Habib Group

Last updated
Habib Group
Company type Private
Industry Conglomerate
Founded Chittagong, Bangladesh (1947 (1947))
Headquarters Chittagong, Bangladesh
Key people
Products Apparel, Aviation, Cement, Energy, Paper, Real Estate, Ship breaking, Spinning, Steel, Textile
RevenueIncrease2.svgUD$500 million
Number of employees
20,000
Website habibgroupbd.com

The Habib Group is a Bangladeshi industrial conglomerate. Founded in Chittagong in 1947, it employs over 20,000 people and has interests in textiles, aviation, cement, steel, real estate, insurance and banking. It is the parent company of Regent Airways, a Bangladeshi private airline, [1] and Regent Power Limited, a power generating company. [2]

Contents

History

Habib Group was established in 1947 by Habib Ullah Mia as Habib Trading, a consumer goods trading company. [3] It was inherited by his three sons, Mahbub Ali, Yakub Ali, and Yasin Ali, in 1981 who expanded the business in other areas such as garments. [3] [4]

In 2009, Habib Group sponsored the Port City League Twenty20 championship in Chittagong. [5] Regent Power Limited launched a 24 megawatt powerplant in Sitakunda Upazila in May. [6]

In 2010, Habib Group launched Regent Airways. [4] Mashruf Habib was the managing director of Regent Airways and Imran Asif was the chief executive officer. [7] Salman Habib was the deputy managing director. [8] Its first route was Dhaka to Chittagong and it started with two De Havilland Canada Dash 8. [7] Habib Group had a turnover of 20 billion BDT a year. [9]

The Daily Star-DHL awarded Habib Group the Enterprise of the Year award in 2014. [10] The International Finance Corporation invested 20.2 million USD in Regent Energy & Power Limited in April to build a powerplant in Ghorashal. [11] In November, Regent Group announced a 8 billion BDT expansion plan through the purchase of five aircraft for international routes. [12]

Regent Textiles announced plans to build two new factories at an investment of 1.79 billion BDT in November 2015. [13] Habib Group had 21 thousand employees. [14]

In June 2017, Regent Airways announced plans to expand destinations in the Middle East and the purchase of three Boeing 737. [15]

Regent Airways was financially hit during the COVID-19 pandemic in Bangladesh along with other airlines in 2020 after travel was restricted and flights were forced to cancel. [16] [17] It cancelled the lease of two Boeing 737 to save costs. [18] The airline had 1.89 billion due to Civil Aviation Authority of Bangladesh. [18]

In May, textile workers of Regent Textile Mills Limited protested in Chittagong demanding their unpaid wages. [19] [20] The workers went on an hunger strike demanding eights months of unpaid wages following their layoff. [21] In July, the headquarters of Habib Group were vandalized. [22] In September 2022, Chattogram Financial Debt Court ordered the seizure of land owned by Habib Steel in a .9 billion BDT loan default case filed by Eastern Bank Limited. [23] [24] A travel ban was imposed on five directors of the group. [25]

In January 2023, the government of Bangladesh confiscated bank accounts of Regent Airways due to unpaid dues. [26]

By April 2023, the headquarters of Habib Group appeared deserted and 31 subsidiaries of the group had closed down or were on the verge of closing down. [3] Chattogram Magistrate Magistrate issued arrest warrants against five directors of the group including chairman Yakub Ali, directors, Mashruf Habib, Salman Habib, Tanvir Habib, and Yasin Ali in August 2022 in a dishonoured cheque case filed by IDLC Finance Limited. [27] The group defaulted on 40 billion BDT worth of loans from 30 different financial institutions. [3] The directors were believed to have fled from Bangladesh. [3] The group had received numerous unsecured loans including a 3.6 billion loan from Dhaka Bank whose director was related to a director of Habib Group. [3]

Subsidiaries

Related Research Articles

<span class="mw-page-title-main">Chittagong</span> Second-largest city in Bangladesh

Chittagong, officially Chattogram, is the second-largest city in Bangladesh. Home to the Port of Chittagong, it is the busiest port in Bangladesh and the Bay of Bengal. The city is also known as business capital of Bangladesh. It is the administrative seat of an eponymous division and district. The city is located on the banks of the Karnaphuli River between the Chittagong Hill Tracts and the Bay of Bengal. The Greater Chittagong Area had a population of more than 8.2 million in 2022. In 2020, the city area had a population of more than 5.2 million. The city is home to many large local businesses and plays an important role in the Bangladeshi economy.

<span class="mw-page-title-main">National Bank Limited</span> Bank in Bangladesh

The National Bank Limited is a private limited bank in Bangladesh. Md Mehmood Husain is the Managing Director and Chief Executive Officer of the bank.

<span class="mw-page-title-main">Eastern Bank (Bangladesh)</span> Bank in Bangladesh

Eastern Bank PLC. is a private commercial bank headquartered in Dhaka, Bangladesh. It was established on 8 August 1992, as a public limited company with limited liability under the Bank Companies Act of 1991. Its share are listed in the Dhaka Stock Exchange and the Chittagong Stock Exchange. The bank provides products and services in retail banking, corporate finance, asset management, equity brokerage and security. It has 87 branches and 214 ATMs in Bangladesh and employs around 3000 employees.

