Beximco Group is seeking government approval for a new leasing model to partially reopen its closed factory operations with investment from British and Chinese firms, according to officials.

British firm Charter HCP Ltd and Chinese company Besting Ltd plan to invest $23 million to partially restart Prefix Fashions Ltd at Beximco’s industrial park in Gazipur under the proposed leasing arrangement.

Khalid Shahrior, senior general manager of Beximco’s Textiles and Apparel Division, and Huda Mohammed Faisal, CEO of Revival Global, which is acting as an asset manager for the two investors, confirmed the development to The Daily Star in a group phone call recently.

Beximco officials are scheduled to meet the chairman of Invest Bangladesh, the country’s apex investment facilitation agency, on October 11 to discuss the proposed business model, Khalid said.

If approved, the plan is to restart the factory in April next year, primarily producing export-oriented jackets, he said. About 90 percent of its production would be jackets, with the remaining 10 percent comprising other products.

Prefix Fashions, one of 16 textile and garment units inside the Beximco Industrial Park in Kashimpur, Gazipur, has been a joint venture with Besting since its inception, according to Khalid.

The factory will initially employ around 2,500 workers if the plan succeeds, according to the officials.

Under the proposed model, the foreign investors would sign a five-year agreement with Beximco Group. Loan repayments would be made directly from the factory’s export proceeds through the banks holding liens over the assets, according to Khalid and Huda.

The arrangement is intended to prevent Beximco from interfering with the repayment process, as the banks would automatically deduct the agreed amount from the export receipts.

The investors expect the factory to ship garments, particularly jackets, worth around $500 million within two to three years. Besting’s position as an international clothing retailer and brand would help generate orders, Khalid said.

If the government approves the plan, Beximco will comply with environmental, social and legal requirements for reopening the factory, he added.

The proposed leasing or profit-sharing model would require approval from Invest Bangladesh and Bangladesh Bank.

If the model proves successful, Beximco plans to reopen the other 15 shut units at the industrial park in phases. The move could create jobs for more than 30,000 workers who lost employment following the closure of the factories, officials estimate.

Revival Group, a Japanese-Bangladeshi venture, has been working with Beximco on plans to restart its shuttered textile operations. The firm was previously involved in a proposed lease arrangement to restart Beximco’s wider textile operations, under which it planned to invest $20 million with US-based Ecomilli.

Beximco has been struggling with a massive debt burden. Its total bank debt stands at more than Tk 40,000 crore, including Tk 29,925 crore against 32 factories at the Beximco Industrial Park, according to media reports.

Janata Bank alone is reportedly owed Tk 23,285.42 crore.

Beximco’s factories, owned by Salman F Rahman, former private industry and investment adviser to former prime minister Sheikh Hasina, faced disruption after the fall of the Awami League government amid a mass uprising on August 5, 2024, when some of the factories were vandalised and set on fire.

Salman remains incarcerated following his arrest in August 2024, when he was caught trying to flee Dhaka through Sadarghat.

The interim government led by Prof Muhammad Yunus subsequently announced the closure of all 16 units in March 2025 after the group failed to pay workers’ wages and dues. The government had earlier provided Tk 526 crore to pay workers’ wages and other dues.

Nahian Rahman Rochi, a member of Invest Bangladesh, told The Daily Star that the government would be able to guide Beximco on the proposal after holding a meeting with Revival and discussing the issue in detail.

The company today (5 October) signed a land lease agreement with Invest Bangladesh at the latter's Agargaon office for 6.5 acres of developed land at the economic zone. Rancon Lubricants is a sister concern of Rancon Group.

Under the agreement, the company will establish an industrial unit with an initial annual production capacity of 25 million litres of lubricants, including industrial and automotive lubricants, gear oil, heat transfer oil, compressor oil, transformer oil and grease.

Al-Amin Talukder, project coordinator and manager of Rancon Lubricants, told TBS the plant would be equipped with modern machinery, equipment and laboratory facilities compliant with international standards.

"The plant will have facilities to receive base oil by road as well as directly from vessels through pipelines to the base oil plant. It will produce high-quality lubricants of an internationally renowned and established brand," he said.

Rancon Group has been marketing Shell lubricants in Bangladesh for more than two decades and has recently started marketing Motul, the company said.

The investment is aimed at meeting growing domestic demand, ensuring a stable supply and contributing to the national economy. Rancon currently imports finished engine oil for the local market and plans to import raw materials and blend the lubricants locally.

Nahian Rahman Rochi, member (Investment Development) of Invest Bangladesh, said the agreement was the institution's first land lease deal following the merger of three investment promotion agencies.

"Commitments from anchor investors such as Rancon Lubricants signal confidence in the new institution and help build confidence among other investors," he said.

Rochi told TBS, "Until now, Rancon Lubricants Limited has been importing finished engine oil for the local market. Under the new plan, it will import raw materials, blend the lubricants locally and supply the finished engine oil to the domestic market," he said.

The 50-year lease will begin from the date of possession, with provision for renewal. The land is scheduled to be handed over within 90 days, with construction expected to begin within 120 days and operations within 36 months of handover.

Dominage Steel Building Systems disclosed yesterday that its board had recorded the transfer of 3.07 crore shares, about 30 percent of its 10 crore, to Akij Resource and two of its top executives, and approved a new board.

The recipients were Akij Resource; Sheikh Jasim Uddin, its group CEO and managing director; and Faria Hossain, its chairman.
The shares had been transferred through a matched transaction at an October 4 board meeting under Central Depository Bangladesh Limited rules, following approval from the Bangladesh Securities and Exchange Commission on August 27 and from the Dhaka Stock Exchange (DSE) on October 1, according to a DSE disclosure.

In a matched transaction, the buyer and seller agree on terms beforehand, and the deal is then processed through the depository system.

Following the transfer, the board had accepted the resignations and retirements of Muhammad Shamsul Islam, Mohammad Rafiqul Islam, Sujit Saha, Abul Kalam Bhuyan, and Rakibul Islam, all directors, effective from close of business on October 4.

The new board has Sheikh Jasim Uddin as chairman, Faria Hossain as managing director, and Md Masum Billah, Md Sheikh Sadi, and Shobrata Kumar Roy as nominee directors representing Akij Resources.

Nominee directors represent the interests of a specific shareholder or entity on a board.

Meanwhile, Dominage shares declined 1.98 percent to Tk 64.50 on the DSE to end trading yesterday.

The company posted a loss of Tk 76 lakh in the January-March quarter this year, against a profit of Tk 15 lakh a year earlier, owing to lower revenue collection, according to its financial statements.

Established in 2007, Dominage Steel Building Systems Limited specialises in pre-engineered steel buildings, offering fabrication and structural design across Bangladesh and in expanding markets abroad.

Akij Resources is already in the steel business through Akij Ispat, which produces rod. By acquiring a stake in Dominage, it is expanding into pre-fabricated steel, said Raihan Kabir, deputy chief financial officer of Akij Resources.

The company also has a cement business. “With the inclusion of Dominage, we want to create a synergy,” he said.

“We have a plan to utilise the full capacity of its factory in Ashulia within the next year,” he added.

The Insurance Development and Regulatory Authority (IDRA) has overseen the disbursement of Tk 26.37 crore in insurance claims to 7,641 policyholders in the third phase of a payout initiative aimed at rebuilding public trust in the insurance sector and protecting policyholders’ rights.
The payments were handed over to claimants yesterday at IDRA’s office in Motijheel, according to a press release from the authority’s public relations department.

