4 listed sick firms must submit comeback plans | The Business Standard
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SUNDAY, JUNE 15, 2025
4 listed sick firms must submit comeback plans

Stocks

TBS Report
08 January, 2022, 09:00 pm
Last modified: 08 January, 2022, 09:05 pm

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4 listed sick firms must submit comeback plans

None of the four companies was able to pay dividends due to losses in the 2020-21 fiscal year

TBS Report
08 January, 2022, 09:00 pm
Last modified: 08 January, 2022, 09:05 pm

Worried about their poor business and inefficient operational status, the Bangladesh Securities and Exchange Commission (BSEC) has asked four listed companies to immediately submit their comeback plans.

Jute Spinners and RSRM Steel are out of production while production at Aziz Pipes and Central Pharma remain halted now and then.

None of the four companies was able to pay dividends due to losses in the 2020-21 fiscal year.

Except for Jute Spinners, the boards of the other companies are not holding 30% shares required by the securities regulator.

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BSEC Spokesperson and Executive Director Rezaul Karim told The Business Standard, the commission is holding meetings regularly with weak and loss-making listed companies.

"Discussions are going on about what to do to change their situation. As part of this, the four companies have been asked to submit in writing their plans to improve the situation," he added.

Officials of the companies said that they also want to do good business and how this can be done is being planned in consultation with directors of their companies.

The plans will be submitted to the commission in due course, they added.

Of these four companies, Jute Spinners is in the most vulnerable situation. With a paid-up capital of only Tk1.70 crore, the company has not been in production for a long time. The last time it paid dividends to its shareholders was in 2012.

However, each share of the company is being traded at Tk120.70 on the Dhaka Stock Exchange (DSE) where the face value is Tk10. Its shares are often manipulated due to its low-cap status. 

There is a good demand for Aziz Pipes in the plastic pipe and fittings market. But at present the company is in a state of disarray owing to defaulted loans, working capital shortfall and negligence of its owners. However, its competitors National Polymer and RFL, which started their business much later, are doing well.

Still, its shares are being traded at Tk100 on the DSE. And the price of these shares is increased through rumours and manipulation.

Central Pharma stopped its production in 2020 following its licence suspension by the Directorate General of Drug Administration. But, a lack of expertise of its directors in the pharmaceutical business is at the root of the company's sinking.

RSRM, one of the top steel producers in the country, is plagued by bad debts. Besides, the factory was closed owing to dues in electricity and gas bills.

According to the auditor, the company will have to repay Tk94 crore to regularise the bank loan. But it could not raise the money even though the payment deadline was 30 June 2021. In addition, its business expansion project has been closed for more than two years.

Top News / Corporates

BSEC / Jute Spinners / RSRM Steel / Aziz Pipes / Central Pharma

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