Saudi-Bangladesh Industrial and Agricultural Investment Company Limited

Last updated
Saudi-Bangladesh Industrial and Agricultural Investment Company Limited
Formation1984
Headquarters Dhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Website sabinco.com.bd

Saudi-Bangladesh Industrial and Agricultural Investment Company Limited is an investment and finance company owned by the government of Bangladesh and the government of Saudi Arabia. [1]

Contents

History

In 1984, the Government of Bangladesh and the Government of Saudi Arabia signed an agreement to establish Saudi-Bangladesh Industrial and Agricultural Investment Company Limited. [2] On 24 June 1984, it was incorporated in Bangladesh. [2]

Bangladesh Bank classified 31. 46% of the outstanding loans of Saudi-Bangladesh Industrial and Agricultural Investment Company Limited as classified in 2007. [3] It was part of a syndicate of 12 financial institutions that provided 1.01 billion taka to RanksTel, a concern of the Rangs Group. [4] It owns 20 percent of the shares of CMC-Kamal Textile Mills which is a concern of the Lotus-Kamal Group owned by Mustafa Kamal, the former Minister of Panning and the Minister of Finance. [5]

It was a part of a syndicated loan of 1.26 billion taka provided to Square Group. [6]

In 2011, Saudi-Bangladesh Industrial and Agricultural Investment Company Limited was part of the BRAC Bank led syndicate to provide 1.09 billion in financing to City Group to expand City Seed Crushing Industries Ltd. [7]

Saudi-Bangladesh Industrial and Agricultural Investment Company Limited decided in 2012 to sell off its loss making concerns. [8] The companies it was selling were Bangladesh Cat Fish Ltd, Saudi-Bangla Fish Feed Ltd, S&M Shrimp Culture Ltd, and Gazi Fish Ltd. [8] It made 400 million taka in profit in 2011. [8] It was part of a syndicate of 15 financial banks which provided a 8.46 billion taka loan to Grameenphone in 2012. [9] It was part of a Standard Chartered Bank led syndicate that provided 920 million in funding to The ACME Laboratories Ltd. [10]

Anti-Corruption Commission sued Morshed Khan, chairman of Pacific Bangladesh Telecom Limited, and other company officials for embezzling 3.83 billion taka of which 230 million came from Saudi-Bangladesh Industrial and Agricultural Investment Company Limited on 29 June 2017. [11]

Saudi-Bangladesh Industrial and Agricultural Investment Company Limited was part of the a Dhaka Bank led syndicate to provide 4.59 billion in funding to BSRM Group to establish a wire factory titled BSRM Wires in 2019. [12] It was part of a syndicate led by Eastern Bank Limited that provided BanglaCAT (Bangla Trac Group) 4.65 billion taka loan Bangla Trac Power Unit-2. [13]

Ahmed Ehsanul Karim was appointed managing director of Saudi-Bangladesh Industrial and Agricultural Investment Company Limited on 25 October 2021. [14]

In January 2022, it was part of a group of financial institutions that provided a 5.2 billion taka loan to Chandpur Power Generations Limited which is a part of Doreen Group. [15]

Board of directors

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References

  1. ↑ "Bangladesh Bank rates top banks, NBFIs for sustainability in 2021". www.dhakatribune.com. 2022-06-22. Retrieved 2022-07-09.
  2. 1 2 "About Our Company". Saudi Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO). Retrieved 9 July 2022.
  3. ↑ "The Daily Star Web Edition Vol. 5 Num 1141". archive.thedailystar.net. Retrieved 2022-07-09.
  4. ↑ "The Daily Star Web Edition Vol. 5 Num 966". archive.thedailystar.net. Retrieved 2022-07-09.
  5. ↑ Ahmed, Gazi Towhid (2011-04-14). "Share value 16 times inflated". The Daily Star. Retrieved 2022-07-09.
  6. ↑ Report, Star Business (2008-08-21). "Esquire to set up Tk180cr chemical plant". The Daily Star. Retrieved 2022-07-09.
  7. ↑ Rahman, Md Fazlur (2011-08-04). "City Group goes on expansion drive". The Daily Star. Retrieved 2022-07-09.
  8. 1 2 3 Rahman, Sajjadur (2012-10-19). "Sabinco to shake off its losing concerns". The Daily Star. Retrieved 2022-07-09.
  9. ↑ Report, Star Business (2012-10-31). "GP borrows Tk 846cr from banks". The Daily Star. Retrieved 2022-07-09.
  10. ↑ Desk, Star Business (2012-05-08). "StanChart raises Tk 92cr for ACME". The Daily Star. Retrieved 2022-07-09.
  11. ↑ Staff Correspondent (2017-06-29). "Morshed Khan,15 others sued over Tk 383cr loan scam". The Daily Star. Retrieved 2022-07-09.
  12. ↑ Alo, Jebun Nesa (2019-02-10). "BSRM to set up wire plant for Tk 459cr". The Daily Star. Retrieved 2022-07-09.
  13. ↑ Desk, Star Business (2019-05-01). "EBL raises Tk 465cr for Bangla Trac Power". The Daily Star. Retrieved 2022-07-09.
  14. ↑ "Ahmed Ehsanul Karim made MD of SABINCO". The Business Standard. 2021-10-25. Retrieved 2022-07-09.
  15. ↑ Report, Star Business (2022-01-19). "Dhaka Bank arranges Tk 520 crore for Chandpur Power". The Daily Star. Retrieved 2022-07-09.
  16. 1 2 3 4 5 6 "Board of Directors". Saudi Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO). Retrieved 2022-07-09.
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