BSEC asks Bangladesh Leaf Tobacco to explain its business status
It asked for the last five years of the company’s audited financial statements and relevant documents
The Bangladesh Securities and Exchange Commission (BSEC) asked Bangladesh Leaf Tobacco Co Ltd - a cigar and tobacco manufacturer - to explain its current business status.
According to an inspection report of the Dhaka Stock Exchange (DSE), the commission issued a letter to the company this week.
Bangladesh Leaf Tobacco Co Ltd was listed on DSE in 1980 and its current paid-up capital is Tk81 lakh.
The company has been out of production since 2003 but is in the pipeline to be re-launched on the SME platform of the DSE. However the company has not taken any initiatives for shifting to the SME board.
The BSEC has sought a detailed status of the company's production, and its fixed and current assets.
BSEC also asked for the last five years of the company's audited financial statements and relevant documents.
Orthorin Adalat ordered all property, plant, and equipment, including the factory area of the company to be taken over by IFIC Bank Ltd in August 2012 against the full and final statement of the company's outstanding loans.
The company does not have any fixed assets to resume operations.
General shareholders hold 54.37% shares of the company's paid-up capital but they have not received any dividends for a long time, detrimental to the interest of investors and undesirable for the commission.
Sponsors and directors hold 45.63% of the company and the last share price on the DSE was Tk24.40.
