The Bangladesh Securities and Alternate Commission (BSEC) recently (26 September) formed a 3-member committee to analysis the paid-up capital and part allocations amongst frequent investors of Rahima Food Corporation.
Per sources within the course of the commission, this transfer follows complaints from several frequent investors relating to irregularities linked to their shares.
The committee will also scrutinise the company’s recordsdata, focusing in particular on paid-up capital and part allocations. The company’s dispensed shares encompass unsettled shares, paper shares, and electronic shares.
On Thursday, the company’s part ticket closed at Tk119.20 on the Dhaka Inventory Alternate.
The people of the investigation committee are Ziaur Rahman, deputy director of the BSEC; Md Rakibul Islam, supervisor of Dhaka Inventory Alternate; and Kazi Minhaj Uddin, AGM of Central Depository Bangladesh Miniature.
Per the investigation expose, the committee will also verify the exact different of shares by comparing experiences submitted to 2 key establishments – Central Depository Bangladesh Miniature (CDBL), which manages the electronic document of shares, and the Registrar of Joint Inventory Firms and Firms (RJSC), accountable for corporate registration and compliance.
The committee is tasked with examining whether or now not there contain been any discrepancies or irregularities within the issuance and a part of shares, guaranteeing compliance with all linked principles and regulations.
A senior legit of the company, speaking on condition of anonymity, talked about that Rahima Food got several complaints from frequent investors relating to paper shares that haven’t but been dematerialised.
He neatly-known that the dematerialisation job for shares began in 2012, and within the indicate time, some investors might well contain dematerialised fraudulent shares in desire to real ones. After City Team took over the company, it got identical complaints, which contain been now not easy to resolve. He added that the company is working to address these concerns as per the commission’s expose.
Rahima Food Corporation used to be incorporated as a non-public restricted company in 1990 and used to be listed within the food and allied sector of the stock exchanges in 1997. Its paid-up capital is Tk20 crore.
The company has been out of production since 2013 which ability of a decline in quiz for its products. City Team has had five directors, alongside with its chairman, on Rahima Food’s board since 2017. An fair director used to be also appointed within the course of that point.
In July 2018, the Dhaka Inventory Alternate delisted Rahima Food’s shares which ability of its prolonged inaction. On the opposite hand, in 2020, the company used to be relisted on the stock exchanges.
As of 31 August 2024, sponsors and directors jointly held 37.38%, establishments 11.75%, foreign investors 4.ninety 9%, and the frequent public forty five.88% of the company’s shares.
Within the January to March quarter of 2024, Rahima Food generated revenue of Tk4.07 crore, when put next with Tk7.94 crore within the same length of the earlier year.
Right through this quarter, its salvage profit stood at Tk48 lakh, down from Tk1.27 crore a year within the past. Its earnings per part contain been Tk0.34, and its salvage asset ticket per part used to be Tk10.14 as of the give up of March 2024.
Rahima Food’s main products encompass coconut oil, soybean oil, mustard oil, and cashew nuts.
