Grameenphone has secured 10 megahertz of spectrum in the 700 MHz band, often called the “golden frequency” for its wide coverage and strong indoor reach, marking the first-ever allocation of the low-band frequency to a mobile operator in Bangladesh.

The spectrum was assigned at the base price, meaning the government will earn Tk 2,370 crore from the deal. The rate was set at Tk 237 crore per megahertz (MHz).

The allocation will run for 15 years, with payments spread over 10 instalments. If the allocation period ends earlier, the payable amount will be adjusted accordingly.

The approval came yesterday at a joint meeting of the Spectrum Auction Committee and the Spectrum Management Committee, said Major General (retd) Md Emdad ul Bari, Chairman of the Bangladesh Telecommunication Regulatory Commission (BTRC).

The BTRC had fixed January 21 as the auction date. With only one bidder in the race, the regulator proceeded under its single bidder allocation rules.

The move follows Robi Axiata’s decision to withdraw from the auction, citing a “mismatch” between the auction timing and its network priorities. Banglalink and state-owned Teletalk stayed away.

Despite the thin turnout, the regulator went ahead, saying that preparations had been underway since 2024. It also said Robi had shown interest in spectrum from another band, which could be taken up later.

Earlier this month, anticipating a lone bidder, the BTRC revised its auction rules. It cut the maximum spectrum cap for a single operator to 10 megahertz from 15, out of a total 25 MHz on offer.

The regulator said the change was meant to protect competition and keep room for other operators in the future.

The 700 MHz band is valued for its ability to cover large areas and penetrate buildings, making it well suited for rural connectivity and indoor coverage.

With the allocation, Bangladesh formally begins using the 700 MHz band for mobile broadband, a step long viewed as key to improving nationwide network reach and service quality.

Tanveer Mohammad, chief corporate affairs officer of Grameenphone, said, “We have received the acknowledgement letter from BTRC stating Grameenphone’s eligibility for the acquisition of the 700 MHz spectrum, on completion of all applicable regulatory requirements. This reinforces our commitment to strengthening network quality and delivering a superior, reliable experience for our customers across Bangladesh.”

He said, “We appreciate BTRC’s continued support in enabling a future-ready telco ecosystem. This will allow us to further enhance coverage, particularly in underserved and indoor environments, while improving network efficiency and resilience.”

“We look forward to responsibly utilising this spectrum to further elevate service quality and deliver secure, innovative digital services for our more than 85.6 million customers, reinforcing our role as a key enabler of Bangladesh’s digital progress,” he added.

Even so, a large part of the band remains out of reach. Twenty MHz is still locked in a long legal dispute between the BTRC and broadband service provider Always On Network.

With a view to future expansion of operations, Olympic Industries, a listed company in the food and allied sector, has decided to purchase 19.25 decimals of land at an agreed price of Tk57.75 lakh in Narayanganj.

The company has also decided to invest Tk20 lakh in Tripti Industries as a sponsor shareholder in the name of Olympic Industries.

The board approved an investment decision in land and subscription of ordinary shares in Tripti Industries on 19 January, which was disclosed through the stock exchanges on Tuesday.

Land investment

Olympic Industries said its board approved the purchase of 19.25 decimal land under the mouza Madanpur-6 in Narayanganj district to undertake construction to accommodate future expansion of operations.

The purchaser, Olympic Industries, shall also bear the total registration costs, inclusive of value-added tax, taxes and other charges, the disclosure said.

Investment in Tripti Industries

The board of Olympic Industries has approved an investment of Tk20 lakh in Tripti Industries, divided into 2 lakh ordinary shares worth Tk10 each, as a sponsor shareholder in the name of Olympic Industries.

The proposed authorised capital of Tripti Industries will be Tk50 crore, divided into 5 crore ordinary shares of Tk10 each, while the paid-up capital will be Tk50 lakh, divided into 5 lakh ordinary shares of Tk10 each.

Previously, there was a listed company named Tripti Industries under the common management of Olympic Industries. In 2008, Olympic Industries and Tripti Industries merged, after which the business has been operating under the name Olympic Industries.

Regarding the investment in Tripti Industries, Mintu Kumar Das, company secretary of Olympic Industries, told The Business Standard: "The board has taken the decision to invest in Tripti Industries. The nature and business line will be decided after the completion of all formalities."

In FY25, Olympic Industries posted Tk2,772 crore revenue with a 6.91% growth year-on-year, and posted a profit of Tk201 crore, which was Tk183.40 crore in the previous fiscal year.

It had paid 30% cash dividend to its shareholders.

On Tuesday, its share price closed at Tk174.70 each at the Dhaka Stock Exchange (DSE).

Advanced Chemical Industries (ACI) PLC, one of the largest conglomerates in Bangladesh, is set to expand its business footprint into the semiconductor and property sectors.

To operate in these new segments, the ACI board has decided to form two new subsidiaries – ACI Semiconductor Limited and ACI Properties Limited – at a board of directors' meeting held on Thursday.

An official of ACI told TBS, "We are hoping for bright prospects in both business segments in the future, which is why the management has decided to enter these segments by forming two subsidiaries of ACI PLC."

ACI Semiconductor Limited will have an authorised capital of Tk100 crore and a paid-up capital of Tk10 crore.

