LankaBangla's First ETF Faces Delays Due To Investor Apathy - BIZDATA INSIGHTS (2024)

The 41st Annual General Meeting of Islami Bank Bangladesh PLC took place on June 25, 2024, via a virtual platform. The meeting, chaired by the bank's chairman, saw participation from key executives, directors, Shariah Supervisory Committee members, and both local and foreign shareholders. The attendees approved the financial statements for the year ending December 31, 2023, and declared a 10% cash dividend for shareholders.

Bangladesh RACE Management PCL, overseeing Tk 3,000 crore in assets across 10 closed-end mutual funds, assures stakeholders of 100% asset security amidst regulatory scrutiny. With 97% of assets under custodians ICB and BRAC Bank, the firm emphasizes transparency and adherence to custodian agreements.

The 29th Annual General Meeting (AGM) of Social Islami Bank took place on 26 June through a virtual platform. The meeting, chaired by the Vice Chairman of the Board of Directors, approved a 10% dividend for the year 2023, comprising 5% cash dividend and 5% stock dividend, according to a press release.

Titas Gas Transmission and Distribution PLC faces a critical challenge with 70% of its distribution lines either severely deteriorated or expired over 30 years ago. These aging and faulty lines are causing significant gas leaks, leading to wastage and posing life-threatening risks, particularly in densely populated areas like Dhaka, Narayanganj, and Gazipur.

The Chief Metropolitan Magistrate Court in Dhaka has formally charged multinational company Linde Bangladesh Limited with fraud, following a case filed in September 2022 by Connect Distribution Limited, Linde's sole distributor. Allegedly, Linde Bangladesh failed to pay Connect Distribution for transporting empty gas cylinders, despite contractual obligations spanning from January 2019 to February 2022.

Pragati Insurance Ltd announced a 20% cash dividend and a 7% stock dividend for the year 2023 during its 38th Annual General Meeting held digitally on June 26. The meeting, presided over by the chairman, saw active participation from directors and a large number of shareholders via digital platforms. Agenda items included financial results: gross premium of Tk2341.53 million, profit before tax of Tk497.94 million, and net claims settled at Tk378.53 million. Underwriting profit was Tk341.05 million, with total assets reaching Tk6,340.9 million in 2023. The meeting concluded with approvals and re-elections, reflecting shareholder satisfaction and the company's robust performance under challenging conditions.