Claims were settled directly at IDRA’s office in the first two phases as well, reflecting the regulator’s priority of settling valid claims and protecting customers’ interests, the release said.

The authority arranged funds from various sources, including the insurers’ assets and government securities, to settle long-pending claims.

In the first phase, Tk 14.51 crore was paid to 2,549 policyholders of BAIRA Life Insurance, Fareast Islami Life Insurance, Golden Life Insurance, Homeland Life Insurance, Padma Islami Life Insurance, Progressive Life Insurance and Sunflower Life Insurance.

In the second phase, Tk 23.03 crore was paid to 5,868 policyholders of Padma Islami Life Insurance, Homeland Life Insurance, Fareast Islami Life Insurance, Sunflower Life Insurance and Sunlife Insurance.

AkijBashir Group has become the first Bangladeshi company to join RE100, the global corporate renewable electricity initiative led by Climate Group.

According to a press release issued today (4 September), the group is reinforcing its transition toward 100% renewable electricity across its operations, placing renewable energy at the core of its long-term strategy for responsible industrial growth.

Sk Bashir Uddin, managing director of the group, said, "Joining RE100 is more than a renewable energy commitment for AkijBashir Group; it is a step towards transforming how we power our business and build sustainable growth."

"As the first company from Bangladesh to join this global initiative, we are proud to take a pioneering step towards 100% renewable electricity. We believe the future of business must be built on both growth and responsibility," he said.

"Through this commitment, we aim to contribute to Bangladesh's transition towards a cleaner and more resilient energy future, while inspiring other businesses and industries to accelerate their journey towards renewable energy. Together, we can create lasting value for our business, our people, and Bangladesh," he added.

What RE100 means for AkijBashir Group

RE100 is the world's leading corporate renewable electricity initiative, bringing together more than 400 businesses globally that have committed to using 100% renewable electricity by 2050 at the latest.

Members report progress annually, while renewable electricity claims are reviewed against RE100's technical criteria. The initiative also provides access to peer learning, renewable-energy expertise, policy engagement and international best practice.

For AkijBashir Group, RE100 provides a globally recognised framework to make its renewable-energy journey more structured, measurable and transparent.

It can help the group strengthen accountability around renewable electricity sourcing, benchmark progress against international practice and reinforce credibility with global customers and partners.

Once a reputed and profitable state-owned lender, BASIC Bank is still struggling to recover from the financial damage caused during the tenure of its former chairman Sheikh Abdul Hye Bacchu, under whom irregularities involving around Tk 4,500 crore came to light.
Established in 1989, the bank was profitable till 2009, when the then Awami League government appointed Jatiya Party leader Bacchu as its chairman.
Soon after, the commercial lender became mired in financial irregularities.

An inspection by the Bangladesh Bank (BB) later found that loans worth Tk 4,424.93 crore were disbursed with serious irregularities across four branches between December 2009 and November 2012. The loans are yet to be recovered by the bank.
Bacchu resigned as BASIC Bank chairman in July 2014, shortly after BB uncovered massive irregularities and scams and recommended that the finance ministry dissolve the bank’s board.

By then, the state lender’s bad loans had jumped to 57.15 percent from just 4.83 percent at the end of 2010.Although widespread irregularities and corruption took place at the bank, Bacchu was not officially held responsible until 2015.
By the time the Anti-Corruption Commission (ACC) identified him as responsible, he had already fled the country.

FAILED MERGER WORSENED BASIC CRISIS

Amid the irregularities and scams, BASIC Bank posted a net loss of Tk 53 crore in 2013. Since then, it has reported losses every year.

The loss stood at Tk 416 crore in 2023 and had reached Tk 655 crore by September 12 this year, according to the bank’s data.

Over the same period, its bad loans rose to Tk 8,153 crore, or 64.49 percent of its total disbursed loans, while its provision shortfall stood at Tk 5,051 crore as of September 12 this year. The bank also faces a capital shortfall of Tk 5,148 crore, show data.

Under the previous Awami League government, then BB governor Abdur Rouf Talukder pushed BASIC Bank towards a voluntary merger with City Bank, one of the country’s largest private lenders, in April 2024.

The move was part of a broader central bank drive to merge weak banks with stronger ones.

However, the rescue initiative dealt another blow to the bank. It triggered a severe liquidity crisis as public and institutional depositors panicked. The plan was eventually scrapped following the political changeover in August 2024.

The image problem still hurts deposits and business despite improvements over the past two years, according to Helal Ahmed Chowdhury, chairman of the bank, who took charge in November 2024.

Helal, a senior banker with nearly five decades of experience, said that the bank’s main wound is the scam that started in 2009. “We are still struggling to overcome its impact.”

He said the bank is now focused on reducing non-performing loans (NPLs), expanding export and import business, onboarding new exporters, strengthening its foreign currency position and attracting remittances through arrangements with overseas banks.

TK 5,000CR DEPOSIT SOUGHT FOR RECOVERY

The current chairman of the bank said they are seeking Tk 5,000 crore in low-cost deposits from the government or BB to improve its financial position and reduce NPLs.

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“The proposal is still under process.”

Helal said the low-cost funds could be used to replace some high-cost deposits, helping strengthen the bank’s liquidity position and rebuild depositor confidence.

The bank is also seeking government support to open Special Notice Deposit (SND) accounts with government agencies and to be included among the banks designated to receive government deposits and loans.

An SND account is a short-term, interest-bearing bank account for businesses, institutions and individuals who need frequent transactions but want to earn a higher return than a standard current account.

As of September this year, the bank’s deposits stood at Tk 17,224 crore, while its loans and advances stood at Tk 12,521 crore, according to data.

Helal said the bank is working with Sonali Bank and other lenders on bilateral arrangements and is seeking agency agreements with overseas banks to facilitate remittance inflows.

To boost lending and recovery, BASIC Bank has introduced a system requiring every branch to submit two loan proposals and two recovery plans each month.

The bank has 72 branches and 35 sub-branches, along with other operational units.

Up to September this year, the bank recovered Tk 79 crore in cash and Tk 229 crore through non-cash recovery from classified loans, according to data.

‘SIGNS OF IMPROVEMENT IN SIGHT’

The chairman said the bank has already begun to show signs of improvement, although its large legacy losses mean positive results have yet to fully offset accumulated losses.

Policy support from BB, including relevant regulatory measures and schemes, would be crucial to the bank’s turnaround, he said.

“We believe there is every possibility of turning the bank around within the next three years, provided we receive the necessary support,” he said, adding that the bank has drawn up a three-year action plan involving low-cost funds from BB, policy support, reduced cost of funds and capital injection.

TOP 20 DEFAULTERS OWE TK 2,288CR

As of June this year, BASIC Bank’s top 20 defaulters collectively owed Tk 2,288.25 crore in classified bad loans, all rated “Bad/Loss”, the worst category under the Bangladesh Bank’s loan classification norms.

Real estate firm Amader Bari Ltd topped the list with Tk 204.66 crore in outstanding dues, followed by Crystal Steels & Ship Breaking Ltd, Western Housing Ltd, Well Tex Ltd and Zeal Wears Ltd.

Other large defaulters include Cox’s Developer Ltd, Map Paper Board Mills Ltd, IG Navigation Ltd, Bay Navigation Ltd, and Regent Weaving Ltd -- each owing more than Tk 110 crore.