In the company, ACI will own 85% shares, which is subject to the approval of the concerned authority.

ACI Properties Limited will have an authorised capital of Tk100 crore and paid-up capital of Tk10 crore. In the company, ACI will hold 85% shares.

The official said the new business segment will enhance ACI's business portfolio.

According to its latest annual report for the 2024-25 fiscal year, ACI owns 17 subsidiaries and five joint ventures and associate companies operating across the country through its five diversified strategic business units – healthcare, consumer brands, agribusiness, motors and retail chains.

Its healthcare division delivers innovative and pharmaceutical products, the consumer brands division with its toiletries, home care, hygiene, electrical, salt, flour, foods, rice, edible oil, paints and international businesses.

ACI's agribusiness arm is the country's largest integrated platform in agriculture, livestock and fisheries, while ACI Motors is a leading player in farm mechanisation, motorcycles, commercial vehicles and construction equipment.

The retail chain division operates Shwapno, the largest retail network in Bangladesh, with more than 683 outlets nationwide, including 220 newly opened stores, serving over 1,00,000 customers daily.

ACI traces its origins to Imperial Chemical Industries, a British multinational that established operations in then East Pakistan. Following Bangladesh's independence, the business became ICI Bangladesh Manufacturers Limited before being acquired by its management in 1992 and renamed Advanced Chemical Industries (ACI) PLC.

Financial performance

For the financial year ended on 30 June 2025, ACI reported a marked performance improvement, with its consolidated loss narrowing significantly. The group posted a consolidated loss of Tk41.91 crore, or Tk7.40 per share, compared with Tk128.47 crore and Tk15.88 per share in the previous year.

Its consolidated revenue for FY25 stood at Tk13,790 crore, up from Tk12,431 crore in the previous fiscal year.

ACI's management attributed the improvement in profitability to steady revenue growth and stronger cost control.

During the year, the company achieved a 10.93% increase in consolidated revenue and a 15.42% rise in gross profit. The growth in gross profit outpaced operating expense growth, leading to higher operating profit despite challenging market conditions.

However, the company noted that higher borrowing costs partially offset the gains. The cost of borrowings increased during the year, driven by rising interest rates and additional funding requirements for working capital and strategic investments to support business expansion.

ACI's 25% cash dividend was approved by the shareholders in the annual general meeting (AGM) held on 28 December 2025.

In the first quarter of the current fiscal year, ACI reported a consolidated profit of Tk6.32 crore with an earnings per share (EPS) of Tk0.39, which was a consolidated loss of Tk46.91 crore and loss per share of Tk4.82 in the same time of the previous fiscal year.

Its consolidated revenue surged to Tk3,696 crore from Tk2,971 crore in Q1 of FY25.

The group achieved a 24.40% revenue growth, which was contributed to by a number of businesses as demonstrated in consolidated operating segments.

Apex Tannery, a listed leather goods manufacturer, has decided to set up an in-house effluent treatment plant (ETP) at a cost of Tk12 crore to meet regulatory requirements and comply with the environmental standards demanded by international buyers.

The company made the decision at a recent board meeting and disclosed it through the Dhaka Stock Exchange (DSE) website.

Although Apex Tannery had earlier obtained approval to establish its own ETP at its factory premises in the Bangladesh Small and Cottage Industries Corporation Savar Leather Industrial Estate, it is now moving forward with the investment.

Currently, there is a central effluent treatment plant (CETP) at the Savar tannery estate, but due to its technical limitations and inability to treat the full volume of liquid waste generated by all factories, some entrepreneurs have taken steps to set up their own ETPs to support business operations.

According to the disclosure, Apex Tannery's in-house ETP will include a chrome recovery plant and a sewerage treatment plant, and will be built on an area of approximately 12,000 to 15,000 square feet. The facility will be designed to treat effluent generated at all stages of production – from wet blue to finished leather.

The decision comes at a time when Apex Tannery has been struggling financially.

According to its latest financial statements, the company has been incurring losses for three consecutive fiscal years since FY23. Due to the continued losses, the company did not declare any dividend for its shareholders.

The company remained in a loss-making position in the first quarter of the current fiscal year as well. During the July-September period, its revenue edged up to Tk13.97 crore from Tk12.91 crore in the same period of the previous fiscal year, but it still incurred a loss of Tk7.59 crore, with a loss per share of Tk4.98.

Today, the company's shares closed at Tk59.90 each on the DSE, up 4.90% from the previous session.

The interim government has appointed three key officials of the administration to the Board of Directors of Biman Bangladesh Airlines Limited.

The new appointees are National Security Adviser (NSA) Dr Khalilur Rahman, Special Assistant to the Chief Adviser Faiz Ahmad Taiyeb, and Senior Secretary of the Election Commission (EC) Secretariat Akhtar Ahmed.

A gazette notification was issued in this regard by the Ministry of Civil Aviation and Tourism yesterday (15 January). The order, issued by the president's command and signed by the ministry's Senior Assistant Secretary Mst Shakila Pervin, stated that the appointments were made under Section 30(b) of the Bangladesh Biman Act, 2023.

The order comes into effect immediately in the "public interest," according to the notification.

