Home ›› 30 Jun 2022 ›› Stock
Emerald Oil Industries Ltd has targeted to produce 33,00,0 tonnes of oil by 2025.
The company announced the resumption of production and distribution of Spondon rice bran oil on Tuesday in a city hotel after being funded by Minori Bangladesh – a Japanese firm.
“We are planning to produce 6,000 tonnes of oil this year,” said Managing Director of Emerald Oil Industries Ltd and Director of Minori Bangladesh Afzal Hossain.
Rumana Yasmin the commissioner of Bangladesh Securities and Exchange Commission chaired the program as the chief guest. Executive Director of BSEC, Saifur Rahman was the special guest.
Chairman of Emerald Oil Industries Ltd Md Shafiqul Islam, Minori Bangladesh Chairman Mia Md. Mamun, Lab Aid Hospital Cardiac Surgeon Lokman Hossain, Chief Dietitian of the same hospital, Nusrat Deepa, spoke on the program.
The company has resumed its production after facing numerous problems including huge bank loans, titas gas due bill, and gas supply disruptions.
Emerald Oil halted its production in 2017 due to a shortage of working capital after its founders got involved in a loan scam, got arrested, and finally escaped the country. It has not given any dividends since then.
In March, 2021, the stock market regulator BSEC restructured the board of directors of Emerald Oil by appointing five independent directors to the company’s board in a bid to bring the non-functioning company back to business and protect the interest of investors.
In an effort to acquire a portion of the company’s ownership, Minori Bangladesh invested Tk 50 crore in an 8% interest in Emerald Oil.
Minori Bangladesh purchased an 8 per cent stake of Emerald Oil worth Tk 50 crore in a bid to acquire a portion of the company’s ownership.
