The newly restructured board of directors are hoping to overcome outstanding losses and reach a break-even point within six months as there is a significant demand for their rice bran edible oil, which is marketed under the brand name Spondon
Infograph: TBS
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Infograph: TBS
Emerald Oil Industries Ltd has resumed production of its rice bran edible oil after a hiatus of four years thanks to fresh investment by Minori Bangladesh Limited, a subsidiary of Japanese farming company Minori Co Limited.
The company, which has completed a successful trial run, is expected to go into full-fledged commercial production from January, said its officials.
The newly restructured board of directors are hoping to overcome outstanding losses and reach a break-even point within six months as there is a significant demand for their rice bran edible oil, which is marketed under the brand name Spondon.
The company halted its production in 2017 due to a shortage of working capital following its founders’ loan scam, getting arrested, and finally fleeing the country.
To help Emerald Oil turn around, Minori Bangladesh Limited is investing around Tk45 crore as working capital, other than taking care of the company’s finances and liabilities with Basic Bank, and Bank Asia amounting to Tk70 crore in loans that…
