LR Global pledges resumption of efforts to boost FDI in BD
LR Global, one of the fund managers in Bangladesh, has pledged to resume its efforts to promote foreign direct investment in the country, which has been hindered since in 2015.
The fund manager also vowed to provide full support to Bangladesh Securities and Exchange Commission, so that its reforms have a "positive impact" on the capital market.
"We believe that the current Bangladesh Securities and Exchange Commission (BSEC) has set the stage for exemplary leadership for a comprehensive reform of our capital markets. We are very optimistic about the potential of the capital market and the role of the new commission has already initiated," LR Global Bangladesh CEO Reaz Islam, said in a written statement to the media on Saturday.
Depending on the steps all market intermediaries take, the capital market can move in the "right direction". "Or, we may collectively miss a golden opportunity to make a material progress that benefits all parties ranging from issuers to investors," he said.
Islam explained the timing and importance of the news briefing, saying LR Global wants to play a catalytic role in the Bangladesh economy and investments and the difficulties his organisation faced since 2015 have come to an end in early 2021.
"LR Global has always contributed towards the development of the capital market since its inception in 2008. We will continue to participate, more so now than ever before since there is a congenial atmosphere today in the capital market," he said.
"We are absolutely open to partner with any interested parties, including our competitors, regulators, sponsors, journalists and retail and institutional investors," Islam said. "We will deploy all our resources to bridge the information gap and investment know-how that exist for all investors so that it makes a material impact on every investor engaged in the capital market. We welcome anyone to join us in the mission." "Although we went through a very difficult time for the last few years but we overcame all due to our strong dedication, a proven and transparent investment process and an excellent performance."
bdnews24.com adds: Despite challenges, LR Global-managed funds have materially outperformed through consistently beating the market by over 5 percent per annum on an average and paid over 46.6 percent of dividend across all the funds, according to a statement.
LR Global highlighted the improvement in the capital market after the new commission took charge: bringing "guilty capital market manipulators" to book and imposing fine, conducting roadshows abroad to attract foreign investors and easing the IPO approval process.
The BSEC also took steps to develop the bond market and introduced more financial instruments. It formed a capital market stabilisation fund worth Tk 210 billion and developed an overall transparent and investment-friendly environment.