Yeakin Polymer to transfer shares to new owners
The sponsors and directors of Yeakin Polymer are set to transfer the ownership of the company to new stakeholders after receiving approval from the Bangladesh Securities and Exchange Commission (BSEC).
According to a stock exchange disclosure, nine sponsors and directors will transfer their entire shares to four new directors in demat form, outside the trading system of the exchange.
As per the disclosure, Chaklader Rezaunul Alam will receive 2,723,108 shares from Quazi Anwarul Haque and 2,823,039 shares from Yeakin Agro Products. Didarul Alam will receive 1,475,481 shares from SK Jamil Hossain.
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On the other hand, Kapita Packaging Solutions Limited will receive 5,246,356 shares from Shatkhira Feed, 1,748,785 shares from SM Akter Kabir, and 274,809 shares from Kazi Emdadul Haque.
Mohammad Harun Or Rashid will receive 1,573,906 shares from Maliha Parvin, 1,381,075 shares from Julia Pervin, and 3,385,771 shares from Subrina Samsad.
On Thursday, Yeakin Polymer's shares closed at Tk24.60 on the Dhaka Stock Exchange.
Previously, the commission extended the deadline for Yeakin Polymer's share transfer to new owners for the second time. Now, the publicly listed poly sacks manufacturer has to transfer its sponsors' and directors' stakes to the new owner by 15 July, following the rules. The company's sponsors and directors hold a 30.52% stake in the company.
Earlier, Yeakin Polymer Chairman Quazi Anwarul Haque told TBS, "We hope to complete the whole process within the deadline, as a big portion of the process has already been completed."
On 12 May 2022, Yeakin Polymer received approval from the BSEC for the share transfer. However, the company could not meet the first deadline.
On 21 December 2023, they were granted an extension for the first time but were unable to meet the deadline.
On 9 June 2024, the company received a fresh one-month extension from the BSEC to complete the share transfer process.
In May 2022, the commission allowed Kapita Packaging to take over Yeakin Polymer, which has been in dire straits since 2018. According to the share purchase agreement between the two parties, Yeakin is supposed to sell 30.114% or 22,193,745 sponsor-director shares to Kapita Packaging at a face value of Tk10 per share.
