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BEXIMCO

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Bangladesh Export Import Company Limited (Bangla transliteration: বাংলাদেশ এক্সপোর্ট ইমপোর্ট কোম্পানি লিমিটেড), commonly known by its trade name BEXIMCO (Bangla: বেক্সিমকো) (DSE: BEXIMCO CSE: BEXIMCO), is a Bangladeshi multinational conglomerate holding company, headquartered in Dhaka, Bangladesh. It was founded in the early 1970s.[3]

Bangladesh Export Import Company Limited
Company typePublic
DSE: BEXIMCO
CSE: BEXIMCO
IndustryConglomerate
Founded1972; 52 years ago (1972)
Founders
Headquarters
Dhaka
,
Bangladesh
Area served
Worldwide
Key people
Products
RevenueIncrease BD৳25.387 billion[1]
(US$304 million) (FY2018)
Increase BD৳7.085 billion[1]
(US$85 million) (FY2018)
Increase BD৳1.259 billion[1]
(US$15 million) (FY2018)
Total assetsIncrease BD৳122.746 billion[2]
(US$1.47 billion) (FY2018)
Total equityIncrease BD৳63.373 billion[2]
(US$757 million) (FY2018)
Owner
  • A. S. F. Rahman
  • Salman F Rahman
Number of employees
70,000
Subsidiaries
Websitebeximco.com bol-online.com beximcolpg.com

BEXIMCO is Bangladesh's largest conglomerate, with the largest market capitalisation on the country's stock market. BEXIMCO currently has operations and investments across a wide range of industries including textiles, pharmaceuticals, PPE, ceramics, real estate development, construction, trading, marine food, information and communication technologies, media, financial services, and energy.[4] BEXIMCO's subsidiaries export products to 55 countries worldwide.[5] It has retail outlets in South Asia and Eastern Europe. It is one of the largest private sector employers in Bangladesh with over 70,000 people worldwide.[4]

BEXIMCO operates one of the largest integrated textile production businesses in Asia. Its main manufacturing base is the BEXIMCO Industrial Park in Gazipur, Bangladesh. Beximco Pharma, the group's pharmaceutical producer, was the first Bangladeshi company to be listed on the London Stock Exchange.

History

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The company was founded by brothers A. S. F. Rahman and Salman F Rahman in 1972, right after the independence of Bangladesh. Their family was earlier engaged in the jute business. The jute factory was nationalized in the early 1970s. However, with free-market reforms in the late 1970s and 1980s, the family regained many of their businesses.

Since the early 1970s, BEXIMCO has been a pioneer in industrial and business sectors. Currently, it has operations and investments across a wide range of industries including pharmaceuticals, ceramics, renewable energy, textiles, LPG, food & beverage, satellite-to-home television, PPE, media, ICT, real estate, financial services, and travel & tourism.[6]

In 2005, Beximco Pharma became the first Bangladeshi company to be listed on the Alternative Investment Market of the London Stock Exchange.[7] BEXIMCO also opened its first overseas retail outlet with the launch of the Yellow clothing brand in Karachi, Pakistan.[8] Yellow has since expanded to several Bangladeshi and Pakistani cities. In 2009, Shinepukur Ceramics opened a showroom in Moscow, Russia.[9] In 2010, the company acquired stakes in several major Bangladeshi businesses, including IFIC Bank and Unique Hotels and Resorts.[10][11][12]

In October 2021 BEXIMCO with other two company, Robi and Meghna Petroleum, donated 6.93cr to Labour Welfare Fund support to workers in the formal and informal sectors for accidental deaths, treatment of injuries, incurable diseases, and also for the higher education of their children.[13]

In 2023, BEXIMCO Group inaugurated Teesta Solar Limited.[14] However, the plant started supplying power to the national grid in December 2022. The plant has 520,000 solar panels at 600 acres of land at Tarapur Union. The plant has the capacity to produce 200MW of electricity. [15] The plant is located on the bank of the Teesta River.[14]

Its vice chairman Salman F Rahman was serving as a Private Sector Development Affairs Adviser to Prime Minister and Bangladesh Awami League President Sheikh Hasina, the former Prime Minister of Bangladesh, in the past and as Private Sector Industry and Investment Adviser at the moment.[5] He's now currently arrested as they were attempting to flee by waterway from the Sadarghat area of the capital on Tuesday, 13th August 2024. They are currently charged as instigators for murder of students during the student rising movement in Dhaka.[16]

