Emerald Oil's new husk boiler to run from 11 May

Emerald Oil Industries – the producer of an almost forgotten rice-bran Spondon branded oil – is going to start a new husk boiler and extend its existing refining capacity.

The company, whose share price witnessed a big jump in recent times, made the announcement on the Dhaka Stock Exchange (DSE) website on Tuesday.

According to the disclosure, the new boiler will be started from 11 May and will run 24 hours daily without interruption.

Also, the company's refining capacity will be increased to 70 tonnes per day, from its existing capacity of 30 tonnes.

Emerald Oil Industries got listed on the stock exchanges in 2014, and has been out of production for five years since 2017 as its original owners fled after a loan scam.

In 2021, Minori Bangladesh, a subsidiary of Japanese farming company Minori Co Limited got the stock market regulator's nod to bring the company back into production by investing more than Tk40 crore.

The new owner invested over Tk31 crore and resumed production in January last year.

But owing to the complexity of transferring old owner's shares to the new owner, the Bangladesh Securities and Exchange Commission (BSEC) has approved its proposal to issue 3.15 crore fresh shares against investment by its new owner as a share money deposit.

After approval of the issuing of new shares, its share price skyrocketed despite having no updated financials in recent years.

However, the BSEC has advised the DSE to investigate the unusual and suspicious price hike of Emerald Oil Industries' shares in recent times.

According to DSE, Emerald Oil Industries' shares have doubled to Tk74.4 each on 9 May from Tk35.7 each on 10 April.