Rice bran oil ‘Spondon’ to make comeback before Ramadan
Emerald Oil Industries started the full-scale production of Spondon oil in January this year with a fresh investment of Minori Bangladesh
Spondon, the almost forgotten rice bran oil brand, is going to hit the local market before this Ramadan after a four-year pause in its production, according to sources with the company.
The heart-friendly rice-bran oil had a good demand in Japan, Korea, China, Taiwan and in Thailand, said an official of Emerald Oil Industries, producer of the Spondon.
The full-fledged production of Spondon oil started in January this year with a fresh investment of Minori Bangladesh Limited, a subsidiary of Japanese farming company Minori Co Limited.
Emerald Oil Industries was established in 2008 to produce edible oil. It started producing Spondon oil in 2011.
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Spondon turned out to be a successful brand in the local market. The company got listed on the stock exchanges in 2014.
However, after three years, Emerald Oil fell into crisis and became non-operative due to a loan scam of its owners.
As a result, the production had remained halted for four years.
Minori Bangladesh took over Emerald Oil Industries' sponsor-directors' shares last year on the condition of a fresh investment as working capital. The Japanese company also took the responsibility of taking care of Emerald Oil's defaulted loan.
Besides, Minori Bangladesh bought around 8% shares of the company from the public market.
Earlier, the Bangladesh Securities and Exchange Commission (BSEC) reconstituted the Emerald Oil Industries' board for the betterment of the company.
Now as the company has successfully returned to full-fledged production, its shareholders are expecting good returns from their investments.
Emerald Oil is now also producing crude oil and DORB (De Oiled Rice Bran) oil.
The DORB is produced from crude oil, which is also extracted from rice husk.
This oil is widely used to prepare cattle feed, poultry feed and fish feed.
Emerald Oil supplies crude oil and DORB oil to local dealers of cattle, poultry and fish feed industries, said the official.
"Crude oil and DORB oil have already been exported to India through local dealers. From both local and foreign markets, we have got good responses," he added.
Apart from Emerald Oil, ACI and Rashid Group of Industries also manufacture rice bran oil for the local market.
