Associate Companies

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Apex Footwear Limited

AFL is a strategic, technical and marketing partnership between Apex and Adelchi — one of Italy’s largest footwear manufacturers. It is Bangladesh’s leading manufacturer and exporter of leather footwear to major shoe retailers in Western Europe, North America and Japan with USD 115 million annual revenues in 2011. They pioneered value-added finished leather product exports from Bangladesh and also have the fastest growing shoe retail network in the country. Publicly listed and traded since 1993, it has a current market capitalization of BDT 3.12 billion (USD 36.79 million) and currently employs almost 7,500 people.

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Apex Tannery Limited

ATL is Bangladesh’s leading manufacturer and exporter of finished and crust leather to major leather product manufacturers in China, Japan and Italy. ATL pioneered the export of value-added crust and finished leather from Bangladesh and now comprises almost 15% of Bangladesh’s total leather export earnings at USD 25.3 million (2009-2010). It was one of the earliest Bangladesh companies to access capital markets for growth and introduced the first convertible debenture in the country. ATL has been publicly listed and traded since 1986 with BDT 1.75 billion (USD 20.62 million) current market capitalizations and currently employs 655 people.


Blue Ocean Footwear Limited

BOFL is a 51:49 joint venture between Apex and Green Ocean International Limited that aims to be a leading manufacturer and exporter of fashionable leather footwear from Bangladesh. The partners have more than 36 years of shoe production experience have between them – with Green Ocean annually exporting more than 10 million pairs of footwear through its operations in Taiwan, China, Vietnam, Cambodia and Bangladesh. BOFL’s custom built, state-of-the-art factory is fully compliant with industry standards and best practices. In Phase I preliminary operations, the factory has two floors with a combined area of over 17,400 square meters. Two more floors in Phase II will bring the total built up area to over 33,300 square meters. The company is still privately held with BDT 1.22 billion (USD 14.35 million) estimated market capitalization and is projected to employ 4,000 people.


Grey Advertising Bangladesh Limited

Apex set GABL up 12 years ago as a joint venture with Grey as Bangladesh’s first international full service advertising agency. GABL is a market leader and has won the Agency of the Year Award an unprecedented four years in a row at the Srijan-Samman Awards for all Bengali-language advertising work in India and Bangladesh in addition to numerous other honors. It is now the largest stand-alone agency in Bangladesh with BDT 589.5 million (USD 6.9 million) estimated market capitalization and employs more than 50 professional creative staff.


Pioneer Insurance Company Limited

PICL is a general insurance company offering a wide range of non-life insurance products to retail and corporate customers in Bangladesh. Sponsored by some of Bangladesh’s largest and most reputable businesses like Square, ACI, and Apex, PICL has established itself as one of the most respected and reputed players in the industry. PICL has 90th percentile rankings in a very crowded field of over 40 companies. Publicly listed and professionally managed, PICL has BDT 2.14 billion (USD 25.2 million) market capitalizations with 455 employees.


Mutual Trust Bank Limited

MTBL is a third-generation commercial bank sponsored by some of the largest and most reputed businesses in Bangladesh such as Square, ACI, and Apex and enjoys some of the highest credit ratings in the industry. Publicly listed, traded and professionally managed, MTBL is a market leader amongst Bangladesh financial institutions. The bank has BDT 58.24 billion (USD 68.5 million) assets and BDT 7.25 billion (USD 85.28 million) market capitalizations with 1,050 employees across 67 branches.

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Apex Enterprises Limited

Apex Enterprises Limited (AEL) was started its operations in the 8 March 1990. AEL was established out of the holding concept of the group. In last decades, group started to diversify their business in different business area. Main role of AEL is to support the newly established enterprise by the Apex group. Currently APEL owns majority shares of Apex Pharma Limited, Quantum Market Research Bangladesh Ltd, Blue Ocean Footwear Ltd, and Apex Hotels Ltd. It remains wholly owned by the Apex Group with BDT 146.42 million (USD 1.8 million) turnover and is valued at BDT 660 million (USD 8 million) as per audited financials of 30 June, 2011.

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Apex Pharma Limited

APL is wholly owned by Apex Group and is one of the fastest growing new generation pharmaceutical manufacturing & distribution companies in Bangladesh. According to IMS Health8, the company had 65% revenue growth in 2006. Starting operations in 2002, APL now markets 126 dosage forms from its plant in Savar, outside Dhaka. This is considered the smallest company in the group with modest revenue and turnover but recently the company has restructured its management (headhunting most of the top management from SK+F in the process) and funding it to turn it around very soon. APL set up a new state-of-the-art manufacturing plant in 2010 to earn international accreditation and achieve market leadership. APL is still privately held with BDT 366 million (USD 4.3 million) estimated market capitalization and currently employs 1,332 people.


Quantum Market Research Bangladesh Limited

QMRBL is a joint venture between Apex and Quantum Market Research Private Ltd. of India and is Bangladesh’s leading specialized qualitative market research agency. It provides market research services to multinational & local manufacturers and service providers in and outside Bangladesh. QMRBL also provides qualitative social & development research to a number of local organizations and development partners. It has conducted 451 studies in consumer psyche, brand development, communication, human resources development, social & organizational development and production practices since inception in June 2004. The company is privately held with BDT 255 million (USD 3 million) estimated market value and has 25 permanent full-time & 90 field staff.