Although Intraco CNG Limited has taken out loans from Agrani Bank PLC to expand its business, the company has not been able to repay the bank loans for the past year.
As of November 30 last year, the amount of defaulted loans was Tk 177.14 crore. To recover the loans, mortgaged properties, including lands and residential flats, will be put up for auction on January 18, 2024.
According to the bank, Intraco Group is a Chattogram-based industrial group. The group has business in the agro sector, hotel, accommodation, CNG conversion, re-fuelling station, auto-gas, eco-park, pharma and commercial shipping business.
Intraco CNG Limited is a sister concern of Intraco Group which has been operating since 1998. The main business is to convert diesel and petrol-run vehicles into CNG ones.
Against the loans, the group has mortgaged its properties, including 10.29 acres of land, and two residential flats, in Chattogram’s Double Mooring thana, Bandar thana, Dhaka’s Gulshan thana, Dhaka Cantonment, Cumilla’s Chauddagram and Sadar Dakshin and Manikganj thana.
The Agrani Bank authorities are taking the initiative to auction off the properties on January 18. Interested buyers can buy these mortgaged properties at the auction.
Shahed Amin Hosseini, director and deputy general manager of Agrani Bank corporate branch of Commercial Area said, “The company has taken out the loans for its business expansion. But the loans are not being paid back regularly. As of November 30, the amount of defaulted loans to the company is Tk 177.14 crore.”
“Against the loans, there are many lands, residential flats and mortgaged properties. We have served legal notices to recover bad debts. And according to the law, a public auction is being held on January 18,” he added.
Despite frequent efforts over the phone, Managing Director of Intraco CNG Limited Riyad Ali could not be reached for his comment in this regard.
Intraco Refuelling Station Limited, a subsidiary of Intraco Group, was listed on the capital market in 2018. The authorised capital of the company is Tk 150 crore and the paid-up capital is Tk 98.23 crore.
The company has 30.6 per cent ownership of entrepreneurial directors, 14.63 per cent of institutional investors and 56.27 per cent of common investors.