Zant Accessories Limited has signed a land lease agreement with the Bangladesh Economic Zones Authority (BEZA) to produce polyurethane and polyethylene foam at the National Special Economic Zone (NSEZ).

The agreement was signed today (14 January) at the BEZA office, said a press release.

Under the agreement, the company will set up an export-oriented industrial unit on five acres of land at the NSEZ, with an investment of around Tk80 crore. Zant Accessories plans to start commercial production in May 2027.

In the press release, BEZA said the proposed factory would use comparatively less water and electricity and would not require gas. The authority said the project would be export-oriented and in line with environment-friendly industrial development.

Besides polyurethane and polyethylene foam, the factory will also produce recycled foam, mattresses, pillows, comforters and shoe insoles. These products are mainly used in the furniture, home textile, footwear, automobile and packaging industries and are intended for export.

About 90% of the raw materials required for production will be imported from China, South Korea, the United Arab Emirates and Malaysia, according to the company. Zant Accessories Limited currently operates another factory at the Karnaphuli Export Processing Zone.

Saleh Ahmed, executive member (investment development) of BEZA, said the investment by Zant Accessories Limited at the NSEZ was a positive example of export-oriented industrial growth. "Such projects could encourage more local and foreign investors to invest in the zone," he said.

Zant Accessories Limited said the project would focus on sustainable production, environmental protection and skill development. The company also said it expects the project to contribute to foreign exchange earnings by maintaining international production standards.

The land lease agreement was signed on behalf of BEZA by Executive Member (Investment Development) Saleh Ahmed, while Zant Accessories Limited was represented by its Chairman Md Tofazzal Hossain.

According to BEZA, around 17 industrial units are currently operating at the NSEZ, while another 24 units are under construction. The zone is being developed with industrial facilities alongside urban services, infrastructure and sustainable utility systems.

State-owned Sonali Bank has urged the government to issue bonds against unpaid loans to the Bangladesh Sugar and Food Industries Corporation (BSFIC) to address the lender’s capital shortfall.

The state-owned corporation, which manages 15 sugar mills, owes the bank Tk 6,600 crore.

Another state-owned agency, the Investment Corporation of Bangladesh (ICB), owes Sonali Bank Tk 1,700 crore. The bank is also awaiting receivable commissions of around Tk 5,500 crore tied to the Rooppur Nuclear Power Project.

“We have been able to reduce our capital shortfall over the past few years, and we will have no shortfall if these loans are recovered,” Sonali Bank Managing Director Md Shawkat Ali Khan said at a press briefing at the bank’s Dhaka headquarters yesterday.

At the end of September 2025, the bank’s capital shortfall stood at Tk 2,174 crore, down from Tk 5,949 crore in December 2024, according to figures presented by Md Iqbal Hossain, the bank’s chief finance officer.

Provision shortfalls also fell to Tk 1,801 crore from Tk 4,632 crore over the same period.

Sonali Bank must maintain provisions of Tk 3,000 crore against dues from BSFIC, and Tk 1,300 crore for ICB investments.

Officials said these shortfalls are the main driver of the bank’s capital gap.

Other factors cited include loans to Orion Infrastructure, delayed government compensation, and unrecovered commissions of Tk 5,500 crore against letters of credit totalling Tk 94,246 crore issued for the Rooppur project.

At the conference, Khan highlighted the bank’s improved financial structure, crediting reforms, targeted planning, and strengthened loan recovery efforts.

He said, “Public confidence in Sonali Bank is very high. It is because of this trust that people deposit more funds.”

“Sonali Bank is now much more careful in selecting borrowers. Our depositors are a blessing for us,” Khan said, noting that no incidents similar to the Hallmark scandal have occurred since.

Operating profit rose 41 percent year-on-year in 2025 to Tk 8,017 crore. Audited net profit is expected to fall between Tk 1,100 crore and Tk 1,700 crore. The bank’s non-performing loan ratio fell to 16 percent at the end of the year, with plans to reduce it below 9 percent by 2026.

Md Shawkat Ali Khan claimed that no such incident has occurred at Sonali Bank since the Hallmark scandal – a massive loan scandal involving more than Tk 3,500 crore

“Sonali Bank is now much more careful in selecting borrowers. Our depositors are a blessing for us,” he said.

The bank’s operating profit rose 41 percent year-on-year in 2025 to Tk 8,017 crore. Audited net profit is expected to fall between Tk 1,100 crore and Tk 1,700 crore.

Khan also said the bank’s non-performing loan ratio fell to 16 percent at the end of the year, with plans to reduce it below 9 percent by 2026.

State-owned Sonali Bank achieved a milestone in 2025 by recording its highest-ever operating profit of Tk8,017.35 crore, representing a substantial increase of Tk2,322.80 crore over the previous year.

The figures were disclosed by the bank's managing director and chief executive officer, Md Shawkat Ali Khan, during a press briefing held at the bank's headquarters in Dhaka's Motijheel today (13 January).

Shawkat noted that the bank's operating profit in 2024 stood at Tk5,694.55 crore, and he expressed optimism that the net profit for 2025 would exceed Tk1,500 crore after necessary provisioning.

A significant highlight of the year was the bank successfully addressing its chronic capital deficit. "For a long time, capital shortfall was a major challenge for state-owned banks," the MD said. "As of this year, Sonali Bank no longer has a capital deficit. Being free from this burden is a massive achievement for us."