<span class="mw-page-title-main">KDS Group</span>

KDS Group is a business and industrial conglomerates of Bangladesh, which is based in Chittagong but with extensive operations in Dhaka as well. It has also established offices and agencies in India, Hong Kong and is expanding into Europe and North America.

<span class="mw-page-title-main">Islami Bank Bangladesh</span> Bank in Bangladesh

Islami Bank Bangladesh PLC (IBBPLC) (Bengali: ইসলামী ব্যাংক বাংলাদেশ পিএলসি), more commonly known as Islami Bank, is an Islamic banking company based in Bangladesh. It became incorporated on 13 March 1983 as a public limited company under the Companies Act 1913 and started operation on 30 March, the same year. IBBPLC maintains its own ATM Booths with a country-wide shared ATM network. IBBPLC has been the largest private banking network in Bangladesh. The bank has been listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd.

Confidence Group of Companies Limited is a Bangladeshi company, involved in manufacturing mid-tech manufacturing engineering products. The conglomerate commenced its operation in 1991 with cement manufacture, and is involved with power generation and the manufacture of Spun Pre-stressed Concrete (SPC) poles. As of 2017, the conglomerate claims to consist of 8 operational business entities.

Bashundhara Group is a Bangladeshi conglomerate. It was incorporated in 1987 as a real estate company under the name East West Property Development Ltd (EWPD). It presently owns more than 50 major concerns throughout Bangladesh. The company's import-export turnover was $1.12 billion or BDT 111.38 billion in the 2022-23 fiscal year. In the 2018 fiscal year, the company's real estate holdings amounted to BDT 50,000 crores, or $4.6 billion.

<span class="mw-page-title-main">Economy of Chittagong</span> Economy of the city in Bangladesh

The Economy of Chittagong is reflected in its gross state product of $116 billion in purchasing power parity (2022) terms ranking, second in size only behind Dhaka in Bangladesh. The nominal gross domestic product of Chittagong metropolitan city is $43 billion. Chittagong metropolitan City is the second largest metropolitan city in Bangladesh. Chittagong is the export hub of Bangladesh, accounting for more than $38 billion in exports. Chittagong is the commercial hub of country. Chittagong is also home to the busiest port in the country.

The Bangladesh Steel Re-Rolling Mills Ltd., commonly known as BSRM, is a Bangladeshi steel manufacturing company based in Chittagong. It is the largest construction steel manufacturer company in Bangladesh.

Noman Group is a Bangladeshi conglomerate in the textiles and garments sector. Its companies export annually about $1 billion in textile and garment products around the world, and employ about 70,000 people. Noman Group produces yarns, fabrics, home textile, bed covers, curtain, comforters, quilt covers, denim and towels.

<span class="mw-page-title-main">Mutual Trust Bank</span> Commercial bank in Bangladesh

Mutual Trust Bank PLC is a private commercial bank headquartered in Dhaka, Bangladesh. Md Abdul Malek, chairman of Sheltech Consultants (Pvt) Ltd, is the chairman of Mutual Trust Bank PLC.

<span class="mw-page-title-main">Sena Kalyan Sangstha</span> Trust owned by the Bangladesh Armed Forces

Sena Kalyan Sangstha is a trust owned and operated by the Bangladesh Armed Forces. It owns a number of businesses including a travel agency, an electronics and cement factory and ice cream. Major General Md Habib Ullah is the present chairman of Sena Kalyan Sangstha.

Giasuddin Quader Chowdhury is a Bangladesh Nationalist Party politician and a former Jatiya Sangsad member from Chittagong-6 and Chittagong-7 constituencies.

<span class="mw-page-title-main">South Bangla Agriculture and Commerce Bank</span> 4th Generation Private commercial bank of Bangladesh

South Bangla Agriculture and Commerce Bank Public Limited Company (SBACBPLC) is a private commercial bank headquartered in Dhaka, Bangladesh. It incorporated in 2013 as a banking company under Companies Act, 1994 and is regulated under the Banking Companies Act, 1991. The bank has network of 88 branches and 25 sub-branches around the country.

<span class="mw-page-title-main">S. A. Group</span> Bangladeshi conglomerate

S. A. Group of Industries is a Bangladeshi diversified conglomerate based in Chittagong. Shahabuddin Alam is the managing director of S.A. Group of Industries. The company has a workforce of 2,500 by 2022. SA Group of Industries has been operating 17 factories since 1988 with 8 master products under two brands Goalini and Muskan. These include Dhaka and Chittagong edible oil refineries, condensed milk, dairy products, tea leaves, flour, semolina, salt, water, paper and paper products.

<span class="mw-page-title-main">Ratanpur Group</span>

Ratanpur Group is a Bangladeshi diversified conglomerate based in Chittagong. It mostly known for its flagship company, Ratanpur Steel Re-Rolling Mills Limited (RSRM).

