Member Info for jollychippy

Pressure is building:

Bangladesh must urgently pay nearly $2 billion to foreign companies, including airlines and India-based Adani Power, Governor Ahsan H Mansur has told Bloomberg in an interview.

The dues piled up during the January-August unrest that saw the ouster of Awami League (AL) regime after it’s over 16 years of autocratic rule. With the foreign exchange reserves depleting fast in the final days of the regime, the likelihood of repaying foreign loans and dues was already low.

Adani Power alone is due to receive $800 million for exporting electricity to Bangladesh from its coal-fired power plant named Godda in India’s eastern state of Jharkhand.

Central bank chief Ahsan told Bloomberg that Adani would cut off power supply if the due is not repaid soon.

https://www.daily-sun.com/post/763455

Maybe, Just maybe the tide is starting to turn, articles pointing to use own resources. Even coal is being mentioned.

Hopefully the penny will drop very soon

Wow, they were corrupted to the core!

Now becoming clearer by the day why we haven’t been given the opportunity to mine the coal, Any brown envelopes wouldn’t have been big enough to make a difference.

Let hope the government now sees sense by utilising their own resources and getting the country back on track

The plot thickens !!

The interim government headed by Dr Muhammad Yunus has been reviewing the activities of various ministries along with other important issues related to law and order situation and macroeconomic management of the country. Secretaries of the ministries of the government are now busy preparing position papers on the priority issues of their respective ministries requiring policy decisions of the government.

FE

Power and Energy Divisions of the Ministry of Power, Energy and Mineral Resources are now in a difficult situation due to shortage of both greenback and local currency. The payment of pending bills against the import of liquid fuel and LNG, purchase of power from neighbouring countries and capacity charges of the private power plants remains a major pressing issue for the government.

https://thefinancialexpress.com.bd/views/columns/power-sector-deserves-priority-attention

Interim Government certainly making waves

All negotiations, selections, and purchasing processes of all power-and energy projects halt as the much-talked-about quick-solution law gets under the axe as part of reforms kick-started by the interim government.

FE

Interim government's new adviser for power and energy, and road transport and bridges Muhammad Fouzul Kabir Khan told newsmen at his secretariat Sunday about the destiny of the undertakings under The Quick Enhancement of Electricity and Energy Supply (Special Provision) Act 2010.

https://thefinancialexpress.com.bd/economy/all-negotiations-selections-purchasing-processes-halt

The Centre for Policy Dialogue yesterday urged the interim government to phase out all inefficient power plants as early as possible.

During a media briefing, titled "Power and Energy Sector Reform Agenda for the Interim Government", at its office, the CPD outlined a comprehensive operational reform strategy for the power sector.

https://www.thedailystar.net/business/news/cpd-calls-phasing-out-inefficient-power-plants-3680831

The Centre for Policy Dialogue yesterday proposed a three-step pathway for energy transition under the interim government that would holistically reform Bangladesh's energy sector.

The think-tank proposed an initial 100-day plan where the interim government would announce key priorities, followed by significant reforms over the next six months.

Google News LinkFor all latest news, follow The Daily Star's Google News channel.

The reforms would include abolishing certain acts, implementing new policies such as energy audits, renewable energy laboratory and centralising databases on pricing and investment.

https://www.thedailystar.net/news/bangladesh/news/cpd-suggests-3-steps-fix-energy-sector-3680596

A much maligned electricity and energy provision must be repealed

The Quick Enhancement of Electricity and Energy Supply (Special Provision) Act 2010 came into force when the country was facing severe crisis of electricity. The newly-elected government back then had to cut through the red-tape of the complicated process of tendering for power projects and get power to the people. By 2014, the crisis had passed but the Act stayed on. Every power project since then has been made "on good faith". What exactly does that mean? Well for starters, it meant no competitive bidding. Contracts were given out in "good faith" by the government and there was no scope for scrutiny by anyone, including parliament.

FE

So, this practice has been going on for the last 14 years and more power plants were added and import contracts for fossil fuels handed to the private sector. The constant revision of upward energy prices became commonplace. The economy had been held hostage to this Act and the Bangladesh Energy Regulatory Commission (BERC) also got its wings clipped a few years ago. After the BERC was turned into a toothless tiger, utility companies and the ministry of energy and power had a free run to do whatever they pleased.

https://thefinancialexpress.com.bd/views/columns/a-much-maligned-electricity-and-energy-provision-must-be-repealed

Members of the interim government led by Nobel laureate Prof Muhammad Yunus will take oath tonight, three days after the cabinet was dissolved following the resignation of Sheikh Hasina.

After sharing the information with journalists, army chief General Waker-Uz-Zaman yesterday said the oath-taking ceremony is likely to be held at 8:00pm in presence of some 400 dignitaries.

https://www.thedailystar.net/news/bangladesh/news/interim-govt-swearing-tonight-3671866

China has noted that the situation in Bangladesh has come under control and social order has resumed.

“The Chinese side is heartened by that as Bangladesh’s friend and close neighbour,” Chinese Foreign Ministry Spokesperson Lin Jian told reporters during a media briefing on July 30.

He said Bangladesh and China are comprehensive strategic cooperative partners.

“China stands ready to work with Bangladesh to deliver on the important common understandings reached by the leaders of the two countries during Prime Minister Sheikh Hasina’s visit to China,” said Spokesperson.

