Cricket superstar Shakib Al Hasan and five other associates own Monarch Mart Limited, and Monarch Express Ltd have received permission from the Bangladesh Security and Exchange Commission (BSEC) to acquire over 48.175% stake in Al-Amin Chemical Industries Limited.
On Monday, the acquisition was approved by BSEC. As a result, Monarch Mart Limited acquired 2.4% and Monarch Express Ltd, a 4.8% stake in the company. Besides them, Eshaal Communication Ltd bought 14.4%, Lava Electrodes Industries 2.4%, AFM Rafiquzzaman 10%, Mashuk Alam 6%, and Munshi Shofiuddin bought 8.175% of Al-Amin Chemical.
According to BSEC regulations, the new owners must retain a minimum of 30% share in the firm. Additionally, the company’s board of directors must include new shareholders who hold at least 2 percent of the company’s shares. The corporation may not obtain further cash until its board is reformed. The new board will begin production within three months following the takeover and resolve all outstanding concerns, including bank-related matters. By establishing a separate bank account, the new shareholders will invest capital into the firm. In addition, BSEC will dematerialize all company shares immediately upon completing this acquisition.
Al-Amin Chemical Industries, a varnish and thinner products manufacturer, is situated at BSCIC Industrial Estate in Faridpur. In 2002, The company was listed on the Dhaka Stock Exchange (DSE). According to the DSE, In 2005, the corporation issued a 5% cash compensation. In the previous fiscal year (2020-2021), its net loss was BDT 32.29 million, and its accumulated loss was BDT7.39 billion. The paid-in capital of the business was BDT 5 billion. Sponsors and directors held 48.18% of the company’s shares, institutions had 2.54%, and the general public held 47.76% of the company.