The remaining names on the list are Confidence Shoes Ltd, The Aristocrat Agro Ltd, Ali Trade International Ltd, Ajbina Agro Industries Ltd, Atlas Food & Beverage Ltd, Barshon Agro Industries Ltd, Techno Design & Development Ltd, Mynco Jute Mills (Composite) Ltd, New Auto Define, and Lohozong Trade International Ltd.

Bank data show recovery against these accounts has been minimal, with cumulative collections of only about Tk 36.4 crore so far -- barely 2 percent of the total outstanding -- while the forced sale value of pledged collateral covers just Tk 364.71 crore, or roughly 16 percent, of the amount owed.

The chairman said the bank is pursuing legal action against the defaulters through the money loan court, under the Negotiable Instruments (NI) Act, and through cases filed by the Anti-Corruption Commission.

Recovery efforts against loans disbursed during the period of major irregularities are also continuing, he said, suggesting that the actual recovery position be assessed from a specific cut-off date.

The bank’s recovery efforts could be significantly strengthened if it regained control of its building, currently under dispute with a developer, he said. The bank also needs additional manpower and technological upgrades, including an updated core banking system (CBS).

‘GOVERNANCE KEY TO ANY RECOVERY’

Toufic Ahmad Choudhury, former director general of the Bangladesh Institute of Bank Management (BIBM), said there is no example in Bangladesh of a weak bank becoming strong through government liquidity support or capital injection.

He described some state-owned banks, including BASIC Bank, as “bottomless baskets” that cannot recover on liquidity support alone.

Strong governance and a focus on reducing non-performing loans are essential, he told The Daily Star.

“Liquidity support should not be provided without ensuring good governance,” he said.

“The government itself is responsible for the distress of state-owned banks. Fixing them requires political commitment, but the government lacks the willingness to reform them. If it had the political will, these banks would have recovered by now,” Toufic added.

Advanced Chemical Industries (ACI) has approved an additional equity investment of Tk 600 million in ACI CO-RO Bangladesh, its existing joint venture with Danish beverage maker CO-RO, to expand its presence in the beverage market.

The ACI board also approved the formation of a new joint venture with Japan-based Ichinen Holdings Co Ltd, marking the company's planned expansion into motorcycle financing, skilled manpower placement and the export of agricultural products to Japan.

The decisions, taken at a board meeting on Monday, were disclosed through separate regulatory filings on Tuesday.

ACI CO-RO was established in 2019 as a greenfield joint venture to manufacture fruit-based beverages in Bangladesh under CO-RO's brands and in conformity with CO-RO's quality standards.

The joint venture inaugurated its first state-of-the-art fruit drink factory in Narayanganj in February 2024 with a $20 million investment. The additional investment is aimed at supporting the venture's expansion as consumer demand for convenient and quality drinks evolves, according to the company.

CO-RO, founded in Denmark in 1942 by brothers Flemming and Jep Petersen, operates across the Middle East, Asia, Europe and Africa. Its brands, including Sunquick, Suntop, Sun Lolly and Suncola, are sold in more than 80 countries, according to the company.

A new venture to branch into new markets

ACI is also set to form a new joint-venture company with Japan-based Ichinen Holdings, named ACI-ICHINEN Bangladesh Ltd, to branch into motorcycle financing, skilled manpower placement and agricultural exports to Japan.

The partnership brings together ACI's established presence in Bangladesh with the diversified business expertise of Ichinen Holdings, a Japanese corporate group headquartered in Osaka.

The proposed company will have an authorised capital of Tk 500 million and paid-up capital of Tk 150 million. ACI will hold a 60 per cent stake in the joint venture, subject to approval from the relevant authorities.

The plan is to purchase Yamaha motorcycles from ACI Motors and sell them to retailers with financing in six to twenty-four monthly instalments. The initiative is expected to create a financing channel for retailers purchasing Yamaha motorcycles.

The joint venture will also facilitate the migration of skilled Bangladeshi workers to Japan, while another part of the business will focus on cultivating sweet potatoes in Bangladesh for export to the Japanese market.

Ichinen Holdings operates across several sectors, including automotive leasing, chemicals, parking, machine tools and synthetic resin products. Its automotive-related operations include vehicle leasing, rental services, disposal of leased vehicles and outsourced vehicle maintenance.

The Japanese group also manufactures and sells chemicals for automobiles, machinery and industrial applications, while its other businesses include parking operations and the sale of machine tools, automotive maintenance equipment, air-conditioning tools and measuring instruments.

Ichinen also has operations related to agricultural products, property leasing and management, and processed glass products.

The proposed joint venture comes as ACI continues to pursue business expansion through new investments and partnerships.

Financial performance

The fresh investment and new venture have been considered despite persistent pressure on ACI's consolidated financial performance for three consecutive years to FY25.

The listed conglomerate has reported consolidated losses for the financial years mainly because of higher borrowing costs and losses incurred by several subsidiaries. Between FY23 and FY25, ACI's cumulative losses amounted to Tk 2.54 billion.

In FY25, the group posted a consolidated loss of Tk 650 million. However, its standalone business remained profitable, with net profit rising 19 per cent year-on-year to Tk 3.99 billion, reflecting the strength of its core operations.

Despite the consolidated loss, ACI's board recommended a 25 per cent cash dividend for FY25, signalling confidence in the company's long-term fundamentals and cash-generating ability.

ACI's consolidated losses narrowed sharply to Tk 71.22 million in the nine months through March this year, from Tk 783 million in the corresponding period a year earlier, driven by higher sales.

ACI PLC will invest an additional Tk60 crore in ACI CO-RO Bangladesh Ltd, its existing joint venture with Denmark-based CO-RO A/S, to expand the business and increase production and exports.

The investment was approved at the company's 232nd board meeting held yesterday (29 September) through a hybrid system.

The investment is subject to approval from the relevant regulatory authorities, according to a disclosure by ACI on the Dhaka Stock Exchange (DSE). ACI's share price closed at Tk182 on the DSE today (29 September).

ACI and CO-RO A/S established ACI CO-RO Bangladesh in 2019 as a greenfield joint venture. ACI had previously invested around Tk50 crore in the venture and held a 49.9% stake, according to company information.

If the previous investment remains unchanged, the latest Tk60 crore investment would take ACI's cumulative investment in the venture to around Tk110 crore.

Mohammad Mostafizur Rahman, company secretary of ACI, told The Business Standard that the additional investment was approved mainly to expand the company's business.

"The board has approved the additional investment for business expansion," he said.

He said CO-RO A/S is not making any fresh investment in the venture at this stage.

He declined to disclose ACI's current ownership percentage in the joint venture or whether the latest investment would change its stake.

The company has also started exporting its products on a small scale, and exports are expected to increase following the planned business expansion, he said.

The stock exchange disclosure, however, did not specify how the Tk60 crore would be used. It remains unclear whether the additional funds will be used entirely for factory expansion, production-capacity enhancement or other business requirements.

ACI CO-RO Bangladesh manufactures and markets CO-RO's Sunquick fruit drink brand in Bangladesh. The company's factory in Narayanganj was inaugurated in February 2024.

The venture was established with a combined investment of more than $20 million by ACI and CO-RO, according to earlier company information. The figure represents the joint investment in the project and should not be considered CO-RO's individual investment.

