Khan Brothers, Libra Infusions clarify operational status
In response to misleading claims circulating on social media, two listed companies – Khan Brothers PP Woven Bags Industries and Libra Infusions Limited – have issued clarifications confirming that their factories are fully operational and that production activities are ongoing.
Khan Brothers PP Woven Bags Industries
In a disclosure to the Dhaka Stock Exchange (DSE) on Sunday, Khan Brothers PP Woven Bags refuted a Facebook post alleging that their factory had been closed for the past 5-6 years. The company stated, "Our factory's production has never stopped. While we do not currently export, we are engaged in production through a tolling arrangement with a sister concern. We encourage stakeholders to visit our factory to better understand our operations and urge them not to believe unauthenticated information from Facebook groups."
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Additionally, the company announced a management transition. The Beacon Group will acquire the company's management and operations, replacing the previously planned acquisition by BSB Cambrian Education Group. The new ownership involves purchasing shares from the current board at a negotiated value to ensure a smooth transition.
Previously, in September, BSB Cambrian Education Group had expressed interest in taking over Khan Brothers PP Woven Bags but later withdrew.
Khan Brothers PP Woven Bags Industries, listed on the stock exchange in 2014, manufactures products such as Flexible Intermediate Bulk Containers (FIBCs or Jumbo Bags), polypropylene woven bags, woven sacks, and fabrics.
On Sunday, its share price closed at Tk123.30 on the Dhaka Stock Exchange.
Libra Infusions
In its disclosure to the DSE, Libra Infusions addressed a Facebook post claiming that its factory's gas and electricity lines had been disconnected.
The company refuted the claim, saying, "The Facebook post, published on 18 November 2024, contains incorrect and misleading information. Our gas and electricity connections are intact. However, due to insufficient working capital, our production levels have been lower than expected."
Both companies emphasised that the Facebook posts contained false information that could mislead stakeholders. They reassured investors of their ongoing production and invited stakeholders to verify operations directly.
On Sunday, its share price closed at Tk883.70 on the Dhaka Stock Exchange.
