Mercantile Bank Limited declared 23 percent stock dividend for its shareholders for the year 2011.The approval was given at the Annual General Meeting (AGM) of the Bank in the city on Wednesday.

Abdul Jalil, MP, Chairman of the Bank presided over, said a press release.

The shareholders approved the company’s profit and loss account and balance sheet.

In the year 2011, the Bank earned operating profit of Tk 3.5017 billion. Banks deposit and loans and advances were Tk 102.26 billion and Tk 80 billion respectively.

Import and export of the Bank activities was Tk. 35.0087 billion and Tk. 81.3118 billion. Foreign inward remittance was Tk 7.15 billion and provision for taxes was Tk 1.25 billion.

Abdul Jalil in his speech mentioned that the success of the Bank in the year 2011 is the result of co-operation and support of its shareholders clients, central Bank and other regulatory bodies and thanked the board of directors and the management for theirs co-operation to achieve the success.

Among others, Morshed Alam, Vice Chairman, Mohd. Selim- Vice Chairman, MS Ahsan, Chairman Executive Committee, Al-Haj Akram Hussain (Humayun), Chairman Audit Committee, Directors Md. Anwarul Haque, Dr. Toufique Rahman Chowdhury, Engr. Mohd. Monsuruzzaman, Bilkis Begum, Md. Tabibul Huq, ASM Feroz Alam, M Amanullah, AKM Shaheed Reza, Md. Nasiruddin Choudhury, Md. Shahabuddin Alam, SM Abdul Mannan, MP, Al-Haj Mosharref Hossain, MA Khan Belal, Dr. Matiur Rahman, MP, sponsors Al-Haj Md. Abdul Hannan and SM Shafiqul Islam (Mamun), Bank’s Managing Director and CEO AKM Shahidul Haque, Deputy Managing Directors Md. Abdul Jalil Chowdhury, Monindra Kumar Nath, MA Yousuf Khan, Md. Quamrul Islam Chowdhury and Choudhury Moshtaq Ahmed and senior executive of the Bank were also present on the occasion.

A large number of share holders attended the Annual General Meeting.

The Daily Sun/Bangladesh/ 29th March 2012

The Securities and Exchange Commission (SEC) on Tuesday warned the First Security Islami Bank for non-compliance of the Commission’s directives regarding dissemination of price sensitive information within the stipulated time.

“SEC has warned the Company, its directors, managing director and company secretary for non-compliance of Commission’s order given on December 19, 2000 (and gazetted on February 25, 2001) in connection with dissemination of price sensitive information within the stipulated time,” according to a web post of the Dhaka Stock Exchange (DSE).

On the other hand, the Bank informed that a meeting of its Board of Directors will be held on March 29 at 4 pm to consider, among others, audited financial statements of the Company for the year ended on December 31, 2011, said another DSE posting.

Meanwhile, Prime Islami Life Insurance Ltd has been placed to in ‘Z’ category from the existing ‘A’ category with effect from March 28 as no annual general meeting was held by the company in the year 2011.

The Daily Sun/Bangladesh/ 28th March 2012

Dutch-Bangla Bank Limited (DBBL) has declared cash dividend at 40 per cent for general public shareholders and foreign sponsors and shareholders for the year 2011. It, however, excludes local sponsors.

The dividend was approved at the 16th Annual General Meeting (AGM) of the Bank on Monday at Sonargaon Hotel in Dhaka, says a press release.

Chairman of DBBL Foundation and the Bank’s founder chairman M. Sahabuddin Ahmed, executive committee chairman Sayem Ahmed, directors, Md. Fakhrul Islam, Dr. Irshad Kamal Khan, Dr. Syed Fakhrul Ameen, Chowdhury M. Ashraf Hossain, managing director K S Tabrez and company secretary Md. Monirul Alam FCS were also present.

The Daily Sun/Bangladesh/ 20th March 2012

Zainul Haque Sikder, Chairman of National Bank Limited, presides over the 29th AGM of the Bank at the Bangabandhu International Conference Centre at Sher-e-Bangla Nagar in the city yesterday.

National Bank Limited has declared 65 percent stock dividend for its shareholders for the year ended December 31, 2011.

The approval was given at the 29th Anuual General Meeting (AGM) of the Bank held at Bangabandhu Internat ional Conference Center in the city yesterday.

Zainul Haque Sikder, Chairman of the Bank presided over the meeting. A large number of shareholders attended the AGM, said a press release.

The Daily Sun/Bangladesh/ 20th March 2012

The Securities and Exchange Commission (SEC) has given a green signal to the proposal of Bank Asia to issue subordinated zero coupon bond worth Tk 110 crore.

The raised fund will be used to expand its investment in various sectors and consolidate its capital base in line with the Basel-II framework, said the SEC in a statement on Tuesday.

The six-year tenure bond will be non-listed, redeemable and non-convertible with 13 per cent maturity yield. Each unit price of the bond will be Tk 5,000.

A zero-coupon bond is a bond bought at a price lower than its face value, with the face value repaid at the time of maturity. It does not make periodic interest payments. When the bond reaches maturity, its investor receives its par (or face) value. Infrastructure Development Finance Company is the issue manager, which will be amortised. The institutions can be subscribed to the bonds through private placement.

The SEC also approved the amendment of merchant banker and portfolio manager rules 1996 and capital issue rules 1987 after taking public opinions, said the statement.

Under the amendment of merchant banker and portfolio manager rules, paid-up capital of a full-fledged merchant bank will be Tk 25 crore, instead of the existing Tk 10 crore.

The paid-up capital of a merchant bank with only an underwriting licence will be Tk 2.50 crore, instead of the existing Tk 1 crore, while the capital of a merchant bank with only an issue management licence will be Tk 12.50 crore, instead of the existing Tk 5 crore.

Under the amendment of capital issue rules, the regulator will now conduct 'special audits' into the listed companies' financial statements in a bid to ensure transparency and accountability in their financial management.

If an issuer fails to get its financial statement audited and submitted to the SEC and stock exchanges within the stipulated time, the commission may appoint a firm to audit the issuer's financial reports.

Cost of acquisitions and constructions, valuation, including revaluation and physical existence and the title of the fixed assets will be checked during the period of special audit.

In line with the guidelines, the audit firms will also re-audit the authenticity of liabilities of a company, including direct confirmation for major amounts -- which is more than 5 percent of the total liabilities.

The Independent/Bangladesh/ 29th Feb 2012