Mamun Agro seeks promotion to DSE main board from SME platform

Mamun Agro Industries, currently listed on the SME platform on the Dhaka Stock Exchange, has formally sought enlistment on the main board of the bourse, citing compliance with regulatory criteria, including paid-up capital exceeding Tk50 crore and more than three years of trading history.

Infograph: TBS

Confirming the development, Company Secretary Muhammad Imdadul Haque told TBS that the firm had completed all necessary requirements before submitting its application to the bourse recently.

The company's move follows an earlier decision by its management and board in April last year to pursue an upgrade. Subsequently, shareholders approved the plan at an extraordinary general meeting held in mid-June, in line with regulatory provisions.

A DSE official said the exchange would now review the company's application and supporting documents, adding that a final decision on the transfer to the main board would be taken by its board upon completion of the evaluation.

Under the Qualified Investor Offer rules for small-cap firms, companies must apply for main board listing once their paid-up capital reaches at least Tk50 crore and they have been listed on the SME platform for a minimum of three years. Mamun Agro meets these conditions, with its paid-up capital standing at Tk52.50 crore against an authorised capital of Tk100 crore.

Operating in the pharmaceutical and chemical segment, the company manufactures and imports agro-products, including insecticides, fungicides, herbicides, fertilisers, pesticides and seeds for the domestic market. It raised Tk10 crore from the capital market before its SME listing in 2022.

According to its latest financial report up to June 2025, the company's total assets stood at Tk111.17 crore, largely comprising current assets such as trade receivables of Tk28 crore, inventories and advances. Non-current assets amounted to Tk38 crore, including Tk36 crore in property, plant and equipment.

Its current liabilities totalled Tk25.57 crore, of which Tk16.96 crore were short-term loans.

In the 2024-25 fiscal year, Mamun Agro reported a modest rise in revenue to Tk57.35 crore and a profit of Tk6.05 crore. Revenue from seeds increased to Tk26.69 crore from Tk25.04 crore a year earlier, while pesticide sales declined to Tk30.65 crore from Tk31.88 crore.

The company's board recommended a 10% dividend for general shareholders – comprising 5% cash and 5% stock – alongside a 5% bonus share for sponsor-directors for FY25. However, the stock dividend remains subject to approval from the Bangladesh Securities and Exchange Commission.

The company was supposed to pay Tk1.75 crore as a dividend to its general shareholders.

The BSEC allowed the issuance of the stock dividend, but due to the non-holding of the annual general meeting, the dividend has yet to be disbursed. 

Firstly, it declared AGM for 31 December last year, later, it fixed AGM for 25 February.

On 25 February, through a disclosure, it postponed the AGM as it had not received permission yet from the High Court for non-compliance of Companies Act, 1994.

The firm said it is in the process of obtaining the necessary court approval and will announce a revised AGM date once clearance is received.