Meghna Bank takes control of 1.49cr Golden Son shares sponsors used as collateral
Meghna Bank Ltd has obtained the Dhaka Stock Exchange (DSE) consent to get more than 1.49 crore Golden Son shares transferred to its beneficiary owners' (BO) account from that of the company's seven sponsors.
The shares, worth around Tk27 crore, have been taken over by the bank as the seven sponsors used these shares in the listed company as a collateral against loans for MBM Sales and Marketing Company, a private trading firm owned by themselves.
Golden Son's Company Secretary Md Ayinuddin told The Business Standard, "It was not an issue for the listed company. Instead, some of its sponsors' shares were allowed to be handed over to the bank."
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The loan Meghna Bank gave to Golden Son in 2015 stood at nearly Tk33 crore including the accrued interest, and it went irregular despite a rescheduling last year, said a top-tier official of the bank.
"We are not going to sell off the shares. Instead, we legally secured the processes for possession of the shares and a mortgaged property the borrower company used as collateral," the banker said, requesting anonymity.
If the client company pays the loan back, the guarantors who are common owners of the two companies, might take back the listed company shares, he added.
Belal Ahmed, managing director of Golden Son, told TBS that the borrower company was in trouble during the pandemic and also in 2022 because of the adverse business climate. But it did try its best to pay back the loan.
"It is unfortunate that the bank took over the shares and we have learned about the development through the stock exchange announcement."
"The trading company paid Tk25 lakh in January and Tk15 lakh in February despite a hard time in trading business brought by the dollar crisis," he added.
Of the 1.49 crore Golden Son shares confiscated by the bank, 187,500 are owned by Belal Ahmed, 24,750 by Ha Mong Chi, 4,000,354 by Lin Tzu Chiang, 24,750 by Lin Wan-Yi, 3,916,931 by Lin Yu Chen, 1,320,288 shares by Panmark Accessories Private Ltd and 5,444,088 by Ronson Limited.