The bank's Capital to Risk-Weighted Assets Ratio now exceeds the minimum regulatory requirement of 10%, providing a strong foundation for future business expansion.

On asset quality, Shawkat said the bank's non-performing loan (NPL) ratio had fallen to 15.4% as of 25 December. The bank aims to reduce this to 11-12% by 2026 and bring it down to single digits within the next three years, between 2026 and 2027, he said.

The MD said that Tk745 crore has already been recovered from the top 20 defaulters, with further recovery processes ongoing. "To mitigate risk, the bank is also decentralising its loan portfolio."

Currently, 37% of total loans are concentrated in five branches; these are being gradually shifted to other branches to reduce credit concentration, he said.

Despite the record profits, the bank still has significant outstanding receivables from various government entities. Specifically, Sonali Bank is owed approximately Tk5,500 crore in LC (Letter of Credit) commissions for its role as the sole financier of the Rooppur Nuclear Power Plant project. "Recovery of these funds will further strengthen our capital base," Shawkat noted.

Reflecting on past challenges, the MD said that no major irregularities have occurred since the Hallmark scandal, attributing the current stability to strict credit appraisal and improved corporate governance.

AkijBashir Cables is introducing Bangladesh's first three-layer house wiring cable, which sets a new benchmark for insulation resistance, durability and long-term performance.

In an interview with The Business Standard, Khorshed Alam, chief operating officer of Akij Bashir Group, discusses the group's entry into Bangladesh's cable and wire market, outlining its investment rationale, growth ambitions and focus on safety, quality and local manufacturing. The interview was conducted by Abbas Uddin Noyon, chief reporter of TBS.

What motivated AkijBashir Group to enter the cable and electric wire industry at this point, and why did you choose Eminence Electric Wire & Cables Ltd for acquisition?

Bangladesh is at a stage where infrastructure development, urbanisation and industrial expansion are all accelerating simultaneously. Reliable power transmission and safe electrical connectivity have therefore become critical national needs. As a diversified industrial group, AkijBashir sees the cable and electric wire segment as strategically aligned with our long-term vision of supporting national development through essential manufacturing.

From a business-structure perspective, our building materials division already contributes more than 60% of the group's overall portfolio. Our strategic objective has been to expand this division further so that we can offer most, if not all, key construction-related products under one trusted umbrella. Entering the cable industry is a natural extension of that strategy.

In our market research, we also identified clear gaps. On one side, certain dominant players have created unhealthy market dynamics, while on the other, several suppliers struggle with consistency and reliable delivery. We felt there was room for a credible, quality-driven player with a strong commitment to standards and supply assurance. Eminence Electric Wire & Cables Ltd offered an established manufacturing base, skilled workforce, and a compliance-oriented culture, allowing us to scale quickly without compromising quality.

How do you assess the current size and future potential of Bangladesh's cable industry?

In volume terms, the cable industry is already a large market, roughly estimated at around Tk12,000 crore. The growth outlook is strong, supported by public infrastructure projects, real estate development, industrial expansion, and rising safety awareness among consumers.

We believe the industry can sustain annual growth of 10-15% over the next 10 to 15 years, barring short-term disruptions. Another important trend is the gradual replacement of substandard cables with certified, higher-quality products. There is also scope for import substitution as local manufacturers adopt better technology. With advanced production facilities and new features, we want to meet rising customer expectations and energise the market.

What are your short- and long-term strategic goals for this venture in terms of market position and branding?

In the short term, our priority is operational stability, ensuring consistent quality, reliable supply, and strong distribution across key domestic markets. We want the brand to stand for safety, reliability and value from the outset.

In the long term, our plan is to expand the product portfolio, invest in advanced manufacturing technology, and gradually explore export opportunities. Ultimately, our goal is to position AkijBashir Cables among the leading players in the national market, with a reputation comparable to top regional brands.

What level of investment has gone into acquisition and expansion, and how has it been financed?

The investment includes both the acquisition of Eminence Electric Wire & Cables Ltd and capital expenditure for modernisation, capacity expansion and quality assurance systems. While we are not disclosing exact figures at this stage, it represents a substantial long-term commitment.

The project has been primarily financed through AkijBashir Group's own funds, reflecting our strong balance sheet and confidence in the sector. We are also receiving support from our valued financial partner, Jamuna Bank.

What production capacity are you targeting initially, and how will you scale up?

Initially, we are targeting a capacity of around 300 tonnes of copper cables and 200 tonnes of aluminium cables. The facility has been designed with scalability in mind, allowing us to expand capacity in phases. In the near term, we aim to increase this to around 600 tonnes of copper and 300 tonnes of aluminium as demand grows, both domestically and potentially in export markets.

How many jobs has this venture created so far?

Employment generation is a key part of our contribution. With the launch of AkijBashir Cables and our three-layer cable technology, we have already created employment opportunities for more than 700 people across manufacturing, quality control, logistics and sales. Our nationwide distribution network also supports significant indirect employment across Bangladesh.

What distinguishes AkijBashir Cables from existing competitors?

