Emerald Oil gets High Court approval to conduct AGM
Emerald Oil has got the High Court approval to conduct the pending annual general meeting (AGM) for the last six years from the fiscal year 2016-17 to 2021-22.
The rice-bran oil producer also called the board meeting on 1 June to fix the AGM date.
It will announce the annual financial statement for the last three fiscal years from 2019-20 to 2021-22.
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Since April this year, the company's share price jumped over 300% to Tk122.30 each at the Dhaka Stock Exchange (DSE).
Earlier, on 26 February this year, it published the financial reports for FY2017, FY2018, and FY2019, in which the company announced that no dividends will be given to the investors for those three accounting years.
According to the price-sensitive statement of the company, it posted massive losses in 2017 when its earnings per share (EPS) were Tk34.34 negative and the net asset value per share was also Tk17.46 negative Tk17.46 compared to Tk3.33 and 17.23, respectively, a year ago.
Its EPS was negative at Tk1.97 and Tk1.14 in 2018 and 2019, respectively.
About the negative net asset value per share, the new management explained that the company's several physical assets were missing after it took over. Besides, the receivables are also not at the stage of recovery. Hence, these amounts are excluded from the account. Besides, the company has bad debt. And this is why the net asset value turned negative.
In 2021, Minori Bangladesh, a subsidiary of Japanese farming company Minori Co Limited, got the securities regulator's nod to bring the company back into production by investing more than Tk40 crore.
The publicly-traded company, Spondon, producer of the most forgotten rice-bran oil, was out of business for five years as its original owners fled for a loan scam.
Incorporated in 2008, Emerald Oil Industries Ltd began production of its Spondon-branded rice-bran oil in 2011 and entered the bourses in 2014.
