BSEC rejects right shares application of Gemini Sea Food | The Business Standard
Skip to main content
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
June 19, 2025

Sign In
Subscribe
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, JUNE 19, 2025
BSEC rejects right shares application of Gemini Sea Food

Stocks

TBS Report
03 October, 2024, 10:50 pm
Last modified: 05 October, 2024, 01:49 pm

Related News

  • Salman F Rahman remanded in fresh case over killing during uprising
  • EC bans posters in national election campaigns
  • Govt declares 5 August as Student-People Uprising Day
  • 123 more Bangladeshi migrants repatriated from Libya
  • BCG organises free medical camp and awareness event in khulna

BSEC rejects right shares application of Gemini Sea Food

According to a disclosure to the Dhaka Stock Exchange on Thursday, the company said the commission is “not in a position to consent to the company raising capital of Tk128.21 crore only through the issuance of right shares”

TBS Report
03 October, 2024, 10:50 pm
Last modified: 05 October, 2024, 01:49 pm

Infographics: TBS
Infographics: TBS

The Bangladesh Securities and Exchange Commission (BSEC) has cancelled the right shares application of Gemini Sea Food due to the frozen shrimp and fish exporter's failure to submit the required documents on its sales.

According to a disclosure to the Dhaka Stock Exchange on Thursday, the company said the commission is "not in a position to consent to the company raising capital of Tk128.21 crore only through the issuance of right shares".

On Thursday, the share price of Gemini Sea Food stood at Tk230.40 on the Dhaka stock exchange. 

Earlier in February this year, the company decided to issue more than 2.13 crore rights shares to bolster its paid-up capital, settle outstanding bank loans, and facilitate business expansion.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The shrimp exporter prepared a plan to issue the right shares at a ratio of two shares for every existing share (2R:1), priced at Tk60 each, including a premium of Tk50 per share.

A BSEC official seeking anonymity said the regulator has conducted an inquiry against the company's financials where it found around Tk27 crore sales statements were fake and fabricated. The report is pending for enforcement action. 

The company has also failed to submit supporting documents to the commission. It also sought a high premium, which is unacceptable per the company's financial health.

In August last year, the BSEC formed a three-member committee to probe "inflated revenue figures" during a preliminary inquiry by the Dhaka bourse.

The committee found that during the nine months from July 2022 to March 2023, revenue from local sales amounting to Tk27.36 crore was falsified and fabricated.

Besides, the committee found the company had falsely claimed to have sold products to seven local buyers. The buyers informed the BSEC that they had not received any products from Gemini during the specified period.

A company official declined to comment on the matter, while the phones of two other officials were switched off.

In December 2021, the BSEC instructed the listed companies to maintain Tk30 crore paid-up by next year. To comply with the regulator's instructions, Gemini Sea Food in FY23 paid a 100% stock dividend to increase its paid-up capital.

Considering Gemini's financial health, the BSEC allowed it to pay a 75% stock dividend, which had already been paid to its shareholders. A stock dividend is a payment to shareholders in the form of additional shares in the company.

A stock dividend might be distributed by a company to compensate its investors, especially when it lacks available cash or chooses to reserve it for alternative purposes.

Gemini Sea Food, a pioneer in exporting certified organic shrimp to EU retailers, processes, packages, and exports quality frozen raw shrimp, cooked shrimp, and whitefish.

Listed on the Dhaka Stock Exchange in 1985, the company exports its products to the US, the UK, Germany, Denmark, the Netherlands, Belgium and Russia.

The shrimp exporter witnessed a drastic fall in revenue and profit when the pandemic struck in 2020. However, it made a comeback and in 2021-22, it reported a more than double revenue and profit to Tk72.64 crore and Tk5.86 crore, respectively. In FY23, its revenue increased to Tk77.65 crore and net profit to Tk9.44 crore.

According to the DSE, at the beginning of 2023, the share price of Gemini Sea Food began to increase abnormally, and the share price increased to Tk934.4 each on 7 May.

Bangladesh / Top News

Gemini Sea Food / Bangladesh / share application

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • A drone photo shows the damage over residential homes at the impact site following missile attack from Iran on Israel, in Tel Aviv, Israel June 16, 2025. Photo: REUTERS/Moshe Mizrahi/File Photo
    Israel threatens to ‘eliminate’ Iran supreme leader Khamenei after Iranian missile strike
  • Illustration: Ashrafun Naher Ananna/TBS Creative
    From CHF 18m to 590m: Bangladeshi deposits fly high in Swiss banks
  • A Dhaka street at night. Photo: TBS
    Over 84% of citizens feel safe walking alone after dark: BBS Survey

MOST VIEWED

  • Logo of Beximco Group. Photo: Collected
    Beximco defaults on €33m in Germany, Deshbandhu owes Czech bank €4m
  • The India-Bangladesh integrated checkpost in Fulbari. Photo: Passang Yolmo via Telegraph India
    Import of boulders from Bhutan to Bangladesh stopped by Indian transporters in Fulbari
  • Infograph: TBS
    End of a loophole: Defaulters on foreign loans barred from local bank borrowing
  • Smoke rises following an Israeli attack on the IRIB building, the country's state broadcaster, in Tehran, Iran, June 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Israel-Iran War: Russia says Israel's attacks illegal, UAE warns of 'uncalculated, reckless steps'
  • An anti-missile system operates as missiles are launched from Iran, as seen from Tel Aviv, Israel, 18 June 2025. Photo: Reuters
    Khamenei rejects Trump's demand for surrender, Trump says 'good luck'
  • Soldiers salute Arakan Army chief Major General Twan Mrat Naing during a parade in Myanmar, 6 April 2018. File Photo: Arakan Army deputy chief Brig Gen Nyo Twan Awng/Twitter
    Rohingya militant groups recruit from camps to fight Arakan Army, warns Crisis Group

Related News

  • Salman F Rahman remanded in fresh case over killing during uprising
  • EC bans posters in national election campaigns
  • Govt declares 5 August as Student-People Uprising Day
  • 123 more Bangladeshi migrants repatriated from Libya
  • BCG organises free medical camp and awareness event in khulna

Features

Evacuation of Bangladeshis: Where do they go next from conflict-ridden Iran?

Evacuation of Bangladeshis: Where do they go next from conflict-ridden Iran?

19h | Panorama
The Kallyanpur Canal is burdened with more than 600,000 kilograms of waste every month. Photo: Courtesy

Kallyanpur canal project shows how to combat plastic pollution in Dhaka

1d | Panorama
The GLS600 overall has a curvaceous nature, with seamless blends across every panel. PHOTO: Arfin Kazi

Mercedes Maybach GLS600: Definitive Luxury

3d | Wheels
Renowned authors Imdadul Haque Milon, Mohit Kamal, and poet–children’s writer Rashed Rouf seen at Current Book Centre, alongside the store's proprietor, Shahin. Photo: Collected

From ‘Screen and Culture’ to ‘Current Book House’: Chattogram’s oldest surviving bookstore

3d | Panorama

More Videos from TBS

Army says will carry out election-related duties in line with govt directive

Army says will carry out election-related duties in line with govt directive

19m | TBS Today
Americans oppose U.S. intervention in Iran

Americans oppose U.S. intervention in Iran

44m | TBS World
Pvt sector's foreign loan rises by $454m on stable exchange rate, reserve in three months

Pvt sector's foreign loan rises by $454m on stable exchange rate, reserve in three months

1h | TBS Insight
Is Israel’s air defense system running out?

Is Israel’s air defense system running out?

2h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net