Following the takeover of Emerald Oil last year, Japanese farming group Minori Co Limited’s local venture Minori Bangladesh Ltd can now take control of Fu-Wang Foods Limited, however, Minori has to deposit an initial investment of Tk20 crore in a different bank account in the name of the company, and be willing to take responsibility for all its liabilities.
Bangladesh Securities and Exchange Commission (BSEC) at a meeting on Thursday concluded to allow Minori Bangladesh Limited to take control of Fu-Wang Foods Limited.
The commission also concluded that the existing directors would have to return one million shares of Fu-Wang Foods from their holdings, which they had sold from the company’s suspense account, and sponsor-directors will have to pay dues worth Tk6.5 crore to the company account.
A BSEC official confirmed the matter to Dhaka Tribune.
Earlier in July last year, the BSEC appointed five independent directors to restructure the board of directors of Fu Wang Foods following its rule violation and failing to comply within a given time.
The commission had asked the company to either comply with 30% shareholding rules or completely shuffle the board, as sponsor-directors of the company previously only held 8.75% shares.
“Minori’s control over Fu-Wang will improve business and governance of the company,” Shaikh Shamsuddin Ahmed, the BSEC commissioner told Dhaka Tribune on Monday.
“We have seen their success with Emerald Oil with it undergoing production and I…