<span class="mw-page-title-main">Karnaphuli Group</span>

Karnafuli Group is a Bangladeshi industrial conglomerate. The industries under this conglomerate include port, shipping and logistics, media, health care, real estate, automobiles, finance, and insurance. The Managing Director of the group is Saber Hossain Chowdhury, an Awami League member of parliament and son of Hedayet Hossain Chowdhury who is also a director of HRC Group, another Bangladeshi conglomerate.

Mostafa-Hakim Group is a Bangladeshi diversified conglomerate based in Chittagong. Abu Taher is the chairman and M. Manjur Alam, former mayor of Chittagong, is the managing director of the group.

Mohammad Khaled Iqbal is a retired rear admiral of the Bangladesh Navy and former vice-chancellor of Bangabandhu Sheikh Mujibur Rahman Maritime University. He is the former chairman of Chittagong Port Authority.

Union Capital Limited is a major Non-bank financial institutions of Bangladesh based in Dhaka. It is listed on the Dhaka Stock Exchange and the Chittagong Stock Exchange.

References

  1. ↑ Parvez, Sohel (17 January 2010). "New player to fly the skies". The Daily Star.
  2. ↑ Barua, Dwaipayan (8 March 2015). "Diversifying for success". The Daily Star.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Faruque, Omar (2023-04-16). "Fall of a business empire: Habib Group leaves 30 lenders in peril with Tk4,000cr debt". The Business Standard. Retrieved 2023-04-17.
  4. 1 2 Barua, Dwaipayan; Chittagong (2014-04-06). "Diversifying for success". The Daily Star. Retrieved 2023-04-17.
  5. ↑ Islam, Shahidul; Chittagong (2009-04-20). "PCL gains momentum". The Daily Star. Retrieved 2023-04-17.
  6. ↑ "24MW rental power plant comes on stream". The Daily Star. 2009-05-24. Retrieved 2023-04-17.
  7. 1 2 "Regent Airways hits skies". The Daily Star. 2010-11-07. Retrieved 2023-04-17.
  8. ↑ "Salman Habib elected CCCI director". The Daily Star. 2019-05-24. Retrieved 2023-04-17.
  9. ↑ Parvez, Sohel (2010-06-09). "Regent Airways: Newcomer to skies". The Daily Star. Retrieved 2023-04-17.
  10. ↑ "Business heroes honoured". The Daily Star. 2014-03-29. Retrieved 2023-04-17.
  11. ↑ "IFC Invests $20.2 Million in Regent Energy to Expand Access to Power in Bangladesh". IFC. Retrieved 2023-04-17.
  12. ↑ "Regent Airways unveils Tk 800cr expansion plan". The Daily Star. 2014-11-30. Retrieved 2023-04-17.
  13. ↑ Barua, Dwaipayan (2015-11-13). "Regent Textile to build new units". The Daily Star. Retrieved 2023-04-17.
  14. ↑ "A Century in the Making". ICE Business Times. 2016-09-01. Retrieved 2023-04-17.
  15. ↑ Hossain, Shamiul (2017-06-06). "Regent Airways to raise Middle East flights". The Daily Star. Retrieved 2023-04-17.
  16. ↑ Hasan, Rashidul (2020-05-21). "Pandemic will change the aviation industry forever". The Daily Star. Retrieved 2023-04-17.
  17. ↑ Hasan, Mahmudul (2020-03-23). "Local airlines battling an existential crisis". The Daily Star. Retrieved 2023-04-17.
  18. 1 2 Alo, Jebun Nesa (2019-04-14). "Regent cuts fleet size to beat financial woes". The Daily Star. Retrieved 2023-04-17.
  19. ↑ "Regent Textile Mills employees stage demo in Ctg". New Age. Retrieved 2023-04-17.
  20. ↑ "Regent Textile employees hold protests for arrears". The Business Standard. 2022-07-31. Retrieved 2023-04-17.
  21. ↑ "Regent Textile workers on fast-unto-death demanding arrears". The Business Standard. 2023-02-26. Retrieved 2023-04-17.
  22. ↑ "Habib Group's head office in Ctg vandalised, causing damage worth Tk 40 lakh". The Business Standard. 2020-07-11. Retrieved 2023-04-17.
  23. ↑ "Court orders to seize land of Habib Steel in default case". The Financial Express. Retrieved 2023-04-17.
  24. ↑ "Court orders to confiscate Habib Group assets for defaulting Tk91cr in loans". The Business Standard. 2022-09-14. Retrieved 2023-04-17.
  25. ↑ "Travel ban imposed on five industrialists of Regent Textile". Prothom Alo. Retrieved 2023-04-17.
  26. ↑ "Tk 32.46cr dues: Govt confiscates Regent Airways' bank account". The Daily Star. 2023-01-10. Retrieved 2023-04-17.
  27. ↑ "Arrest warrants issued against Habib Group chairman, 4 directors in Ctg". The Daily Star. 2022-08-08. Retrieved 2023-04-17.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.