The most important distinction is our focus on safety and quality. AkijBashir Cables is introducing Bangladesh's first three-layer house wiring cable, which sets a new benchmark for insulation resistance, durability and long-term performance. This structure significantly reduces the risk of short circuits and current leakage and can withstand temperatures of up to 105 degrees Celsius, features not commonly available in the local market.

We believe fire risk linked to electrical wiring is a serious concern. While cables are often blamed, the real issue lies in raw material purity, manufacturing standards, and proper application. We source copper from LME-approved suppliers with 99.9% purity and use high-grade PVC from authenticated sources. We are fully committed to maintaining international standards.

Can improved local manufacturing reduce dependence on imported cables for major projects?

In the initial phase, our focus is on domestic, industrial and communication cables, including underground applications as urbanisation increases. More specialised, high-technology cables required for mega projects will come in our second phase. However, our long-term vision is clearly to reduce import dependence by developing advanced local manufacturing capabilities.

Pricing is always a concern for consumers. How will you balance quality and affordability?

High-quality raw materials inevitably cost more. For example, sourcing copper from LME-approved suppliers can be 30-40% more expensive than non-certified alternatives. But this purity directly impacts safety and longevity.

That said, we are very conscious of market realities. Our pricing strategy will remain competitive and aligned with existing products, without compromising quality. We believe consumers are increasingly willing to pay a fair price for safety and reliability.

Where are your machinery and raw materials sourced from?

The factory we acquired was already well-equipped with world-class machinery sourced from Europe, Germany, China and India. For raw materials, copper will be sourced mainly from Singapore, while PVC will come from China and partly from India.

Who are your initial target customers?

Our primary focus is domestic wiring, followed by industrial and communication cables. Given AkijBashir Group's strong brand acceptance among general consumers, we see domestic cables as a natural starting point. Gradually, we will move into higher-voltage and specialised cable segments.

Bangladesh Bank (BB) has appointed an observer at the Shariah-based Standard Bank to closely monitor its operations amid alleged internal conflicts between board members.

The central bank appointed Md Sharafat Ullah Khan, director of the Payment Systems Department, as an observer last week, according to BB Executive Director and spokesperson Arif Hossain Khan.

“We have taken this move in view of the current situation at the bank,” he said.

From now on, Md Sharafat Ullah Khan will attend board meetings and other vital meetings at Standard Bank as part of the BB's enhanced supervision.

Following the fall of the previous government, the 16-member board of the private bank has reportedly split into two camps over various issues. One faction is led by the Chairman, Mohammed Abdul Aziz, while the other is steered by his son and vice-chairman, AKM Abdul Alim.

Speaking on the condition of anonymity, bank officials said the feud has paralysed decision-making, with board meetings often ending in arguments over staffing and management matters.

Standard Bank began operations on 3 June 1999. In January 2021, it became a full-fledged Shariah-based Islamic bank after receiving approval from Bangladesh Bank.

Kazi Akram Uddin Ahmed, a businessperson and relative of deposed Prime Minister Sheikh Hasina, served as the chairman of the bank for years. However, following the political shift, Mohammed Abdul Aziz assumed the role.

An earlier BB inspection found various irregularities involving the bank's former chairman, Kazi Akram, and his son, former director Kazi Khurrum Ahmed. These issues contributed to the bank's financial decline, according to the central bank report.

At the end of September last year, the bank's defaulted loans stood at Tk 5,884 crore, accounting for 29.14 per cent of its total disbursed loans. During the same period in 2024, its classified loans amounted to Tk 1,679 crore, or 8.62 per cent of total disbursed loans.

The National Board of Revenue (NBR) has rolled out a new large-value transaction facility allowing corporate tax and value-added tax payments through the mobile financial service provider, bKash.

NBR Chairman Md Abdur Rahman Khan inaugurated the service yesterday at NBR’s headquarters in Dhaka.

Using an online merchant wallet developed by bKash Limited, taxpayers can now pay withholding tax through the NBR’s e-TDS platform, while VAT payments can be made through the Finance Division’s A-Challan system.

NBR Member (VAT Policy) Azizur Rahman said that previously, tax payments through the A-Challan system were limited to Tk 3 lakh. The new facility removes this limit, allowing taxpayers to pay unlimited amounts through bKash.

bKash Finance Controller Muhammad Arifur Rahman said that a tax payment can now be completed in less than two minutes using either a bank account or a mobile wallet.

“The move advances the NBR’s digitisation drive,” said NBR Chairman Khan, adding that the authority aims to shift all tax payments to digital channels to ensure faster processing, greater accuracy and transparency, and lower risk.

Allowing large-value payments through digital wallets and merchant accounts would ease compliance for big taxpayers while enhancing revenue oversight, he said.

The platform is open to all licensed mobile financial service providers, including Nagad, Rocket, CellFin, and Upay, and Khan said he expects more operators to actively support such transactions.

Kay & Que (Bangladesh) Limited has signed an Application-to-Person (A2P) aggregator agreement with Grameenphone, in a move that strengthens the company's push into digital services and deepens its role in the country's telecom value chain.

Under the agreement, signed within the licensing framework of the Bangladesh Telecommunication Regulatory Commission (BTRC), Kay & Que will act as an aggregator for the country's largest mobile operator, enabling enterprises and service providers to send bulk and transactional SMS to Grameenphone subscribers through its platform.

