ABG signs agreement with CSE as a strategic investor

Bashundhara Group has always taken bold steps for the development of the country. The top industrial group took the country's economy one step further by officially starting its journey as a strategic investor (strategic partner) of the Chittagong Stock Exchange (CSE). The speakers of the agreement signing event came up with the remarks at the Radisson Blu Chattogram Bay View on Sunday evening.

CSE Managing Director (Acting) Ghulam Faruque and Bashundhara Group Managing Director Sayem Sobhan Anvir signed the agreement on behalf of their representing organizations. 

ABG Limited is a company of Bashundhara Group, the country's top industrial conglomerate. By this agreement, ABG Limited is now the owner of 25 percent of shares of CSE, and the company will act as the strategic investor of the capital market. ABG Limited will provide its support to CSE as a strategic partner.

Speaking as the chief guest at the event, Land Minister Saifuzzaman Chowdhury said, “The merger of ABG Group, a subsidiary of Bashundhara Group, with CSE, will open new horizons in the capital market of Bangladesh. Bashundhara Group Chairman Ahmed Akbar Sobhan is a legendary entrepreneur of Bangladesh's economy. New jobs have been created in the places where he has given his hand. The economy has become more assertive”.

Salman F Rahman, the adviser to the Prime Minister on private industry and investment, said, “Bashundhara Group always takes bold initiatives. The initiative they take is followed by others. They have also made a thoughtful decision to join CSE. In this case, Bashundhara will prove their decision right by being successful”.

He said, “In 2008, I did not think the country would reach this place after 10 years. I would not have believed it if someone had told me about today's situation. But due to the visionary thinking and planning of the Prime Minister, the country has reached this place today”.

Mentioning Bashundhara Group as a patriotic business conglomerate, Chittagong City Corporation Mayor Rezaul Karim Chowdhury said, “Bashundhara is establishing industrial establishments one after another in Bangladesh. They will enrich the capital market as they are associated with CSE. Only a patriotic group can take such action.”

Appreciating the plan to start commodity exchange in Chittagong Stock Exchange, Deputy Education Minister Mahibul Hasan Chowdhury Nowfel said, “The traditional trading business centered on Khatunganj and Chittagong Port has been going on since long before the establishment of Chittagong Stock Exchange. However, it was informal. But after a long time, it will get institutionalized through the launch of commodity exchange”.

Bashundhara Group's visionary Chairman, Ahmed Akbar Sobhan, said in his speech, “Bashundhara Group always takes bold steps for the country's development. Joining the Chittagong Stock Exchange is such an adventurous move. Through this, there will be a revolutionary change in the country's economy.”

Praising Prime Minister Sheikh Hasina, he said, “The Bengali nation lost its direction when Father of the Nation Bangabandhu Sheikh Mujibur Rahman was brutally assassinated. Prime Minister Sheikh Hasina, the rightful successor of Bangabandhu, is fulfilling all the dreams of Bangabandhu one by one”.

He said, be it before or after time, our adventure is always going on. We will always be aware of the development of this country.'

“No one could show such courage even in 50 years of independence. Even the Honorable Prime Minister always talked about Gold Refinery, but no one dared. Bashundhara Group is going to implement it. Hopefully, it will overtake the apparel industry as well. A lot of export opportunities will be created abroad,” he added. 

Ahmed Akbar Sobhan said, ABG Limited has joined the stock exchange. At least 100 groups in the country can take any step they want. So that they also come forward. Unfortunately, many people have stashed money abroad. It does not improve the country. On the other hand, foreign investors take money to their country. They cannot make this country independent; only its investors can. They have a love for their country.

He said, I have talked to the managing director of ABG Limited, Sayem Sobhan Anvir, about this new initiative and his plan. His answer was we would bring everything from Europe and America. Through its implementation, there will be a revolutionary change in Bangladesh.

Ahmed Akbar Sobhan said, “Before this government took over the country's responsibilities, the country's economic condition was going to the bottom due to the BNP-Jamaat burning. Almost every day, there were reports of fires somewhere in the country. We used to sit with our hands on our cheeks, hoping when we would run the factory. That Jamaat-Shibir and the anti-national cycle has continued. Sitting abroad, they always engage in anti-Bangladesh propaganda. They are also responsible for the volatility of today's foreign exchange. The Ministry of External Affairs should strictly prevent them.”