New Japanese joint venture

At the same board meeting, ACI also approved the formation of another joint venture, ACI-ICHINEN Bangladesh Ltd., with Japan-based ICHINEN Holdings Co Ltd.

The proposed company will have an authorised capital of Tk50 crore and paid-up capital of Tk15 crore. ACI will hold a 60% stake in the new venture, subject to approval from the relevant authority.

The company plans to operate in areas including human resource development and manpower supply, motorcycle retail financing and agriculture.

The new venture will add another business line to ACI's diversified portfolio as the group continues to expand beyond its traditional consumer and pharmaceutical businesses.

Financial position

ACI's financial performance has also been a key consideration for investors as the company continues to make new investments.

According to the company's financial disclosures, its revenue increased 16% to Tk3,995 crore during the nine months ended March 2026, while net profit rose 13% to Tk368 crore. Earnings per share stood at Tk41.91 and net asset value per share was Tk379.57 during the period.

For investors, the key issues surrounding the latest investment will be how quickly the additional capital translates into higher production, sales and exports, as well as whether the expansion improves the profitability of ACI CO-RO Bangladesh.

The absence of details on the utilisation of the Tk60 crore and the resulting ownership structure means investors will likely need further information from the company on the project's capacity expansion, funding structure and expected returns.

Pubali Bank, one of the largest private commercial lenders, has emerged as a potential interested party in Standard Chartered Bank Bangladesh's retail banking business, alongside BRAC Bank and City Bank, as the British lender reportedly considers exiting retail banking to focus on corporate and institutional banking.

Standard Chartered has made preliminary approaches to potential buyers, although no deal structure or timeline has been finalised, according to people familiar with the matter.

If a formal sale or transfer process begins, the portfolio would be subject to valuation, audit, due diligence, and regulatory approval.

Standard Chartered's retail and CMSME loan portfolio stood at around Tk8,479 crore at the end of 2025, while retail deposits were around Tk8,000 crore, according to the bank's financial information.

Why Pubali is being considered

Pubali Bank has been expanding its retail banking operations beyond traditional branch-based services, with greater emphasis on retail loans, cards, digital banking, QR payments and self-service banking.

The bank's Managing Director and CEO Mohammad Ali has also identified retail banking as one of its key areas of future growth.

StanChart Bangladesh plans to close retail banking operation
Pubali currently has a retail loan portfolio of around Tk8,000 crore, accounting for more than 10% of its total loans. Its retail products include personal, home, car and nano loans.

Standard Chartered's retail business has a significant base of priority and high-value customers, including salary-account holders working for multinational and large corporate organisations, as well as longstanding retail banking customers.

Integrating such a portfolio with Pubali's existing retail operations could expand the bank's customer base in higher-value segments, according to a senior Pubali Bank executive.

Financial capacity

Pubali's balance sheet and financial indicators would also be relevant in assessing its ability to acquire a sizeable retail portfolio.

According to its published financial information for 2025, the bank had total assets of around Tk118,014 crore, deposits of Tk89,519 crore and loans and advances of about Tk71,141 crore.

The bank's profit after tax stood at around Tk1,080 crore in 2025, while its return on equity was 15.51%. Its non-performing loan ratio was 2.20% at the end of the year.

Pubali recorded around Tk685 crore in consolidated profit in the first six months of 2026.

What does StanChart's retail banking exit mean for Bangladesh?
These figures indicate the scale of Pubali's balance sheet relative to the retail portfolio under discussion. However, any acquisition would depend on the valuation, transaction structure, funding requirements and regulatory approvals.

Branch network and digital services

Pubali's nationwide branch network is another factor that could be relevant to a potential transaction.

Standard Chartered has a comparatively limited physical footprint in Bangladesh, with 18 branches, according to published information.

Pubali, in contrast, operates more than 500 branches and over 280 sub-branches across the country. The bank also inaugurated its 1,000th ATM/CRM booth in 2026.

A combination of Standard Chartered's largely urban and premium customer base with Pubali's broader physical network could expand access to branches, sub-branches and ATM/CRM facilities.

Pubali has also been investing in digital banking through its PI Banking platform, which offers services including NPSB, BEFTN, RTGS, transfers to mobile financial services, bill payments, credit card services and Bangla QR payments.

The PI Digital Platform had around 528,000 active users at the end of 2025 and processed more than 18.6 million transactions during the year.

Any transfer of Standard Chartered's retail business would involve more than loans and deposits. Customer accounts, cards, payment channels, digital banking services and customer data would also have to be migrated while ensuring continuity of service.

At this stage, however, no transaction involving Pubali Bank has been finalised.

IPDC Finance has received in-principle permission from Bangladesh Bank to launch an Islamic Shariah-based financing business through an Islamic Finance Wing, subject to meeting regulatory conditions.

According to a disclosure on Sunday, the company will take necessary measures to comply with the central bank’s requirements, including amending its Memorandum and Articles of Association and establishing an independent Shariah Supervisory Committee.

The company will also establish a separate Islamic Finance Division, segregate Islamic funds and implement prescribed policies, an operational manual and separate accounting arrangements, according to the disclosure.

Once it fulfils the stipulated conditions, IPDC Finance will apply to Bangladesh Bank for final approval to commence Islamic Shariah-based financing business.

The move will allow the non-bank financial institution to offer financing products based on Islamic Shariah principles alongside its existing conventional financing operations.

SK Trims & Industries reported a significant reduction in losses for the first nine-month of 2025-26 fiscal, supported by stronger export revenue and tighter operational cost management.

In a delayed submission of its quarterly financial statement during the July 2025 to March 2026 period, its net loss declined to Tk11.94 crore with a loss per share of Tk1.41.

At the same time of the previous year, its net loss was Tk18.72 with per share loss of Tk2.21 during the period of July to March 2025.

Regarding the improvement in losses, it said, the negative EPS has improved due to increase of the export revenue and reduction in the company's manufacturing costs and operating expenses.

As a result, the net loss after tax decreased compared to the corresponding period ending in March 2025.

In a major operational boost, its net operating cash flow per share (NOCFPS) surged into positive territory at Tk1.01 for the nine-month period, rebounding from a negative of Tk0.53 recorded in the previous year.

The company stated that the improvement in cash flows was driven mainly by higher cash collections from turnover during the period.

In the 2024-25 fiscal, SK Trims & Industries reported a net loss of Tk28.17 crore and decline in revenue to Tk28.43 crore, according to its auditor's report.

The report said, a primary driver of the operational disruption was a significant delay in the renewal of the company's bond license, which stemmed from internal administrative mismanagement and procedural oversights. Because the company's operations heavily rely on the bond facility, this lapse in the timely renewal immediately disrupted exports and imports schedules, the report said.

Bangladesh’s two private mobile operators, Robi Axiata and Banglalink, have taken opposing positions on the auction of E-GSM spectrum, the frequency range that can travel long distances and penetrate buildings effectively.

Banglalink has urged the telecom regulator to defer any major spectrum-related decisions until the country’s new Telecommunications Policy is finalised, while Robi is pressing for the spectrum’s immediate release.

The development comes as the Bangladesh Telecommunication Regulatory Commission (BTRC) has decided to hold an auction of the spectrum this year. The regulator in April decided to auction the E-GSM band, ranging from 880 MHz to 888.4 MHz, which is important for providing coverage in dense cities and remote areas.

