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10 cos in capital market make up loan defaulters' list

Mohammad Mufazzal | Published: June 24, 2019 09:34:43 | Updated: June 24, 2019 12:42:35


As many as 10 companies in the capital market and one brokerage firm are among the top 300 loan defaulters, whose names were revealed in parliament on Saturday.

These 11 companies have swallowed a total of Tk 19.80 billion in default loans and one of them is among top 25 loan defaulters.

Finance Minister AHM Mustafa Kamal disclosed the list of top 300 defaulters in parliament on Saturday.

Of the 11 companies, seven are listed with the stock exchanges, while three are being traded on the OTC (over-the-counter) market. And the remaining one is a brokerage firm -- Far East Stock & Bond.

The companies which are listed with the stock exchanges are The Dacca Dyeing & manufacturing Company, United Airways (BD), Emerald Oil Industries, Keya Cosmetics, Appollo Ispat Complex, Bangladesh Industrial Finance Company, and FAS Finance & Investment.

Of these companies, FAS Finance is an 'A' category company and Appollo Ispat a 'B' category company while the remaining five companies are in the 'Z' category.

The three companies which are being traded on the OTC market are Lexco, Monno Fabrics and Apex Weaving.

Of them, Lexco with a default loan of Tk 4.39 billion is among the top 25 loan defaulters.

The amount of default loans held by Monno Fabrics is Tk 2.67 billion and the company is among the top 50 defaulters.

Of the companies listed with main board, The Dacca Dyeing has a default loan of Tk 2.58 billion, Bangladesh Industrial Finance Company Tk 2.01 billion, United Airways (BD) Tk 1.8 billion, Emerald Oil Industries Tk 1.21 billion, Keya Cosmetics Tk 990 million, FAS Finance & Investment Tk 770 million and Appollo Ispat Tk 690 million.

The amount of default loans held by Apex Weaving and Far East Stock & Bond are Tk 1.3 billion and 1.39 billion respectively.

The shares of The Dacca Dyeing, Bangladesh Industrial Finance Company, United Airways (BD), Keya Cosmetics, FAS Finance & Investment, and Appollo Ispat Complex are presently being traded below the face value of Tk 10 each.

However, the shares of Emerald Oil Industries are being traded above the face value of Tk 10 each.

mufazzal.fe@gmail.com

 

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