After a hiatus of four years, Emerald Oil has successfully returned to full-fledged production thanks to fresh investment, nearly a year of hard work by the reconstructed board and the help of the stock market regulator.
The investment, which came from Minori Bangladesh, a subsidiary of Japanese farming company Minori Co Limited, has brought hope among the shareholders, who are now hoping to get good returns from their investments.
Upon resuming commercial production, the company published a disclosure on the stock exchanges on Sunday.
With its signature product – the rice bran edible oil, branded as Spondon, Emerald Oil has been a profitable firm until 2016. The following year, when a loan scam of its founder came to light, the company started losing business and operation was halted due to a shortage of working capital.
Facing corruption charges, the founder fled the country and it was the shareholders who suffered the effects of a share price drop.
However, after the reconstruction of its board at the beginning of last year, the share price of the company soared by 281% in six months from Tk11 to Tk42 in September.
The Bangladesh Securities and Exchange Commission (BSEC), as a part of its drive to resurrect the listed sick companies, in January last year, dissolved the board and reconstructed it by appointing five independent directors with sound professional backgrounds.
“It was a big challenge to resurrect the dead horse,” said a director of the newly…