For customers, the additional spectrum could help improve network coverage and capacity, particularly in areas where mobile networks face congestion or coverage gaps. It could also support more reliable mobile internet services as operators deploy additional capacity on their networks.

In a letter to the BTRC on September 21, Banglalink said the commission should “maintain the status quo on major spectrum-related decisions, including E-GSM” until the forthcoming policy is completed.

The operator argued that spectrum assignment, renewal, pricing, tenure and payment structures should align with the government’s long-term direction on connectivity and digital inclusion, and warned that acting before the policy is finalised “may create inconsistencies between immediate regulatory actions and the government’s long-term strategic direction”.

The operator also flagged that the new policy is expected to enable active infrastructure and spectrum sharing among operators, which could alter spectrum requirements and necessitate the refarming of existing frequency assignments.

Allocating new spectrum beforehand risked fragmentation or inefficiency, said the letter, signed by Banglalink’s Chief Corporate and Regulatory Affairs Officer Taimur Rahman.

Banglalink called for a comprehensive review of the spectrum-pricing framework — balancing public revenue against operators’ capacity to invest — once the policy takes effect, “through meaningful consultation with industry stakeholders”.

Robi Axiata PLC, however, took the opposite stance.

In a letter on September 24, Robi urged the BTRC to expedite the release and assignment of E-GSM spectrum “in the greater interest of consumers and digital connectivity”.

Robi said delaying access would postpone network capacity and coverage improvements for subscribers, and argued that releasing the spectrum “has limited bearing on the finalisation of the Telecommunications Policy” and would not prejudice future frameworks on infrastructure or spectrum sharing.

Robi contended that pricing concerns need not hold up the release, noting that these could be addressed through the spectrum renewal process scheduled for November 2026, according to the letter signed by its Chief Executive Officer and Managing Director Ziad Shatara.

It also emphasised that the contiguity of any assigned E-GSM spectrum was essential to unlock its technical and economic value, warning that fragmented assignments would undermine spectral efficiency and investment certainty.

The operator said it remained committed to “commensurate investments” in network expansion if granted regulatory certainty and contiguous spectrum.

Contacted, BTRC Chairman Major General Md Emdad-Ul-Bari (Retd) said the process would continue as it is and that the commission had already received approval from the ministry to proceed with it.

“This has nothing to do with the policy,” he said. “The government has given permission to set the pricing for the auction, noting that it is within BTRC’s jurisdiction.”

Sonali Bank PLC, the country's largest state-owned lender, reported a massive 193% year-on-year surge in consolidated net profit to Tk1,878 crore for the first half of 2026, marking the highest net earnings recorded by any local bank during the six months.

According to the bank's financial statements released recently, consolidated earnings per share (EPS) jumped to Tk41.47 in H1 2026, up significantly from Tk14.14 in the corresponding period last year.

According to bank sources, with this performance, the lender outperformed leading private commercial lenders, including BRAC Bank, which posted a net profit of Tk1,423 crore during the January-June period.

Financial data shows that Sonali Bank's net interest income fell 26% year-on-year to Tk424.88 crore during the first half, primarily impacted by elevated borrowing costs.

However, the state-owned bank offset the interest income decline through robust treasury operations, securing Tk4,824 crore in investment income — a 9% growth compared to the same period of 2025.

Despite strong treasury performance, rising administrative expenses dragged the bank's operating profit — consolidated profit before tax and provision — down by 6% to Tk3,546 crore.

The triple-digit jump in final net profit was largely enabled by a steep reduction in provision requirements against non-performing loans.

During the first half, Sonali Bank set aside Tk1,113 crore in provisions, which was 59% lower than the provision maintained in the same period last year.

During H1 2026, its total classified loans stood at 18.27% of its total disbursement, which was 15.78% at the end of 2025, according to Bangladesh Bank data.

At the end of June 2026, Sonali Bank's consolidated net asset value (NAV) per share stood at Tk332.03.

Nearly Tk 33 out of every Tk 100 in loans disbursed by the country’s banking sector are now classified as non-performing, meaning that 33 per cent of loans are in default. By the end of June, non-performing loans (NPLs) had risen to more than Tk 600,000 crore (Tk 6 trillion). Even amid such a crisis, 13 private banks stand out as exceptions, with each reporting an NPL ratio of below 5 per cent.

Senior officials of these banks say that disciplined and independent loan approval processes, careful assessment of borrowers’ repayment capacity, and a focus not only on large corporate loans but also on small and medium-sized enterprises (SMEs) and consumer lending have helped keep NPLs under control.

According to the central bank’s latest data as of June, all 13 banks with NPL ratios below 5 per cent are from the private sector. The group includes both newer-generation banks and first-generation banks. The banks are Community Bank, BRAC Bank, Pubali Bank, Citizens Bank, Prime Bank, City Bank, Eastern Bank, Jamuna Bank, Bengal Commercial Bank, NCC Bank, Uttara Bank, Shahjalal Islami Bank, and Shimanto Bank.

According to the International Monetary Fund’s (IMF) Financial Soundness Indicators and the World Bank’s non-performing loan indicators, Bangladesh currently has the highest level of NPLs in the world. Banking-sector stakeholders say that despite Bangladesh having one of the highest levels of loan defaults globally, some banks in the sector continue to maintain good corporate-governance practices. As a result, these banks have strengthened their financial foundations and have also performed better in terms of profitability.

Banks that are ahead on various financial indicators are also seeing their deposits grow at higher rates than those of other banks. At the same time, these banks have relatively lower levels of non-performing loans.

13 banks with low non-performing loans

According to Bangladesh Bank data, Community Bank has the lowest rate of non-performing loans (NPLs) in terms of percentage. The total amount of loans disbursed by this new-generation bank is also relatively low. As of the end of last June, out of the bank's total disbursed loans of Tk 1,633 crore (Tk 16.33 billion), Tk 5 crore (Tk 50 million) was non-performing. This puts the bank's NPL ratio at 0.33 per cent.

BRAC Bank holds the second position, with an NPL ratio of 2.05 per cent. As of last June, the bank's total disbursed loans stood at Tk 75,621 crore (Tk. 756.21 billion) of which Tk 1,548 crore (Tk 15.48 billion) was classified as non-performing. BRAC Bank is currently the top profit-earning institution among locally-owned banks. Recently, BRAC Bank was featured in US magazine Forbes’ list of the world''s top 500 best-performing banks.

When asked, Tareq Refat Ullah Khan, Managing Director (MD) of BRAC Bank, said: "In credit risk management and loan approval, good governance and proper risk assessment are the main tasks. This is the key to maintaining the quality of BRAC Bank's loans. Loans have been extended by assessing borrowers'' repayment capacity in a completely neutral manner without any unethical pressure. As a result, we have been able to keep non-performing loans under control."

Pubali Bank ranks third on the list of banks with the lowest level of non-performing loans (NPLs) in the country. At the end of last June, the bank’s NPL ratio stood at 2.46 per cent. By then, out of the bank’s total outstanding loans of Tk 72,576 crore (Tk 725.76 billion), Tk 1,789 crore (17.89 billion) was classified as non-performing.

Speaking to Prothom Alo, Pubali Bank Managing Director Mohammad Ali said, “No loan at this bank has been granted based on the sole advice or personal recommendation of me or any senior official. Loans are approved through a fully institutional and systematic assessment process. The borrower’s personal or political identity is also not taken into consideration when granting loans.”

