Business Desk :
Minori Bangladesh Limited, a concern of Japanese farming group Minori Co Limited, is going to take over the ownership of Fu-Wang Foods, a company listed on the stock exchange.
The regulator, Bangladesh Securities and Exchange Commission (BSEC), has approved the transfer of ownership of Fu-Wang Foods to Minori Bangladesh recently.
Minori Bangladesh has already bought ownership of Emerald Oil, another listed company. It also brought the company, which had been closed for four long years, back to production.
As a result, considering all aspects, Minori Bangladesh has been allowed to take ownership of Fu-Wang Foods, BSEC sources said.
The BSEC on Thursday sent a letter to the companies concerned including Minori Bangladesh regarding the transfer of shares of three directors of Fu-Wang Foods.
In the letter, the BSEC said the commission had approved a proposal to transfer 84,42,726 shares of Fu-Wang Foods to Minori Bangladesh. The Fu-Wang Foods directors are Arif Ahmed Chowdhury, Afsana Tarannum and Lubaba Tabassum.
Under Rule 42 of the Depository (Practical) Regulations 2003, and sub-rule 11.6 (Combined Transaction) of Central Depository Bangladesh Limited (CDBL), the value of each share has been fixed at Tk 10.
The transfer of these shares will be completed outside the trading system of the exchange. However, in the letter, BSEC has given a 5-point condition in the process of handing over these shares.
BSEC commissioner Prof Dr Sheikh Shamsuddin Ahmed said, “We have approved the change of ownership of Fu-Wang Foods. They have made a deal with Minori Bangladesh. Fu-Wang Foods will sell their shares worth about Tk 8.5 crore to Minori Bangladesh.”
However, Minori will pay a minimum of Tk 20 crore as a money deposit in Fu-Wang Foods. Fu-Wang Foods subsequently converts it into shares, meeting the conditions for holding 30 percent of the paid-up capital.
Meanwhile, news of the transfer of ownership had an effect on the share price of Fu-Wang Foods. On December 30, the company’s share price was Tk 15.30 but it rose to Tk 21.8 on Thursday.
Over the 15 working days, the share price of the company
