Familytex gets new MD for three months

Familytex (BD)’s reconstituted board has appointed Merez-e-Mostafa as its managing director for three months.

The decision was taken at its board meeting held on Wednesday.

“The new managing director was appointed for three months,” said Foraz Ali, the chairman of the reconstituted board.

The new MD will oversee the financial statements and hire a new chief financial officer and company secretary, he said.

Three new board members, including Meraz-e-Mostafa, were included in the board on November 28, 2021, according to him.

On Wednesday, shares of loss-making Familytex remained unchanged at Tk 4.60 on the Dhaka Stock Exchange.

In February 2021, the securities regulator BSEC had reconstituted the board of the company as it failed to comply with the directive on maintaining a minimum 30 percent stake by the company's entrepreneur-directors.

The company paid 100 percent stock dividend in 2013, 10 percent stock dividend in 2014, no dividend in 2015, and 5 percent stock dividends from 2016 to 2018. It never paid cash dividends to its shareholders.

Before making its debut on the stock markets in 2013, the company’s net profit was over Tk 9.62 crore in 2011, Tk 4.89 crore in 2010 and Tk 3.9 crore in 2009.

Out of more than 35 crore shares of the company, entrepreneur-directors hold 4.02 percent, institutional investors 18.41 percent and general investors 77.57 percent.