Mamun Agro gets shareholder nod for main board listing

Mamun Agro Products Ltd, a company listed on the SME platform of the stock exchanges, has received shareholder approval to shift its listing to the main board, in line with regulatory requirements.

The approval came today (15 June) at an extraordinary general meeting (EGM), where shareholders endorsed the board's decision made nearly two months ago, on 23 April.

As per the Qualified Investor Offer (QIO) rules for small-cap companies, a firm has to report to the securities regulator and exchanges and apply for main board listing if its paid-up capital reaches Tk50 crore or more, and if it has traded on the SME platform for at least three years.

The board, in compliance with the rule, took the decision to shift which was subject to approval of the shareholders in EGM. The company will now seek final clearance from the Bangladesh Securities and Exchange Commission (BSEC) and the stock exchanges.

Mamun Agro, which imports and produces pesticides, fertilisers, seeds, and aquatic products, raised Tk10 crore from the capital market before getting listed on the SME board in 2022.

The company has paid a 10% cash dividend for three consecutive financial years since its listing. 

But, for the 2021–22 fiscal year, it had failed to distribute the declared dividend within the required timeframe. As a result, on 26 November 2024, the BSEC fined the company's managing director and all shareholder directors Tk13 lakh each for breaching securities rules.