Yakin Polymer Ltd. has reapplied to the Bangladesh Securities and Exchange Commission (BSEC) for approval to transfer a 21.5% sponsor shareholding to FCS Holdings Ltd., after securing the required no-objection certificates (NOCs) from its lenders.

The fresh application was submitted to the securities regulator on Tuesday through the company’s Managing Director, Mohammad Harunur Rashid. A similar proposal filed about a year ago failed to progress due to the absence of lender approvals related to defaulted loans.

Under the proposal, 15.85 million shares, representing 21.5% of Yakin Polymer’s paid-up capital, will be transferred from three sponsor-directors to real estate and investment firm FCS Holdings.

The shares include 7.11 million held by Chairman Chakladar Rezaul Alam, 7.27 million owned by Director Kapita Packaging Solutions Ltd., and 1.48 million held by Director Didarul Alam.

Managing Director Harunur Rashid, who owns the remaining 8.6% of the sponsors’ combined 30.1% stake, is not part of the proposed transfer and will continue in his current role if the ownership change is approved.

Instead of paying cash for the shares, FCS Holdings plans to assume certain outstanding liabilities owed to Islami Bank Bangladesh PLC, Industrial and Infrastructure Development Finance Company (IIDFC), and suppliers on behalf of the sponsor-directors.

Yakin Polymer currently has around Tk 520 million in outstanding loans, including approximately Tk 430 million owed to Islami Bank and Tk 90 million to IIDFC. The company said it has now obtained the required NOCs from both lenders, removing the key obstacle that blocked the previous application.

If approved by BSEC, FCS Holdings will become a sponsor shareholder and nominate representatives to the company’s board. The firm also plans to implement a Balancing, Modernization, Rehabilitation and Expansion (BMRE) programme to modernize Yakin Polymer’s operations and has committed to resolving all outstanding compliance issues covering the 2022–2026 period after the share transfer is completed.

FCS Holdings had previously sought to acquire the same sponsor stake in September 2025, but the proposal was not approved due to the lack of lender clearances.

Despite a change in management last year, Yakin Polymer has continued to struggle financially. The current board acquired a 30.52% stake from the previous management in June 2024, but production has yet to fully resume because of working capital shortages and difficulties in restructuring bank loans.

The company has experienced repeated delays in ownership transfer over the past several years. BSEC first approved a share transfer in May 2022, following a sharp rise in the company’s share price amid takeover speculation, but the transaction was never completed within the stipulated timeframe despite multiple deadline extensions.

Yakin Polymer raised Tk 200 million through its initial public offering (IPO) in 2016 to expand its business. However, growing government support for environmentally friendly jute bags reduced demand for polymer bags, contributing to the company’s business downturn.

Since listing, the company has declared only a 1% cash dividend and was downgraded to the ‘Z’ category on the stock exchanges in February 2025.

As of June 30, 2026, sponsor-directors held 30.1% of the company’s shares, institutional investors owned 17%, and general investors held the remaining 52.9%. The proposed transfer covers 21.5% of the sponsors’ holdings.