Two Meghna Group concerns out of operations for a long time
In December 2021, the DSE, after an inspection, found the factories of the two firms closed.
Two listed Meghna Group KA companies — Meghna Condensed Milk Industries Limited and Meghna PET Industries Limited — have informed that they have not been in operations for a long time.
The companies informed this through disclosures on the Dhaka Stock Exchange (DSE) website on Thursday.
In the disclosures, Meghna Condensed Milk said it has been off production for three years, while Meghna PET has not mentioned a specific period.
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In December 2021, the DSE, after an inspection, found the factories of the two firms closed.
In April 2022, the securities regulator formed a four-member committee to look into the business activities of the two firms.
Both the companies released their financial statements and held annual general meetings regularly, but did not inform investors about the factory shutdown.
Even the auditor of the companies, Islam Quazi Shafique and Co, did not mention anything about the state of production at the factories. In its qualified opinion in the companies' financial statements, the auditor, however, expressed doubts about the future of the companies stating that their liabilities were more than their assets.
Meghna Condensed Milk
Meghna Condensed Milk started operations in 1999 with the announcement of setting up the largest condensed milk plant in the country. The company was established with a loan from Sonali Bank under the ICD Agro-Based Project. It was listed on the stock market in 2001.
In the July to March period of the fiscal 2022-23, the company's loss per share was Tk1.58, which was Tk5.34 in the same period previous year. Its net asset value per share was negative Tk71.67.
Currently, the company's paid-up capital is Tk16 crore. Its shares closed at Tk28.8 apiece at the DSE on Thursday.
As of 31 August this year, sponsors and directors jointly held 37.43% and general investors 62.57% of the company shares.
Meghna PET
Meghna PET started its business in 1997. It mainly produces PET (PolyEthylene Terephthalate) bottles. It was also listed on the stock exchange in 2001.
In the July to March period of FY23, its loss per share was Tk0.17, which was a loss per share of Tk0.18 in the same period of FY22. Its net asset value per share was negative Tk5.02.
Currently, the company's paid-up capital is Tk12 crore. Its shares closed at Tk33.7 each at the DSE on Thursday.
As of 31 August, sponsors and directors jointly held 43.55% and general investors 56.45% of the company shares.
