Bashundhara Paper Mills marks 32nd AGM with strong shareholder participation

Bangla Press Desk:  Bashundhara Paper Mills PLC held its 32nd Annual General Meeting (AGM) on Tuesday (23 December) at 11:00am through a digital platform.

The company’s adviser and alternate director A R Rashidi presided over the virtual AGM. 

Alternate directors Captain Md Mahbubul Alam and Md Mahbubur Rahman, independent director Mostafa Azad Mohiuddin, Chief Executive Officer Md Mustafizur Rahman FCA, Chief Operating Officer Mirza Mujahidul Islam, Chief Financial Officer Md Kamrul Hasan, Head of Internal Audit and Compliance Officer Khurshid Ahmed (CC), Statutory Auditors- M/S K. M. ALAM & Co., Chartered Accountants & Compliance Auditors- Md Mominur Rahman ACS- M/S Haruner Rashid & Associates, Chartered Secretaries & Management Consultants and senior officials joined the meeting.

Company Secretary M Mazedul Islam conducted the AGM.

A large number of shareholders participated online and shared opinions on different agenda items.

The AGM approved the audited financial statements for this year, elected directors and appointed statutory auditors for the 2025–26 financial year. 

The decision not to declare any dividend was also approved.

In his opening speech, the chair, A R Rashidi, said Bangladesh has strengthened its position in the global economy despite limitations. 

He noted that GDP growth averaged over 6 percent in the last 10 years, though it slowed in the past two fiscal years and said the private industrial sector contributes around 30 percent to GDP. 

He said the paper sector has expanded, with over 100 paper mills in the country, around 30 of which are operational. While demand for writing paper has declined, demand for industrial, packaging, tissue and special-grade paper has increased.

He said the company suffered due to recession, inflation, foreign currency shortages, high interest rates, raw material shortages, rising global prices and political instability. As a result, total revenue fell by 54.12 percent year-on-year and losses increased due to higher costs.

He also said despite global challenges, the company exported Tk7 crore worth of products, spent Tk2.10 crore on corporate social responsibility and paid around Tk62 crore in taxes and duties.

He said the company has taken steps on environmental protection, carbon control and waste management, and received the Best Corporate Award 2025 from the Institute of Cost and Management Accountants of Bangladesh.

He urged the government to reduce taxes and charges, stop paper imports, introduce a separate policy for the paper industry and reform existing laws. 

Shareholders thanked the board and management for protecting investor interests and appreciated timely disclosures.

Mohammadullah and Associates, Chartered Secretaries and Management Consultant certified proper compliance with Bangladesh Securities and Exchange Commission guidelines.

BP/SP