Mohammad Ali further said, “Most of the bank’s large loans have been provided to essential business sectors such as food and food products, education, healthcare, housing, and garments. As a result, a relatively small proportion of our loans have become non-performing. We are now increasing our focus on consumer lending.”

Citizens Bank, a new-generation bank that ranks fourth on the list, had an NPL ratio of 2.65 per cent at the end of last June.

Prime Bank ranks fifth. At the end of last June, the bank’s NPLs amounted to Tk 948 crore (Tk9.48 billion), equivalent to 2.74 per cent of its total loans.
Prime Bank is followed by City Bank in sixth place. At the end of last June, City Bank’s non-performing loans (NPLs) amounted to Tk 1,514 crore (Tk 115.14 billion), equivalent to 2.79 per cent of the bank’s total outstanding loans.

Speaking to Prothom Alo, City Bank Managing Director Masrur Arefin said, “City Bank’s independent loan approval process and diversified lending portfolio have enabled us to keep the NPL ratio under control. SME and consumer lending are providing us with significant comfort. Banks that are placing greater emphasis on SME and consumer lending are performing well.”

Eastern Bank ranks seventh in terms of the lowest NPL ratio. At the end of last June, the bank’s NPLs stood at Tk 1,520 crore (Tk 15.20 billion), representing 3.28 per cent of its total outstanding loans.

From eighth to 13th place are, respectively, Jamuna Bank, Bengal Commercial Bank, NCC Bank, Uttara Bank, Shahjalal Islami Bank, and Shimanto Bank. Among them, the NPL ratio was 3.35 per cent at Jamuna Bank, 4.07 percent at Bengal Commercial Bank, 4.19 per cent at NCC Bank, 4.36 per cent at Uttara Bank, 4.82 per cent at Shahjalal Islami Bank, and 4.88 per cent at Shimanto Bank.
72pc of non-performing loans concentrated in 10 banks

According to Bangladesh Bank data, the total amount of non-performing loans (NPLs) in the country’s banking sector stood at Tk 606,555 crore last June. This represented 32.78 per cent of the banks’ total outstanding loans. Of this amount, Tk 439,526 crore in NPLs was concentrated in 10 banks, accounting for 72 per cent of the total non-performing loans.

Islami Bank, a private-sector bank, had the highest amount of NPLs. The bank had NPLs of Tk 98,914 crore, (Tk 989.14 billion) equivalent to 52.15 per cent of its total loans. Janata Bank, a state-owned bank, had the second-highest amount of NPLs, at Tk 75,728 crore (Tk 757.28), representing 75.05 per cent of its total outstanding loans.

The merged banks have the highest NPL ratios. Among them, 97.08 per cent of First Security Islami Bank’s loans, 96.78 per cent of union Bank’s loans, 78.15 per cent of Social Islami Bank’s loans, and 70.81 per cent of EXIM Bank’s loans are currently classified as non-performing.

At National Bank, 65.74 percent of loans are classified as non-performing, compared with 63.38 per cent at IFIC Bank and 56.4 percent at AB Bank. In addition, 43.98 per cent of the loans at state-owned Agrani Bank are now classified as non-performing.

Anis A Khan, former chairman of the Association of Bankers, Bangladesh (ABB) and former managing director of Mutual Trust Bank (MTB), spoke to Prothom Alo about the overall situation regarding non-performing loans in the country’s banking sector. In his view, “Despite the high level of NPLs in the banking sector, the banks that are performing well continue to follow good corporate-governance practices. Even a look at the composition of the boards of directors of these banks shows what they are like.

"Customers now take such factors into consideration when deciding where to deposit their money. At the same time, these banks have skilled bankers working with them. This is why their levels of non-performing loans are lower.”

BRAC Bank has become the only Bangladeshi bank to feature in Forbes' inaugural "World's Top Performing Banks 2026" ranking, which listed the top 500 banks from 89 countries around the globe.

The US business magazine published the ranking, compiled in partnership with market research firm Statista, for the first time on 9 September, assessing banks based on their financial strength and performance.

According to Forbes, the ranking is based on objective financial data, drawing on information and research from leading data providers such as S&P Capital IQ, as well as data provided by the banks themselves.

The banks were evaluated across four key indicators: profitability, growth and earnings quality, capital and funding resilience, and asset quality and efficiency.

In addition, the banks were divided into six tiers based on their asset size.

Banks with assets exceeding $500 billion were classified as Tier 1 or global banks, while those with assets between $100 billion and $500 billion were placed in Tier 2 or large banks. Banks with assets between $50 billion and $100 billion were classified as Tier 3 or upper mid-size banks.

Banks with assets between $20 billion and $50 billion were placed in Tier 4, those with assets between $10 billion and $20 billion in Tier 5, and banks with assets between $3 billion and $10 billion in Tier 6.

BRAC, with 7,483 employees, ranked 73rd in Tier 5, the lower mid-size banks category, according to Forbes.

Established in 1999, BRAC Bank is currently led by Tareq Refat Ullah Khan, who serves as its managing director and chief executive officer.

Talking to TBS today (16 September), Tareq said, "This is a proud and meaningful milestone for BRAC Bank and Bangladesh. Being the first Bangladeshi bank to be featured in Forbes' 2026 list of the World's Best Banks, ranked 73rd among Lower-Middle Size Banks, is a recognition of our collective journey."

He also reaffirmed that they will remain firmly committed to building the Bank on the foundations of good governance, transparency and trust, while creating lasting value for our customers and the country.

"We are deeply thankful to our Board, customers, regulators and, above all, our colleagues across BRAC Bank, whose trust, dedication and hard work have made this recognition possible," added the managing director.

500 banks from 89 countries assessed on financial strength

BRAC Bank has been named the first and only Bangladeshi bank in Forbes' inaugural World's Top Performing Banks ranking, based on objective financial performance and balance sheet strength.

The ranking was prepared in partnership with market research firm Statista, a global data and business intelligence platform providing statistics, reports and insights across more than 80,000 topics, 22,500 sources and 170 industries.

The ranking used data from S&P Capital IQ, desk research and bank submissions, focusing on financial performance and balance sheet strength rather than customer surveys used in Forbes' previous rankings.

There are roughly 25,000 to 30,000 full-license commercial banks worldwide. Based on data availability and eligibility, 500 banks from 89 countries were selected for the final list.

The banks were assessed across four key dimensions: profitability, which carried a 30% weight; growth and earnings quality, 20%; capital and funding resilience, 25%; and asset quality and efficiency, 25%.

Why BRAC Bank earned the Forbes recognition

BRAC Bank's financial performance across these four dimensions placed it among the banks selected for the ranking.

On profitability, which was assessed using return on assets (RoA) and cost-to-income ratio, BRAC Bank's consolidated RoA stood at 1.67% in June 2026.

Its cost-to-income ratio, reflecting operational efficiency, stood at 42% during the same period.

On asset quality and efficiency, which considers credit quality, risk management and balance sheet resilience, the bank's non-performing loan (NPL) ratio stood at 2.03% in the first half of 2026.

BRAC Bank maintained Tk10,340 crore in regulatory capital, comprising Tier 1 and Tier 2 capital, which was the highest among Bangladeshi banks.

Its Capital to Risk-Weighted Assets Ratio (CRAR) stood at 15.81% in June 2026, above the minimum regulatory requirement of 12.5%.