He said China stands ready to deepen the comprehensive strategic cooperative partnership between the two countries and deliver more benefits to the two peoples.

https://thefinancialexpress.com.bd/national/china-encouraged-by-resumption-of-social-order-in-bangladesh

I’ve just topped up again 2 x 50k (1@4.68 & 1@4.84) was going to NT when SP was 4.5, typical.

One of these days I’ll stop buying more shares 😂

Redeyes

I hear what you are throwing out there, I have doubts that a duel listing would happen due the following:

Cost of setting up a duel listing

Costs of administration & accounting staff

As they would need to comply with the rules of the Asian exchanges.

That will take a lot of resources and expense.

I most certainly believe there are possibilities for a hostile takeover.

As many people have seen & said the market cap in being held within a range.

But then again What do I know?

Only thing I do know, is I have a fair chunk of shares, and will hold until we are bust or boom (So whatever is happening, I wish it would get done)

Kind regards All

The pressures are building again

"Due to the crisis of the taka and US dollars, the government is now unable to pay the bills for various sectors, including the energy sector. Many foreign companies also can't repatriate funds from Bangladesh to their home countries," he said.

https://www.thedailystar.net/business/economy/news/govt-short-taka-usd-due-financial-distress-3656216

According to business analysts, a potentially transformative aspect of Chinese collaboration could involve relocating production units that are facing difficulties to thrive in China due to exorbitant wage hike and cost of other production factors. Countries like Vietnam and Cambodia have already capitalised on this due to favourable trade policies, supportive infrastructure and incentives that have made them preferred destinations for business relocation from China. Bangladesh, as of now, has not been able to make itself a place of choice in this regard. Clearly, exploiting this opportunity hinges on infrastructural and logistics services including among others ready availability of power and energy.

https://thefinancialexpress.com.bd/editorial/collaboration-with-china-to-enhance-business

Sounds familiar to what we believe may be happening ?

Understanding Creeping Takeover

A creeping takeover involves purchasing shares of the target company on the open market. Through the creeping takeover method, the acquirer can obtain a portion of the shares at current market prices rather than needing to pay a premium price through a formal tender offer.

The purpose of a creeping tender offer is to obtain a portion of the target company’s shares more cheaply than one can through an ordinary tender offer. In some countries, however, there are regulations governing this process that require the bidder to offer a formal bid upon holding a certain amount of shares.

Rationale Behind a Creeping Takeover

In the US, a creeping takeover is used to get around the provisions of the Williams Act.

Key provisions of the Williams Act:

In a tender offer, all shareholders must be offered the same price for their shares.

An investor or a group attempting to acquire a large block of shares must file all relevant details of their tender offer with the SEC.

Therefore, with a creeping tender offer, the bidder is able to circumvent all of these provisions and purchase shares from different shareholders on the open market. Usually, only when a substantial number of shares have already been acquired through a creeping takeover strategy will the bidder file the necessary documents and offer a formal bid.

Just an opinion

I wonder, if some people are in the know, will this let the cat of of the box ?

Upon approval from relevant authorities, government employees will be able to buy or sell primary shares or bonds of any company registered with the share market. They, however, cannot indulge in such activities during office hours, according to the draft The Daily Star correspondent has seen.

Under the existing rules, government officials are not allowed to engage in the speculative trading of stocks.

The government had been trying to amend the existing Government Servants (Conduct) Rules, 1979, for six years, but could not finish the job. Recently, the move gained momentum. The move comes at a time when several government officials' corruption was exposed by the media.

https://www.thedailystar.net/news/bangladesh/news/govt-may-let-its-employees-trade-stocks-3647466

Seems a push today to eliminate last week’s mini rise, scare a few to follow the herd.

Locked and loaded, so will sit a wait for a final outcome (Good or Bad)

9-11 July

Similar story 3 months old, but good article to remind us why we are still here

In the backdrop of increased coal demands (Bangladesh requires 33.6 million tonne coal supply annually to feed its installed coal fired power plants) and growing concern for timely import to feed the coal fired power plants, the government has taken initiatives to review the prospect of mining for more domestic coal. A meeting was organised on February 11, 2024 at the Ministry of Power, Energy and Mineral Resources to assess issues related to mine more coal from the existing coal fields in the country. State Minister for Power, Energy and Mineral Resources attended the meeting. Officials discussed the current state of the five discovered coal fields in northern Bangladesh (Jamalganj, Barapukuria, Khalashpir, Dighipara and Phulbari).

https://today.thefinancialexpress.com.bd/views-opinion/coal-mine-development-at-dighipara-and-the-challenges-1711984809

I know it’s 3 Months old, and has been posted before, but been re reading some old notes again and thought this article was worth posting again.

Coal was left in peace under the ground. These days, there are debates about whether the country will stick to its failed experiment of mine-mouth evacuation (underground mining) of coal, or go for 'open-pit' mining. The usual suspects --- the pseudo-intellectual individuals who wrongly influenced government decision-making 12 years ago and landed the government and the economy in this mess --- are up in arms again. The fact that Bangladesh is a US$500 billion economy that requires massive amounts of energy and power to keep growing continues to elude a section of half-baked "energy experts", who have neither the requisite technical knowledge, nor of how far things have developed in the world of mining, keep harping on the same old tune. In the final analysis of things, it's up to national policymakers to either develop cheap sources of energy domestically (on which it will have control) or keep importing energy from international sources. The question is whether the state will continue to be held hostage to international market price dictates or chart a course to self-sufficiency in energy.

https://thefinancialexpress.com.bd/views/columns/will-government-make-use-of-local-coal-reserve