Some of the listed firm in the stock market, DSE: Dhaka Stock Exchange has been sold in the auction, Bangladesh Securities and Exchange Commission (BSEC) does not know about the incident. DSE could not provide any information immediately.
BSEC has decided to cancel the over-the-counter (OTC) market and transfer the companies of this platform to the SME and ATB market. Among the OTC firms, it was decided to keep only the companies in which the common investors have a large stake in the ATB. Despite the decision to transfer 18 companies to ATB, DSE has not yet received any response from the companies. Most of these firms do not exist. A handful of companies exist but have no interest in re-listing. Such sensational data has emerged in the search for financial news.
In the meantime, when going to the address of the office of some firms, it was seen that the activities of other organizations were still going on in the search of financial news. Even the office of Bangladesh Bank, was found at the address of an institution. Again, it was found out from the addresses given by several organizations that their activities have been stopped long ago. Investors are dreaming of such companies.
Dandy Dyeing, Dynamic Textiles, Metalex Corporation, Mita Textiles, Modern Cement, Mana Food Products, Perfume Chemical Industries, Petro Synthetic Limited, Pharmaco International, Kashem Silk Mills, Bangla Process Industries, Kashem Textile Mills, Raspit Inc., Rose Heaven Ball Pen, Saleh Carpet, Sripur Textile, United Airways and Modern Industries that BSEC decided to list shares on ATB.
Of the 18 OTC firms that the regulator has decided to transfer to ATB, 8 of them could not be found at their addresses, Finance News reported. The search was carried out at the address given on the DSE website.
Orthosongbad tried to contact Bangla Process Industries, Dandy Dyeing, Modern Cement, Mana Food Products, Petro Synthetic Limited, Rose Heaven Ball Pen, Sreepur Textile and Modern Industries at the addresses provided. The offices of some of these companies have not been found. Those concerned said that the companies had offices in some of them long ago.
PETRO SYNTHETIC: Head Office of Petro Synthetic Products Limited is on the second floor of ARA Building, Kawran Bazar as given on the DSE website. At that address, the name of Petro Synthetic Products is vaguely written outside the building, which is not what one would normally see. Entering the second floor, it is seen that there is the office of ARA International. Inside the reception room they first informed that they do not know about any company named Petro Synthetic. However, later it was again informed that the company has no activities even though it has an office. There, a man named Tarek introduced himself as an accountant for Petro Synthetic, said that three directors of Petro Synthetic have died. And the one who is alive is not in office.
When Tarek was asked for a mobile number to contact Petro Synthetic’s director, he refused to give it. When asked about the start of trading of Petro Synthetic in the stock market, he said, the company itself has been closed, how will it go to the stock market?
42.47pc shares of Petro Synthetic Products Limited are held by the founders and directors of the company. General investors hold 42.24pc shares. And institutional investors have 15.29pc shares of the company. Each share of the company was last traded at Tk 7 in the stock market.
Sreepur Textile: Sreepur Textile Mills Limited was listed on the stock market in 1996. Among the companies transferred to ATB, this company has the highest foreign investment. The amount of foreign investment in Sreepur Textile is 5.71pc. The founders and directors of the company hold 50pc shares. General investors are holding 37.15pc shares of the company. And institutional investors have 7.14pc shares of the company. Shares of Sreepur Textiles were last traded at Tk 9.50.
Orthosongbad goes to the head office of the company using the address given on the website of DSE. Going to that address, it can be seen that the office of Ibra Limited is there. An associate company of this Ibra Group was Sreepur Textiles. A person named Sushant Ghosh said that Bangladesh Development Bank (BDBL) sold Sreepur textiles at auction long ago due to failure to pay the loan.
Sushant Ghosh said that after the auction, the company was named Divine Textile. At present Divine Textile’s factory is in Gazipur.
When Sushant Ghosh was asked for the mobile number of the authorities of Ibra Limited, he said that the company’s chairman Nasima Khatun has gone out of the country for treatment.