For capital and funding resilience, assessed based on equity ratio and loan-to-deposit ratio, BRAC Bank's consolidated return on equity (RoE) stood at 21.52% in June 2026, while its advance and deposit ratio (ADR) stood at 59.94%.

On growth and earnings quality, which considers three-year earnings growth and stability as well as deposit growth, BRAC Bank recorded net profit after tax (NPAT) of Tk2,251 crore in 2025, representing around 57% year-on-year growth.

The bank's NPAT also increased 57% year-on-year to Tk1,423 crore in the six months ended 30 June 2026, compared with Tk906 crore in the corresponding period of 2025.

Its customer deposits reached Tk100,915 crore at the end of August 2026. The bank had achieved 29% year-on-year growth in customer deposits at the end of 2025 compared with the previous year.

BRAC Bank's international credit ratings also strengthened its standing, with a B+ rating from S&P Global Ratings and B2 from Moody's.

BRAC Bank falls under lower mid-size tier

Forbes grouped the banks into six asset-size tiers to enable comparisons among similarly sized institutions.

Tier 1 comprises banks with assets above $500 billion, Tier 2 includes those with $100–500 billion, Tier 3 $50–100 billion, Tier 4 $20–50 billion, Tier 5 $10–20 billion and Tier 6 $3–10 billion.

BRAC Bank falls under Tier 5, or lower mid-size banks, based on its total asset size.

The bank said the recognition is more than a global accolade and represents independent recognition of the underlying strength, quality and resilience of its financial performance.

It also said the recognition reflects the trust of its customers and the collective efforts of its colleagues, while encouraging the bank to continue building a stronger and more sustainable institution.

Country-wise representation

The final ranking includes 160 banks from the United States, including JPMorganChase, Wells Fargo, Bank of America, US Bancorp and PNC.

China has 26 banks on the list, including China Merchants Bank, Bank of Ningbo, China Construction Bank and Bank of China.

Among South Asian countries, India has 26 banks, including HDFC Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank and Axis Bank.

Pakistan has four banks: Allied Bank, MCB Bank, Meezan Bank and United Bank.

Sri Lanka has three banks: Commercial Bank of Ceylon, Hatton National Bank and Sampath Bank.

The Maldives has one bank, Bank of Maldives, while Nepal, Bhutan and Afghanistan have no banks represented in the ranking.

Beximco Pharmaceuticals is set to overhaul its board and sever a key link with its embattled sponsor group as the drug maker seeks to shield its business and investors from the political fallout surrounding Vice Chairman Salman F Rahman.
Mr Rahman has agreed to step down from the board after the company informed the Bangladesh Securities and Exchange Commission (BSEC) that his continued involvement could hamper business and shareholders' interests.

His departure would mark a significant shift in governance for one of the country's largest listed drug makers, whose corporate fortunes have increasingly been overshadowed by the legal and financial troubles that have entangled the Beximco Group, market operators said.

BSEC Executive Director and spokesperson Md Abul Kalam said Beximco Pharma had recently sent a letter to the regulator regarding the restructuring of its board.

However, he said the restructuring process would depend entirely on the company, including decisions on who would remain on the board and who would step down.

"When the appointment of independent directors comes before the regulator, the commission will examine whether the proposed candidates meet the criteria," Mr Kalam told The Financial Express.

Mr Rahman, former private industry and investment adviser to the Awami League government, has remained in custody since his arrest in August 2024 following the political changeover. He is currently under investigation by the Anti-Corruption Commission (ACC) in several money-laundering cases.

Mr Rahman's continued physical absence from board meetings has emerged as a concern for investors, particularly foreign investors, amid the changed political and regulatory environment.

The reconstituted board, as proposed by the company, would comprise three sponsor-group directors, four independent directors, one director nominated by IFIC Bank and the managing director as an ex-officio director, according to BSEC sources.

The securities regulator has reportedly responded positively to the proposed structure.

The new structure would have the sponsor group's representation reduced while the number of independent directors would increase amid investors' demand for stronger corporate governance and a greater distance from the Beximco Group.

Foreign shareholders, who hold a significant 26.90 per cent stake in Beximco Pharmaceuticals, reportedly supported Mr Rahman's removal from its board in the interest of the company.

Initially, the BSEC invited foreign investors to take board seats, but they declined, prompting the regulator to move towards increasing the number of independent directors, according to a BSEC official requesting anonymity.

Dual-listed on the London Stock Exchange's Alternative Investment Market (AIM), Beximco Pharma must subject all incoming directors to standard international due diligence. The vetting process is expected to take four to six weeks.

Governance key to investor confidence

Market operators said the key issue is not merely the departure of an individual director, but whether the reconstituted board can exercise greater independence, strengthen oversight and protect investors' interests.

Salim Afzal Shawon, head of research at BRAC EPL Stock Brokerage, welcomed the move, saying the proposed restructuring, if implemented properly, could help insulate Beximco Pharma's operating business from the wider group's governance and financial problems.

"The restructuring could send a positive signal to investors about the company's prospects, particularly if the new board can demonstrate greater independence, transparency and accountability.

"The key issue now is who will join the new board, attend board meetings physically and actively participate in decision-making," said Mr Shawon.

Company Secretary Mohammad Asad Ullah could not be reached for comment.

Earnings remain strong

The board restructuring comes at a critical time for Beximco Pharma. While the company has shown financial resilience, governance issues remain a major concern.

The company reported a profit of Tk 7.05 billion for the first nine months through March this year, up 34 per cent year-on-year, while revenue rose 13 per cent to Tk 41.42 billion during the period.

The drug maker's annual profit also jumped 19 per cent year-on-year to Tk 6.99 billion in FY25. The company declared a 47.5 per cent cash dividend for the year, compared with 40 per cent for the previous year.

Its earnings performance has stood in sharp contrast to the financial difficulties faced by some other entities within the Beximco Group, reflecting the strength and resilience of its core pharmaceutical business.

Unlike some group entities facing heavy debt burdens and liquidity pressure, Beximco Pharma has continued to generate strong revenue and profit from its operating business, supported by steady demand for medicines in both domestic and export markets.

London listing

The restructuring also carries additional significance because Beximco Pharma has an international investor base and is listed on the London Stock Exchange (LSE).

The foreign listing exposes the company to greater scrutiny by international investors, who typically place strong emphasis on transparency, board independence and timely financial reporting.

Meanwhile, trading in Beximco Pharma resumed on the LSE in June after a nearly six-month suspension due to the delay in the publication of its financial statements.

Beximco Pharma's stock closed at Tk 149.70 on Tuesday, gaining 1.42 per cent from the previous session at the Dhaka Stock Exchange.

Aamra Technologies Ltd's loss nearly doubled in the third quarter of fiscal 2025-26 as a sharp decline in sales and higher finance costs weighed on profitability.

The company reported a loss per share (EPS) of Tk0.65 for January-March 2026, compared with Tk0.33 in the same quarter a year earlier, according to its unaudited financial statements disclosed today (15 September).

For the nine months through March, its loss per share rose to Tk1.84 from Tk0.97 a year earlier.

The company said declining sales adversely affected all major financial indicators, while higher finance expenses further weakened its performance.
Its operating cash flow also deteriorated sharply. Net operating cash flow per share (NOCFPS) turned negative at Tk0.18 during July 2025-March 2026, compared with positive Tk1.33 in the same period a year earlier.

