ICB invests Tk1,000cr in capital market

The Investment Corporation of Bangladesh (ICB) has invested Tk1,000 crore in the capital market out of the Tk3,000 crore loan it secured from the government at a low interest rate, according to the state-owned investment bank.

The ICB had obtained the loan from Bangladesh Bank, with a sovereign guarantee from the government, to inject into the capital market.

In a press release yesterday, the ICB said a high-level committee had been formed under the chairmanship of ICB's board chairman, comprising two board directors, the managing director, and other senior officials, to ensure the proper use of the funds distributed by the central bank.

Later, following approvals from the relevant ministry and the Bangladesh Bank, under the committee's supervision, Tk1,000 crore was invested in "A" category stocks listed on the stock market.

The remaining Tk2,000 crore was used to partially repay high-interest loans previously taken from various banks, non-bank financial institutions, and corporate entities with the aim to support the capital market, according to the release.

ICB incurs Tk279cr losses 

The ICB reported a consolidated loss of Tk279.09 crore during the first nine months (July-March) of the current fiscal year, according to its un-audited financials.

During the same period in the previous fiscal year, the corporation had posted a loss of Tk267.39 crore. The per-share loss widened to Tk3.22, compared to Tk3.08 a year earlier.

In the third quarter (January-March) alone, ICB's consolidated loss jumped sharply to Tk161 crore, up from Tk56.06 crore in the corresponding quarter of the previous year.