The company disclosed the price-sensitive information on the Dhaka Stock Exchange (DSE) website today (11 January), saying the deal is expected to contribute positively to its business operations and revenue.

Despite the announcement, Kay & Que's share price fell 1.35% to close at Tk387.10 on the day, reflecting cautious investor sentiment amid broader market volatility.

The deal with Grameenphone is the latest in a series of similar agreements the company has signed with mobile operators in recent weeks. On 28 December, Kay & Que entered into an A2P aggregator agreement with Robi Axiata. Before that, it signed separate agreements with Teletalk Bangladesh on 11 December and Banglalink on 8 December.

These partnerships follow the company's receipt of the A2P SMS Aggregator Enlistment Certificate from the BTRC on 29 September, which cleared the way for its formal entry into the regulated A2P messaging business.

Alongside its digital expansion, Kay & Que is also diversifying its traditional operations. The company recently informed the market that retail sales of liquefied petroleum gas (LPG) at its Dakshinpara Dhamrail unit began on 2 September 2025, a move expected to add a new stream of revenue.

Kay & Que, long known for its CNG refuelling stations and stone trading business, has gone through a major transformation since its merger with IT firm MultiSourcing Limited in July 2023.

The merger followed years of struggle in legacy businesses such as carbon rods, coal tar and pesticides, which were eventually shut down due to supply constraints, weak demand and persistent losses.

Recognising the need for a strategic shift, the company decided in February 2022 to refocus on its core CNG operations while building a technology-driven business model through the IT merger.

The shift has begun to show in its financial results. The company reported earnings per share (EPS) of Tk2.73 for the July-September 2025 quarter, up from Tk1.15 in the same period a year earlier.

For the full year ended 30 June 2025, Kay & Que posted EPS of Tk9.49, a sharp rise from Tk0.67 the year before, driven by higher turnover and improved profitability.

City Bank PLC has decided to construct a multi-storied office at Gulshan-2 in the capital at an estimated cost of Tk855 crore.

The bank announced the decision through a disclosure filed with the Dhaka Stock Exchange (DSE) on Thursday.

According to the disclosure, the bank's board of directors, in a meeting held on 7 January, decided to purchase approximately 20 katha of land on Gulshan Avenue to facilitate the construction. The purchase price for the land is Tk345 crore, inclusive of all related expenses.

This newly acquired land is adjacent to the bank's existing 20-katha plot in Gulshan. By combining these two parcels of land, the bank will now have a total of approximately 40 katha at the site, where the multi-storied building will be constructed.

The land purchase received approval from the Bangladesh Bank on 6 January 2026.

The bank stated that the project is subject to obtaining all necessary approvals from relevant regulatory authorities and ensuring full compliance with the guidelines and conditions stipulated by the central bank.

Following the disclosure, City Bank's share edged down by 0.396% to close at Tk25.80.

Earlier, City Bank has posted a remarkable surge in profits for the first nine months of 2025, as the lender strategically shifted towards risk-free investments in government securities amid an uncertain economic environment.

The bank's consolidated net profit rose 60% year-on-year to Tk720 crore in the January-September period, from Tk450 crore a year earlier. Earnings per share (EPS) climbed to Tk4.75, up from Tk2.96, reflecting strong earnings momentum across its investment portfolio.

"As a strategic initiative, City Bank's substantial investment in government securities led to a marked increase in investment income, effectively offsetting the decline in net interest income and supporting the coverage of escalating operational expenses," the bank said in its statement.

Auditors have found major documentation gaps over about Tk76 crore in cash withdrawn by listed Fortune Shoes Limited during the 2024-25 financial year, leaving the funds untraceable.

The audit was conducted by G Kibria & Co, Chartered Accountants, which reported that the company withdrew the funds from a regular account maintained with Islami Bank through 207 cheques.

However, the company failed to provide necessary documentation – such as the cash book, bank book, cheque counterfoils, invoices, vouchers, and delivery challans – to verify the use of the withdrawn funds.

The absence of even the cash book made it impossible for the auditors to confirm whether the money was used for legitimate business purposes.

On Thursday (8 January), the share price of the company closed at Tk14.40 on the Dhaka stock exchange.

The audit report also highlighted Tk19.73 crore in insurance claims related to fire damage to raw materials and finished goods in 2022, which the company had included in its financial statements.

Of this, Tk13.65 crore was claimed from Takaful Insurance Limited and Tk6.08 crore from Prime Insurance Company Limited. Nearly three years have passed, yet the claims remain unsettled.

No correspondence or documentation regarding the likelihood of recovery was provided to the auditors, raising significant uncertainty over the realisability of the claims.

The auditors further noted that although Fortune Shoes declared and approved dividends for the 2022, 2023, and 2024 financial years, the full amounts were not distributed. Dedicated dividend accounts were opened with Prime Bank PLC, but the entire approved amounts were not transferred.

As a result, Tk10.05 crore in dividends remained unpaid as of 30 June 2025, in violation of applicable laws and regulations.

Material discrepancies were also found between the company's accounting records and its monthly VAT returns. According to the auditors, differences included Tk143.63 crore in revenue, Tk13.86 lakh in local raw material purchases, and Tk40.21 crore in imported raw material purchases, indicating significant reporting inconsistencies.

