Aziz Mohammad Bhai made chairman of Olympic Industries

Olympic Industries Limited has appointed Aziz Mohammad Bhai, who holds 3.10 crore shares in the country's leading biscuit manufacturer, as its chairman.

The company has also appointed his sister Nurjehan Hudda as the acting managing director, according to a stock exchange filing.

Both have been serving as directors for the company for a long time. However, Aziz did not attend any board meetings as he lives abroad.

According to the annual report for fiscal year 2021-22, Olympic Industries held 14 board meetings, but Aziz did not participate in any of them.

The two posts fell vacant following the death of Olympic Industries' chairman Mohammad Bhai in 2018, and managing director Mubarak Ali in 2023.

In June this year, the company appointed Asar Aziz M Bhai, son of Aziz Mohammad Bhai, as a director nominated by Ambee Limited, which holds a 3.29% stake in Olympic Industries.

Additionally, Ahad Mohammad Bhai, son of Aziz's late brother Raja Mohammad Bhai, was appointed as a shareholder director.

As of June this year, sponsors and directors owned 44.66% stake in the company, which increased from 37.34% a year ago. General shareholders held 11.51%, foreign investors 23.96%, and institutional investors 19.87% shares of the company.

On Tuesday, its shares closed 1.79% lower at Tk142.80 each on the Dhaka Stock Exchange.

In the first three quarters of FY23, Olympic Industries' revenue grew over 24% to Tk1,978.85 crore, and net profit jumped 42% to Tk145.85 crore compared to the previous year at the same time.

The company had paid a 45% cash dividend to its shareholders for fiscal year 2021-22, which was 54% a year ago.