Dandy Dyeing: According to the office address of Dandy Dyeing Limited, it was found that the office of the company is locked. A mobile number is provided at the door. When calling that number, a person named Bashir received the call. He said that their people do not come to the office, so the office is closed. After knowing the journalist’s identity, he said to visit another day, then he will be present in the office.
The shares of Dandy Dyeing Limited in the textile sector were last traded at 5 taka 80 paisa. 49.08pc shares of this company are held by general investors. The founders and directors of the company hold 50pc shares. The remaining 0.92pc shares are held by institutional investors. Dandy Dyeing was listed on the stock market in 1995.
Modern Industries: Modern Industries Limited has its office address at 21, Dilkusha C/A (2nd Floor). However, no appearance of Modern Industries Limited was found at the address.the building ‘Nasim Chamber’ where the caretaker said that the company left this office before the start of the coronavirus. Now where is the new office, they do not know the address.
Modern Industries Limited was listed on the stock market in 1998. 83.44pc shares of the company are held by common investors. Directors and entrepreneurs hold 15.49pc shares. The amount of foreign investment in the company is 1.07pc . And 1pc shares are held by institutional investors.
Rose Heaven Ball Pen: DSE website mentions that Rose Heaven Ball Pen has its office at Rahman Chamber, Motijheel. But in reality the office of the company was not found there. A caretaker of Rahman Chamber said that Rose Heaven Ballpen left this office about 8 to 10 years ago.
1.78pc foreign investment in Rose Haven Ball Pen Limited, which was transferred to ATB. General investors hold 50.52pc stake in the company. The founders and directors of the company hold 38.63pc shares of the company. The remaining 9.07pc shares are held by institutional investors.
Mona Food: Mona Food Products is located at Globe Chamber, Motijheel. No one from the institution was found when the Globe Chamber was visited. However, a person who did not wish to be named said that the company’s operations are currently closed. He could not give the mobile numbers of company directors or entrepreneurs.
Mona Food Products was listed in the stock market in 1997. According to DSE data, the company posted a loss of Tk 17.57 per share in 2028. In 2019, the loss hiked to Tk 18.97 paisa. Common investors hold 50pc stake in Mona Foods. The remaining 50pc is in the hands of the founders and directors of the company. The last share of Mona Food was traded at the last price of 10 taka 50 paisa.
Modern Cement: ATB Pending Transaction Modern Cement Limited, Address: 1307, Senakalyan Bhavan, Motijheel, arriving to that address and see there is the office of Bangladesh Bank. It was reported from the reception room that the owner of the company had died. Prior there was an office here, currently that floor is being used by Bangladesh Bank.
Modern Cement Limited was listed in the stock market in 2002. The shares of the company were last traded at 1 taka 40 paisa. 47.69pc shares of the company with a paid up capital of Tk 17 crore 34 lakh are held by common investors. The entrepreneurial directors of the company hold 42.27pc shares of the company. And institutional investors have 10.04pc shares.
Bangla Process Industries: Bangla Process Industries has its office in Dilkusha Rajuk Annex Bhavan, it has been informed on the website of DSE. However, the location of the company’s office was not found there. The caretakers of the building also could not provide any information about the company.
Shares of Bangla Process Industries pending trading on the ATB market were last traded at Tk 109.70. The company, which was listed on the stock market in 1985, has 51.28pc shares held by entrepreneurs and managers. General investors hold 41.47pc shares. Also 7.26pc shares are held by institutional investors.
Regulatory body BSEC does not know about Sreepur Textiles despite being sold at auction. The executive director of the organization. Rezaul Karim told Orthosongbad that there is no data about the sale of Sreepur textile auction. The matter should be inquired from DSE.
If you want to know about these issues, the head of public relations department of Dhaka Stock Exchange. Shafiqur Rahman told Orthosongbad that so far not a single company has applied for trades in ATB. Most of the 18 companies do not exist. The address given on the DSE website is from 2009 or 2010.
In this regard, former teacher of Dhaka University and stock market analyst Professor Abu Ahmed told Orthosongbad that investors will suffer again if closed companies are brought to ATB. Why is the closed company brought back to the stock market? On what basis these companies are being brought back to the stock market.