Pointing out that an artificial crisis has been created with the dollar, he said there are still enough savings in the bank. Our economy is robust now. In 14 years, the value of our dollar has increased by only 10 rupees. The global crisis, including the Russia-Ukraine war, has caused volatility in the dollar. However, even today, we have not lost our way because of exemplary leadership. The country is led by the Prime Minister.'

Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat Ul Islam said, “The current economy is being driven by the money market and capital market. The honorable Prime Minister is taking the economy forward through various challenges from time to time. Even between Covid-19 and Ukraine-Russia war, the country's economy has kept growing with new products and strategies. We did not get 8-10 percent GDP growth. But 5-7 per cent growth has also been given during this period. Her thoughtful leadership inspires us all.”

“The country's economy is doing very well. If the product is not managed correctly in the economy, if not handled scientifically, if that product cannot move in line with the money-capital market in our economy, there is a missing link. Remains this deficiency in our commodity markets. I have also heard many from Khatunganj to Motijheel. On the one hand, export-import wholesale business; on the other hand, money market capital these two places that drive the country's economy. But we needed to fill the missing link that there will be a market in Khatunganj with a systematic way of the commodity. As a result, CSE should be at a place where CSE will launch a commodity market in the country with a vital partner in the study way. The businessmen of this city led to finding a businessman who wants well in this establishment,” he added. 

He also said, “Those who have employed thousand people in our country. These people are running the household of thousands of people with their intelligence. We were looking for such an organization. We only know how to disrespect people, not how to respect them. They are running so many families; is it simple? We will strengthen CSE with a strategic partner. Today is a historic day for us.' He also mentioned that today we are going to a new area and a new step.”

CSE Chairman Asif Ibrahim presided over the event. Thanking Sayem Sobhan Anvir, he said in his speech, “This day is very glorious for CSE. Chittagong Stock Exchange (CSE) started its journey in 1995. Since then, CSE has consistently proved its mettle. On November 21, 2013, CSE made its debut. Since then, CSE has been looking for a strategic partner. But after the corona epidemic, foreign strategic partners were not available. At that time, ABG Limited came forward. Later, with the approval of BSEC, we finally managed to kick off today's grand signing ceremony.”

Stating that CSE and ABG have started a new chapter in the history of the capital market, he said Bashundhara Group is the leading industrial group in the country. Wherever they have joined, the development of that sector has accelerated. CEC will work for the growth of the capital market along with ABG Limited.

East West Media Group Limited Director and eminent writer Imdadul Haque Milan said, “I travel all over the country for the welfare works of Bashundhara Group. We now see a flood of development all around. Bangabandhu dreamed of this golden Bengal, and his daughter is trying to build that golden Bengal with all her talent and hard work. Bashundhara Group also works for the welfare of people by working for the country's welfare. Bashundhara Group has made Bangladesh very strong economically in just 35 years since its inception.”

Director of CSE Maj (retd) Emdadul Islam said, "Today, I am standing in front of you as a proud son of Chittagong at a pivotal moment of history and at a transitional time." In today's event, I remember with great respect Bangabandhu Sheikh Mujibur Rahman, the father of the nation and the greatest Bengali of thousand years. This arrangement is an extraordinary step for our country, economy, and overall development.'

Thanking Bashundhara Group and ABG Limited Managing Director Sayem Sobhan Anvir, he said, “A man stood by us today with great courage. I told him he was a sherpa of economics to climb the Himalayas. His name is Sayem Sobhan Anvir”.

Bashundhara Group Co-Chairman Sadat Sobhan, Vice-Chairman Safwan Sobhan, Bashundhara Group Director Ahmed Walid Sobhan, Prime Minister's former Information Advisor Iqbal Sobhan Chowdhury, BDG Group Chairman Mustafa Kamal Mohiuddin, Rupayan Group Chairman Liaquat Ali Khan Mukul were present among others to witness the grand agreement signing event.

CSE was established in 1995. It was a paid-up capital of Tk 634 crore 52 lakh, and the number of shares is Tk 63 crore 45 lakh.

According to the Demutualization Act, Chittagong Stock Exchange (CSE) has to sell 25 percent shares to strategic investors and 35 per cent to general and institutional investors. As such, they have to sell about 16 crore shares. CSE has paid its shareholders a 4 percent cash dividend for the financial year 2020-21.

General investors think ABG Limited has started taking various steps to bring overall development and functional prosperity to the country's capital market, which will play a groundbreaking role in making the capital market more prosperous and strong.