The audit report additionally raised concerns over employee retirement benefits. Fortune Shoes does not maintain any approved provident fund or gratuity scheme.

Instead, an employee-initiated fund is being operated without proper authority and is not subject to regular audits, which is contrary to the Financial Reporting Council (FRC) requirements.

AkijBashir Group, one of Bangladesh's largest diversified industrial conglomerates, is set to enter the country's rapidly expanding cable manufacturing market with an initial investment exceeding Tk300 crore.

The group, which will formally begin commercial operations today with a launch event in Dhaka, will initially focus on domestic, industrial and communication cables, with plans to gradually expand into high-voltage and specialised cables in later phases. Industry insiders say the move is likely to intensify competition in a market currently valued at around Tk12,000 crore.

AkijBashir Group Chief Operating Officer Khorshed Alam told TBS, "Building materials already contribute more than 60% of our total business. Our strategic objective is to further expand this division, enabling consumers to source most construction-related products from a single, trusted brand. The decision aligns with the group's long-term strategy to strengthen its building materials portfolio."

According to company officials, the group had acquired a nearly ready cable manufacturing facility previously owned by Eminence Cable Central Well. The plant features a world-class layout and machinery sourced from China, Europe, Germany and India.

Initially, the factory will have the capacity to process around 300 tonnes of copper cables and 200 tonnes of PVC annually. The project is expected to generate employment for nearly 500 people, both directly and indirectly.

AkijBashir has also outlined plans to double production capacity within the next year, subject to market response.

According to Khorshed Alam, the group's market research revealed structural weaknesses in the existing cable industry.

"In some segments, the market shows monopolistic behaviour, leading to unhealthy competition and dissatisfaction among channel partners and consumers. In other cases, inconsistent supply due to capacity and quality issues has created uncertainty," he said. "These gaps present an opportunity for a player that can ensure consistent supply, competitive pricing and uncompromised quality."

A new net zero journey for new Akij breakaway

Bangladesh's cable demand has surged in recent years, driven by urbanisation, housing projects, industrial expansion and large infrastructure developments such as metro rail lines, tunnels and elevated expressways. Industry analysts project annual growth of 10-15% over the next decade, barring short-term economic disruptions.

Industry insiders say Bangladesh's domestic cable market has expanded from around Tk2,000 crore to Tk12,000 crore over the past decade, driven by rapid electrification and infrastructure development. More than 120 companies now operate in the sector, generating over 50,000 jobs. BRB Cable Industries Limited leads the market with over 30% share, while Bizli Cables is the second-largest producer. Other key players include BBS Cables, Paradise Cables, and Walton. Despite sufficient local capacity, imported cables continue to be widely used in government projects.

Technology and safety focus

A key differentiator of AkijBashir's cable offering will be its emphasis on safety and advanced insulation technology. The company plans to introduce three-layer insulated cables, still rare in the domestic market, designed to significantly reduce electrical fire risks.

"Most cables available locally use two-layer insulation. We are introducing three-layer insulation technology that can withstand temperatures of up to 105 degrees Celsius," Khorshed said.

"This level of safety is crucial, especially considering that a large portion of urban fires in Bangladesh are linked to electrical faults."

The company will source copper exclusively from London Metal Exchange-approved suppliers, ensuring 99.9% purity, while PVC and other raw materials will be procured from verified international sources.

"Quality begins with raw materials. We are fully committed to maintaining international standards, even if it means higher costs," Khorshed added.

Why cable quality should matter more than price

While premium raw materials raise production costs, AkijBashir says its pricing strategy will remain market-sensitive.

"We will not position our products beyond consumers' reach. Ours is a competitive market, and we intend to price our cables in line with existing products without compromising on quality," Khorshed said.

Industry experts note that price competition has often pushed some manufacturers to compromise on materials, increasing safety risks. AkijBashir's challenge will be to balance cost efficiency with its quality commitments.

AkijBashir operations span fast-moving consumer goods, logistics, and building materials. Its building materials division covering steel, tiles, sanitaryware and boards has emerged as a key growth driver.

Tapan Chowdhury, managing director of Square Pharmaceuticals PLC, has announced his intention to buy 20 lakh shares of the company through the Dhaka Stock Exchange (DSE), reinforcing management's confidence in the country's largest drug maker amid a volatile market environment.

According to a disclosure filed with the stock exchanges today (5 January), the shares will be acquired at the prevailing market price, either from the public market or through block transactions, within the next 30 working days.

Square Pharmaceuticals' shares closed 1.01% higher at Tk200.40 on the DSE on the day of the disclosure. At this price, the total value of the proposed purchase stands at roughly Tk40 crore.

Market participants see the move as a strong vote of confidence by the company's top executive at a time when overall investor sentiment remains cautious. Square Pharmaceuticals has historically drawn attention for consistent insider buying, particularly during periods of market uncertainty, which analysts say often provides reassurance to long-term investors.

Since 2020, four directors of Square Pharmaceuticals have collectively bought about 1.51 crore shares of the company, investing close to Tk300 crore. These acquisitions were made between February 2020 and April 2025, highlighting sustained confidence by the sponsor-directors in the company's long-term prospects.

