla’s plan to send about 200 Bangladeshi pilots to the US for advanced training represents an investment in the next generation of aviation professionals,” he said.

“Today’s ceremony also highlights something larger: the growing economic relationship between the US and Bangladesh. American companies offer innovation, technology, high-quality products and long-term partnerships. Bangladeshi companies likewise offer entrepreneurial spirit, determination and a vision for growth,” the ambassador added.

Humaiun Kobir, the prime minister’s foreign affairs adviser, spoke about the challenges facing the aviation sector. He said the industry was seeking tax relief and pledged the government’s financial support.

Rashiduzzaman Millat, state minister for civil aviation and tourism, said that with the opening of the third terminal at Dhaka airport, Bangladesh aims to serve 24 million passengers a year.

He added that Biman Bangladesh Airlines is expanding its fleet with 14 new Boeing aircraft. The growth of both airlines will strengthen the country’s aviation industry and improve services for passengers at home and abroad.

Air Vice Marshal Md Mostafa Mahmood Siddiq, chairman of the Civil Aviation Authority of Bangladesh, said increasing the share of Bangladeshi airlines in the country’s passenger traffic is one of the government’s national priorities.

Paul Righi, vice-president of sales and marketing for Eurasia, India and South Asia at Boeing, also spoke at the event.