Aamra Technologies attributed the decline mainly to lower cash collection, while higher finance expenses also contributed. It said operating expenditure and supplier payments had improved compared with the previous year.

The weaker earnings and cash generation were reflected in its net asset value (NAV), which fell to Tk16.62 per share as of 31 March 2026 from Tk18.46 as of 30 June 2025.

The company's financial performance had been deteriorating since the beginning of the fiscal year. It reported losses per share of Tk0.52 in the first quarter and Tk0.67 in the second quarter, compared with Tk0.25 and Tk0.39, respectively, a year earlier. Its six-month loss per share stood at Tk1.19, up from Tk0.64.

Meanwhile, the company's share price has shown unusual volatility in recent months.

The stock rose nearly 59% from Tk14.50 on 23 June to Tk23.10 on 9 August on the Dhaka Stock Exchange (DSE), before falling 33% in 24 days to Tk16.30 yesterday.

The unusual trading activity has drawn regulatory attention. The Bangladesh Securities and Exchange Commission (BSEC) has instructed the DSE to investigate the abnormal price movement and trading in the shares.

The probe will examine possible market manipulation, insider trading and the role of brokers in suspicious transactions.

Amid the ongoing energy crisis and a strong government push for renewables, industrial conglomerates Walton and PRAN-RFL are establishing local manufacturing units for solar inverters and lithium-ion batteries. Walton is also planning a dedicated solar panel manufacturing facility.

The initiatives aim to reduce import dependency and build an end-to-end domestic solar power supply chain, officials from both business groups told The Business Standard.

Simultaneously, the two groups plan to invest in small, medium, and large-scale solar power projects nationwide under a capex model – supplying equipment while providing operation and maintenance services to public and private sector clients.

According to officials from the Prime Minister's Office and both conglomerates, the projects gathered momentum following a 1 August meeting with private-sector entrepreneurs, where Prime Minister Tarique Rahman urged businesses to invest heavily in renewable energy.

PRAN-RFL's manufacturing and generation expansion

Kamal Kamruzzaman, marketing director at PRAN-RFL Group, stated that work has commenced on a $1 million solar inverter manufacturing plant at Palash in Narsingdi.

"The plant is expected to begin production within three to four months, with a capacity to manufacture up to 1,000 inverters monthly in the 1kW-5kW range alongside storage batteries," Kamruzzaman said. He added that PRAN-RFL plans to establish a second inverter facility in Habiganj with an investment of approximately $4 million.

PRAN-RFL has invested around Tk100 crore in solar energy to date, generating 40MW. It aims to scale generation capacity to 100MW by the end of this year.

"We have aligned our investments to meet 100% of PRAN-RFL Group's electricity demand from solar power by FY28," Kamruzzaman noted. By then, the group's total demand is projected to reach 250MW, with solar generation capacity planned to match or exceed that requirement.

Once local production begins, PRAN-RFL intends to expand its installation and maintenance services for third-party commercial and residential clients, as well as compete for government projects through public tenders.

Walton steps up production capabilities

Walton has commenced setup of a solar inverter manufacturing plant at Chandra, Gazipur. It has also completed a lithium-ion battery plant, which is slated to begin commercial production within a month, according to Md Nazmul Islam, executive director and head of Electrical and Renewable Energy at Walton Group.

Walton currently imports ARC inverters from China as an original equipment manufacturer (OEM), branding them locally.

In a written response, Walton confirmed that setting up local lithium-ion battery, solar inverter, and solar panel production facilities is designed to build domestic resilience, lower carbon emissions, and generate industrial employment.

$15m inverter imports annually

In a solar power system, photovoltaic cells in solar panels convert sunlight into direct current (DC) electricity. An inverter converts the DC electricity into alternating current (AC), which can power household appliances and feed surplus electricity into the national grid.

Bangladesh currently has no local solar inverter production. Most inverters are imported from China, Japan and India, with annual imports worth around $15 million. According to the NBR, Bangladesh imported 429.4 tonnes of solar inverters between December and May.

Lithium-ion batteries store electricity generated by solar panels for use when sunlight is unavailable. Systems ranging from household rooftop installations to large solar plants can store daytime generation for use at night or during peak demand.

To encourage local manufacturing, the government has reduced duties on imported raw materials for inverters, batteries and solar panels to 1%. By contrast, commercial imports face duties of around 28% on inverters, 63% on solar panels, and 29% on batteries.

The government has also set a target of generating 4,000MW of solar power by the end of this year and 10,000MW by 2030. It has recently announced a net-metering system under which solar power producers will be able to sell surplus electricity to the national grid at Tk10.50 per unit, including an additional profit incentive.

End-to-end support

Industry stakeholders expect demand for solar panels, inverters and lithium-ion batteries to rise amid power shortage, government incentives, and duty concessions. Although households have installed solar panels for years, limited maintenance and after-sales services have discouraged wider investment.

Walton and PRAN-RFL now plan to offer end-to-end support to individuals and businesses interested in installing solar power systems. Under the model, customers will finance the investment while the companies will install the plants and provide maintenance if contracted. Customers can also maintain the systems themselves.

The groups are also seeking opportunities to build solar power plants for government agencies. They will have to compete through public tenders to secure such projects.

Summit LNG Terminal II Company Limited has urged the government to reconsider the interim government's decision to cancel a deal for setting up the country's third floating storage and regasification unit (FSRU) for LNG imports.

The company said retaining the agreement instead of proceeding with an FSRU proposed by a Chinese company could save Bangladesh around $1.10 billion.

In a letter sent to the chairman of Petrobangla on 6 September, Summit said if the agreement signed in March 2024 is retained, the FSRU, mooring system and subsea pipeline would be handed over to Petrobangla free of cost after 15 years of operation.

Bangladesh currently has two FSRUs – one owned by Summit Group and the other by US-based Excelerate Energy Bangladesh. During the Awami League government, the authorities signed an agreement with Summit on 30 March 2024 to set up another FSRU.

Before the FSRU is handed over, it will undergo a full dry-docking and certification by a globally recognised classification society. This, Summit said, would ensure that the FSRU remains fit for another 10 years of operation.

The government is taking various initiatives to address the country's energy shortage, including plans to install additional FSRUs. As part of this effort, the Cabinet Committee on Economic Affairs on 28 July gave in-principle approval to set up a third FSRU through China National Energy Engineering and Construction Company under a government-to-government arrangement.

The Chinese company submitted its proposal to the government on 19 June.

In the letter signed by Summit LNG Terminal II Company Secretary ASM Nazmul Haider, the company said the second terminal was supposed to be implemented under a Build-Own-Operate-Transfer (BOOT) model under its agreement with Petrobangla.

However, the Build-Own-Operate (BOO) structure currently being considered for the Chinese company's proposed third FSRU would not provide for the transfer of the FSRU to Petrobangla.

As a result, Petrobangla would not obtain full ownership of the FSRU, causing an estimated economic loss of around $883 million, Summit said.

Citing reports published in the media, Summit said the proposed Chinese FSRU would have a daily charter rate of around $3,42,000, compared with approximately $3,00,000 for its second terminal.

This would mean a saving of around $42,000 per day if the Summit terminal agreement is retained, amounting to approximately $230 million over 15 years.

"Therefore, the total financial savings would be approximately $1.10 billion," the company said.

Summit also claimed it has already invested more than $20 million in the project.

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.