During this period, Chairman Samuel S Chowdhury purchased 50.25 lakh shares, while Tapan Chowdhury himself acquired the same number. Two other directors, Ratna Patra and Anjan Chowdhury, bought 30.25 lakh shares and 20.25 lakh shares respectively.

Analysts say repeated share purchases by directors are often interpreted as a positive signal for minority shareholders, as they reflect management's belief in the company's intrinsic value and future growth potential. Such moves also align the interests of management more closely with those of public investors and reflect a long-term commitment to value creation.

Square Pharmaceuticals currently ranks as the second-largest company on the DSE by market capitalisation, which stands at around Tk17,600 crore, accounting for about 5.4% of the total market capitalisation of the DSE.

According to the company's November shareholding statement, sponsors and directors jointly hold 43.59% of Square Pharma's shares. Institutional investors own 14.49%, foreign investors hold 14.60%, and the remaining 27.32% are held by general investors.

The company has also announced an ambitious expansion plan, committing Tk650 crore to broaden its manufacturing capacity and product portfolio. Alongside this, Square Pharmaceuticals declared the highest dividend in its history, announcing a 120% cash dividend for the 2024-25 fiscal year.

Since the outbreak of Covid-19 in 2020, Square Pharma has invested approximately Tk2,000 crore in land acquisition, machinery and balancing, modernisation, replacement and expansion projects to cater to growing domestic and export demand.

For FY25, the company reported a 15% year-on-year rise in consolidated net profit to Tk2,397 crore, driven by strong performances from its subsidiaries and associates. The company's consolidated earnings per share stood at Tk27.04, while net asset value per share was Tk157.88 and net operating cash flow per share Tk19.52, underlining the company's strong financial position.

Prime Bank PLC has signed a $20 million term loan agreement with the Invest In Visions Microfinance Fund, a Germany-based impact investor.

Carlos De las Salas Vega, chief investment officer of the Invest In Visions Microfinance Fund, and Hassan O Rashid, chief executive officer of Prime Bank PLC, signed the agreement at a ceremony recently held in Frankfurt, Germany, according to a press release.

The funding will be strategically deployed by Prime Bank for on-lending to micro, small and medium enterprises (MSMEs) across Bangladesh.

The initiative underscores Prime Bank's commitment to promoting financial inclusion and supporting economic growth by strengthening the country's MSME sector, widely regarded as the backbone of the economy.

Established in 1995, Prime Bank has a longstanding record of accomplishment of providing impact-driven banking services to corporate, MSME and retail customers through both conventional and Islamic banking modes.

Shams Abdullah Muhaimin, deputy managing director of the bank, was also present, along with other senior executives from both organisations.

Midland Bank PLC has promoted Md Nazmul Huda Sarkar to the post of deputy managing director (DMD), effective from January 1, 2026.

Prior to this promotion, Sarkar was serving the bank as senior executive vice-president and chief technology officer, according to a press release.

He served at Mutual Trust Bank PLC and played a key role in the bank's transition to a new digital platform.

He also worked in Japan with Match.com as a senior application engineer.

He previously worked at Fujitsu, Nissan Motor, IDLC Finance PLC, and National Life Insurance.

Sarkar obtained his honours and master's degrees in electronics and computer science from the Shahjalal University of Science & Technology, Sylhet.

Shahjalal Islami Bank PLC has promoted Md Jafar Sadeq to the post of deputy managing director (DMD).

Prior to this promotion, Sadeq was serving the bank as senior executive vice-president and chief financial officer.

He began his professional career in 2002 with Hoda Vasi Chowdhury (HVC), Chartered Accountants.

He commenced his banking career with ONE Bank PLC, according to a press release. He later joined Shahjalal Islami Bank PLC in 2006 in the financial administration division.

Sadeq holds a master's degree in accounting from Jagannath University.

The Ministry of Expatriates’ Welfare & Overseas Employment has awarded BRAC Bank the prestigious Remittance Award for the second consecutive year.

This recognition from the government of Bangladesh demonstrates BRAC Bank's strong commitment to bolstering the economy by simplifying remittance processes through digital solutions for wage earners worldwide.

Dr. Asif Nazrul, Adviser, Ministry of Expatriates’ Welfare & Overseas Employment and Ministry of Law and Justice, handed over the award to Shahrear Zamil, Head of Remittance and Probashi Banking, BRAC Bank, at a ceremony marking the International Migrants Day and National Expatriates Day 2025 in Dhaka on December 18, 2025.

A leader in facilitating inward remittances to Bangladesh, BRAC Bank achieved a milestone, with wage remittances totalling more than USD 2.1 billion in 2025. This milestone underscores its significant impact on the country's foreign exchange reserves and financial stability.

The Remittance Award acknowledges BRAC Bank’s facilitating role in driving economic growth, alleviating poverty, and fostering social development in Bangladesh through channelling international remittances in the banking channel.

As a leading bank in overseas remittances, BRAC Bank aims to elevate the country's image on the global stage, encouraging the Bangladeshi diaspora to increase their investment in the homeland and utilise formal remittance channels.

BRAC Bank's remittance recognition reflects its significant contribution to the national exchequer and its role as a catalyst for Bangladesh's economic prosperity.