B Mirror Report: Dhaka bankhas announced plans to auction mortgaged land, factory machinery and other assets of listed company Deshbandhu Polymer Limited to recover outstanding loans amounting to around Tk 521 million.
According to a recent auction notice issued by the bank’s local office, the company’s total liability, including interest, stood at Tk 52.10 crore as of April 21, 2026.
Bank officials said the decision was taken under the Money Loan Court Act, 2003 after the company repeatedly failed to repay its loans despite being given several opportunities. Sources said the company had availed various credit facilities from the bank since 2007, including LC facilities, term loans and cash credit.
Officials also noted that the company failed to make the required down payment needed to reschedule the loans in line with central bank regulations.
Attempts to contact Managing Director Golam Rahman for comments were unsuccessful.
The assets listed for auction include around 129 decimals of land located in Kuadi mouza under Palash upazila of Narsingdi, along with all fixed and movable assets of the factory in the Charsindur area. These include machinery, spare parts, heavy equipment and inventory items.
Interested bidders have been asked to submit sealed tenders by 2:00pm on May 14 at the bank’s local office at Adamjee Court in Motijheel. The tenders will be opened a minute later in the presence of bank officials and bidders.
The bank said the auction is being conducted under a registered power of attorney, and the successful bidder will have to bear all registration, stamp duty and applicable tax expenses.
Listed on the stock market in 2011, Deshbandhu Polymer Limited has been facing severe financial difficulties, with production and sales dropping sharply over the past year.
The company’s latest financial report showed that revenue plunged 80 percent to Tk 25.1 million during the July-March period of FY2025-26, while net losses widened to Tk 177.7 million.
The situation worsened further in the third quarter (January-March 2026), when revenue fell 81 percent year-on-year to just Tk 6 million and quarterly losses reached Tk 67.7 million.
As of March 31, 2026, the company’s consolidated loss per share stood at Tk 2.89. It also failed to declare any dividend in FY2024-25 after posting losses of Tk 240 million.
The company attributed its deteriorating performance to power supply shortages and a dollar crisis that disrupted the opening of LCs for importing raw materials. As a result, it had to procure raw materials from the local market at higher prices, increasing production costs.
Higher lending rates also pushed up financial expenses, further deepening the company’s losses.
According to the latest shareholding data for March 2026, sponsors and directors hold 33.54 percent of the company’s shares, institutional investors hold 18.02 percent, while general investors own 48.44 percent.