In the wake of political turmoil following the fall of the Awami League government in August 2024, Salman F Rahman, the founder of Beximco Pharmaceuticals and former private industry and investment adviser to former Prime Minister Sheikh Hasina, was imprisoned. The period of instability, marked by a student-led mass uprising in July and August 2024,[17] [18]led to significant financial difficulties for Beximco Group. On September 5, 2024, the High Court of Bangladesh directed the appointment of a receiver to oversee all institutions of Beximco Group. This decision was made to manage the company’s financial issues and ensure the stability of its operations. This decision was upheld by the chamber judge of the Appellate Division on October 1, 2024, with a full hearing scheduled for October 28, 2024. During the hearing, the decision was deferred, and the case was adjourned until November 11, 2024 As the Supreme Court prepared to issue its decision on the receiver’s appointment, Beximco Pharmaceuticals requested a temporary suspension of trading in its shares due to the prevailing uncertainty.[19][20]

Management

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Salman F. Rahman served as the vice chairman of BEXIMCO Group until his arrest on August 13, 2024.[21] He is currently under investigation for several allegations, including foreign currency smuggling, bank loan embezzlement, illegal wealth accumulation, and share market fraud. On September 19, 2024, the High Court of Bangladesh instructed the Central Bank to appoint a receiver to manage the company's operations and oversee all its assets.[22]

The High Court of Bangladesh appointed Ruhul Amin on , the Executive Director of Bangladesh Bank, as the receiver for Beximco Group. His role is to manage the company’s operations and assets, ensuring stability and continuity during this period of financial difficulty. Bangladesh Bank Governor Ahsan H Mansur emphasized that the receivership is not meant to stall Beximco but to keep it operational. The central bank’s approval came after several months of financial instability within the conglomerate, which led to unpaid wages and protests by workers. The High Court’s order also includes recovering funds obtained by Salman F Rahman, the founder of Beximco Pharmaceuticals, from different banks and bringing the money back to Bangladesh.[23][24]

Ruhul Amin’s role as the receiver is to protect the interests of the company’s employees and the country, ensuring proper management of all institutions under Beximco Group.[25]

Products

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Beximco Industrial Park
  • Banking - IFIC Bank
  • Ceramic
  • Construction
  • Electric power generation
  • Fashion
  • Fisheries
  • Food & beverage
  • Hotels
  • Information technology
  • Media
  • Petroleum products
  • Pharmaceuticals
  • PPE
  • Private satellite television channel
  • Real estate
  • Renewable energy
  • Sports team & franchise
  • Textiles
  • Travel & tourism

Subsidiaries

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A branch of IFIC Bank. Beximco is the single largest stakeholder in the bank, which is one of Bangladesh's largest.

The conglomerate compromises four public traded and eight privately held companies.

Akash Digital TV

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Akash Digital TV
Native name
আকাশ ডিজিটাল টিভি
Company typeSubsidiary
IndustrySatellite television
PredecessorRealVU
Founded2016; 8 years ago (2016) (Original RealVU)
19 May 2019; 5 years ago (2019-05-19) (Akash DTH)
Headquarters
Gulshan, Dhaka
,
Bangladesh
Area served
Bangladesh
ProductsDirect broadcast satellite
OwnerBEXIMCO
ParentBeximco Communications Limited
Websiteakashdth.com

Akash Digital TV or Akash DTH, formally incorporated as RealVU DTH, is the sole direct broadcast satellite television provider to households in Bangladesh,[31] operated by Beximco Communications Limited, and owned by parent company BEXIMCO.[32] It broadcasts multichannel TV services via satellite Bangabandhu-1. It also offers personal video recording (PVR) capabilities, and HD support.[33][34] Akash has monopoly in areas where cable providers can't reach.[35]

History

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In 2014, Bangladesh government gave license to operate digital service to RealVu (Now Akash Digital TV or Akash DTH) and Bengal Digital.[36]

RealVU DTH began broadcasting in 2016 on ABS-2 at 75 degrees east as a joint venture with GS group.[37][38][39][40] The owner of the provider is BEXIMCO via Beximco Communications Limited.[41][42] The early years of the company were unstable due to technical and financial difficulties. RealVU DTH failed to capture the market, and postponed it services within a years.

