Bangladesh Honda Private Limited (BHL) has decided to reinvest Tk 88.27 crore in the company’s existing business in Bangladesh.
BHL came up with the decision at the 9th annual general meeting of the company held on Monday afternoon, said a press release.
The proposal of reinvesting the money earned from the previous fiscal year (2020-2021) was unanimously approved in the meeting.
Japanese Honda Motors Company Limited is a joint venture of the Bangladesh Steel and Engineering Corporation (BSEC) and BHL where BSEC holds 30 per cent and BHL holds 70 per cent shares of the company.
The profit of Tk 26.48 crore the BSEC made in the previous fiscal would be reinvested in the existing business of Honda in Bangladesh.
Honda has been producing, assembling and marketing motorcycles of different range of motorcycle in Bangladesh. These bikes capture a majority market share in Bangladesh and are a popular choice for bikers in various segments even in distant areas of the country.
BHL Managing Director and CEO, Mutsuo Usui welcomed the newly appointed Chairman of BSEC Md Shahidul Haque Bhuiyan in the AGM which was also attended by Md Aminur Rahman, director (production and engineering) of BSEC and director of BHL.
Shoichi Sato, Ryo Takahashi, V Sridhar and Atusushi Ogata from Japan, Thailand and India respectively attended the AGM.
Bangladesh Honda Private Limited (BHL) operates in a single industry segment in Bangladesh under a joint venture between Honda Motor Company Limited, Japan and Bangladesh Steel and Engineering Corporation.
The Company was incorporated in Bangladesh on December 04, 2012 as a private limited company and joint venture agreement was signed on September 27, 2012. The commercial
production of the company started again from November 01, 2013 with the symbol of Honda two wheelers, the “Wings”.