BSEC forms body to probe Fu-Wang Foods
The probe body will submit its investigation report to BSEC within 15 working days
The Bangladesh Securities and Exchange Commission (BSEC) has formed an inquiry committee to investigate the whole affair, including purchases and sales of fixed assets, of Fu-Wang Foods Ltd.
The two member committee is comprised of BSEC Assistant Director Sirajul Islam, and Dhaka Stock Exchange Senior Manager, Abdul Kader.
Besides investigating the sales and acquisitions of fixed assets, the committee will also probe Fu-Wang's operational status since its listing on the stock market, its financial statements for the last three years, and any other matter related to the company.
Keep updated, follow The Business Standard's Google news channel
The committee will then submit a report to the stock market regulator within 15 working days.
The BSEC will take regulatory action if the committee's report finds any irregularities.
In the first nine months of the current fiscal year, Fu-Wang's turnover went down 11% to Tk59.20 crore, and net profits decreased 51% to Tk2.85 crore, from Tk66.88 crore and Tk5.86 crore respectively in the same period of the previous fiscal.
In the last 2019-2020 fiscal year, the company made a profit of Tk5.50 crore and recommended a 1.65% cash dividend for its shareholders.
Fu-Wang Foods commenced its commercial production in August 1997 and was listed on the stock exchanges in 2000.
Since inception, the company has produced various packet food items like breads, biscuits, cakes, toasts, wafer bars, chocolates, instant noodles, drinking water, carbonated drinks, energy drinks, etc.