In 2017, GS group sold their share in Beximco Communications(holding company of RealVu and now Akash) but continued providing hardware and software for the service.[43]

In 2019, they came back with a rebranded name Akash DTH.[44][45][46]

From 2019, Akash DTH has been providing television services to customers using Bangladeshi satellite Bangabandhu-1.[47] The company broadcasts more than 120 television stations from around the world, along with exclusive Bangladeshi channels. In 2021, Akash DTH started offering its customers the first PVR in Bangladesh.[48] They also rebranded the name to Akash Digital TV.[49]

In July 2024, Akash Digital TV partnered with Tata Play.[50][51][52]

Financial situation

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The company got a fee waiver of ৳111.56M due to losses from May 2019 to 2020 on grounds of financial losses despite having a monopoly in the DTH market in Bangladesh.[53] But a spectrum charge waiver over the next five years was denied.

Marketing

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Customers of analog cable system were switching to digital cable system such as Bengal Digital, Jadoo Digital and DTH system such as Akash DTH for its superior picture quality.[54] While the market penetration remained low, the market share of Akash DTH was growing. Akash DTH used multiple types of marketing such as TV marketing, guerilla marketing, word of mouth and viral marketing.[55]

See also

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References

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  1. ^ a b c Annual Report 2017–18, Bangladesh Export Import Company Limited (PDF) (Report) (Final ed.). Dhaka: Bangladesh Export Import Company Limited. 25 October 2018. p. 24. Archived from the original (PDF) on 27 August 2019. Retrieved 21 January 2018.
  2. ^ a b Annual Report 2017–18, Bangladesh Export Import Company Limited (PDF) (Report) (Final ed.). Dhaka: Bangladesh Export Import Company Limited. 25 October 2018. p. 23. Archived from the original (PDF) on 27 August 2019. Retrieved 21 January 2018.
  3. ^ "Bangladesh Export Import Company Limited". Bangladesh Export Import Company Limited. Archived from the original on 16 June 2024.
  4. ^ a b www.beximco.com. "BEXIMCO - Taking Bangladesh to the World". beximco.com. Retrieved 28 May 2023.
  5. ^ a b "Salman F Rahman remains Sheikh Hasina's adviser". bdnews24.com. Retrieved 11 January 2017.
  6. ^ "BEXIMCO - Taking Bangladesh to the World". beximco.com. Retrieved 4 November 2021.
  7. ^ Murray-West, Rosie. "Bangladeshi drugs group gains London foothold with Aim listing". The Daily Telegraph. Retrieved 11 January 2017.
  8. ^ "Beximco Textiles opens fashion outlet 'Yellow' in Pakistan". bdnews24.com. Retrieved 11 January 2017.
  9. ^ "Shinepukur Ceramics opens showroom in Moscow". The Daily Star. 29 June 2009. Retrieved 11 January 2017.
  10. ^ "Beximco buys into Westin". bdnews24.com. Retrieved 11 January 2017.
  11. ^ "Beximco to buy GMG stake for Tk 70cr". The Daily Star. 18 June 2009. Retrieved 11 January 2017.
  12. ^ "Beximco buys Singer stake". bdnews24.com. Retrieved 11 January 2017.
  13. ^ "Robi, Meghna Petroleum, Beximco donate Tk6.93cr to Labour Welfare Fund". The Business Standard. 26 October 2021. Retrieved 6 December 2021.
  14. ^ a b "PM opens 200MW solar power plant". The Business Standard. 2 August 2023. Retrieved 21 August 2023.
  15. ^ "Teesta Solar plant improves power situation further". businesspostbd.com. Retrieved 21 August 2023.
  16. ^ "Salman F Rahman, Anisul Huq arrested in Dhaka". Dhaka Tribune. Retrieved 13 August 2024.
  17. ^ "Student–People's uprising", Wikipedia, 9 November 2024, retrieved 11 November 2024
  18. ^ "2024 Bangladesh quota reform movement", Wikipedia, 11 November 2024, retrieved 11 November 2024
  19. ^ https://www.dhakatribune.com/bangladesh/court/360359/beximco-group-chamber-court-upholds-high-court
  20. ^ https://www.sharesmagazine.co.uk/news/market/LSE20241111110129_5424740/further-re-the-temporary-suspension-of-trading
