S Alam Group buys BCB's 40pc share

S Alam Group, a prominent business conglomerate of the country, has bought 40 percent share of the Bangladesh Commerce Bank (BCB), officials said. The Board of directors of the BCB has been reformed with new four directors in the board. S Alam Group has bought the shares of Major (Retd.) Abdul Mannan, MDG Group, City General Insurance and 39 individuals and organization. The meetings of board of directors of BCB held on 10 and 22 February approved the deal. "It is true that S Alam Group has brought 40 percent share of the BCB recently" Arastoo Khan, chairman of the BCB told The Asian Age on Wednesday. He said, the board of director has also approved the transfer of shares to S Alam Group. He said after taking 40 percent share of BCB by S Alam Group has nominated a new director in the Board of BCB. S.Alam Group is a Bangladeshi industrial conglomerate. The industries under this group include Food and Allied Products, Steel, Banking, Consumer products, Sugar, Cement, Power, Energy, Transportation, Shipping, Manufacturing, Hospitality, Financial Institution, Agro, Trading, Oil and Gas. Its products include C.I Sheets, Color coated Iron sheet, Cement, Vegetable oil, C.R Coil, Soya Seed extraction, Public Transport, Gas Refueling Station, P.P Woven Bags, Shrimp Hatchery, Refined sugar, Agro farms, Natural gas, heavy oil, furnace oil and other based power generation plant, Real Estate, Hotels & Resorts, Import and Trading of commercial items, storage service of crude oils etc.S. Alam Group has a target investment and has been concentrating in specialized investment in large power projects under joint venture and independent participation in economic structural development etc. S. Alam Group enjoys a dominant position in all the fields in which it operates. The annual turnover of group is over Tk 140 billion. Its fixed assets after commissioning the projects under implementation shall reach to Tk 198.61 Billion. The group employs about 7000 people.