  21. ^ "Salman F Rahman, Anisul Huq arrested". The New Age. Retrieved 2 October 2024.
  22. ^ "Appellate Div upholds HC decision to appoint receiver at Beximco". The Business Standard. 1 October 2024. Retrieved 2 October 2024.
  23. ^ https://bdnews24.com/economy/ae330fc3c153
  24. ^ https://www.thedailystar.net/business/news/bb-appoints-receiver-troubled-beximco-group-3749476
  25. ^ https://en.prothomalo.com/business/jvscoegq83
  26. ^ a b c d e f "Home". BEXIMCO.
  27. ^ "About Us". Beximco Computers.
  28. ^ "About Beximco Engineering Ltd". Beximco Engineering.
  29. ^ "About Us". Giga Tech Ltd.
  30. ^ "About us". Yellow.
  31. ^ "Akash Digital TV launches new DTH HD platform". New Age. 9 July 2024.
  32. ^ "Akash Digital TV launches new DTH HD platform". 9 July 2024.
  33. ^ "Beximco launches DTH service Akash". The Daily Star. Retrieved 17 May 2019.
  34. ^ "Akash expands television network to former enclaves". The Business Standard. 21 March 2021. Retrieved 16 March 2022.
  35. ^ "Akash links rising in semi-urban, rural areas". The Daily Observer. Retrieved 15 April 2024.
  36. ^ Rahman, Harisur (2020), Rahman, Harisur (ed.), "The Political Economy, Materiality and the Visceral Experience of Cable Television", Consuming Cultural Hegemony: Bollywood in Bangladesh, Cham: Springer International Publishing, pp. 79–103, doi:10.1007/978-3-030-31707-2_4, ISBN 978-3-030-31707-2, S2CID 213544139, retrieved 11 February 2022
  37. ^ "Bangladesh's First DTH Operator Shares Plans for Market". Via Satellite. Retrieved 8 June 2016.
  38. ^ "GS Group launches Bangladesh's first DTH service". Digital TV Europe. 6 May 2016. Retrieved 17 March 2022.
  39. ^ david.nunes (5 May 2016). "GS Group launched the first DTH service in Bangladesh". Connect-World. Retrieved 17 March 2022.
  40. ^ "Bilateral Relations - Embassy of the Russian Federation in the People's Republic of Bangladesh". bangladesh.mid.ru. Retrieved 11 February 2022.
  41. ^ "GS Group launches first DTH service in Bangladesh". BroadbandTV News. Retrieved 6 May 2016.
  42. ^ "BEXIMCO - Taking Bangladesh to the World". beximco.com. Retrieved 17 March 2022.
  43. ^ "GS Group completes project to create Bangladesh's first satellite pay-TV operator | Satellite | News | Rapid TV News". www.rapidtvnews.com. Retrieved 17 March 2022.
  44. ^ "Beximco launches DTH service Akash". The Daily Star. 17 May 2019.
  45. ^ "Beximco Communications Launches Akash DTH". United News of Bangladesh. Retrieved 16 May 2019.
  46. ^ "Akash DTH slashes connection fee to hook housebound customers". 5 July 2020.
  47. ^ ডটকম, নিজস্ব প্রতিবেদক বিডিনিউজ টোয়েন্টিফোর. "বেক্সিমকোর ডিটিএইচ সেবায় বঙ্গবন্ধু স্যাটেলাইটের বাণিজ্যিক যাত্রা শুরু". Bdnews24.com (in Bengali). Retrieved 11 February 2022.
  48. ^ "AKASH DTH introduces basic connection package". New Age. Retrieved 23 October 2020.
  49. ^ "Akash Digital TV launches MyAkash app". Dhaka Tribune. 14 August 2022.
  50. ^ "Tata Play takes its easy bingeing solution to Bangladesh". The Economic Times. 11 July 2024.
  51. ^ "Akash Digital TV launches new DTH HD platform & Akash Go Companion App featuring Hotstar Specials". The Business Standard. 9 July 2024.
  52. ^ "Akash launches DTH HD platform, companion app". businesspostbd.com. 9 July 2024.
  53. ^ Hossain, Ismail. "Akash DTH to get spectrum charge waiver of Tk 111.56m". The Financial Express. Retrieved 11 February 2022.
  54. ^ Khan, Israt Moriom; Quadir, Sabrina; Islam, Sanjida (19 November 2021). "Anticipation & Advancement of DTH Service in Bangladesh". European Journal of Business and Management Research. 6 (6): 53–58. doi:10.24018/ejbmr.2021.6.6.1150. ISSN 2507-1076. S2CID 244483396.
  55. ^ Banu, Saira; Tasnim, Jarin (1 June 2020). "Entrepreneurial Marketing in Direct to Home (DTH) Service: The Case of AKASH in Bangladesh". Jahangirnagar University Journal of Management Research. 3: 61–73.
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