BM Desk: Mamun Agro Products Ltd, a firm listed on the stock exchanges’ SME platform, has won shareholder permission to move to the main board, in accordance with legislative requirements.
The approval came today (15 June) during an extraordinary general meeting (EGM), where shareholders supported the board’s decision made over two months ago, on April 23.
According to the Qualified Investor Offer (QIO) guidelines for small-cap businesses, a company must report to the securities regulator and exchanges and apply for main board listing if its paid-up capital is Tk50 crore or more and it has traded on the SME platform for at least three years.
The board, in accordance with the norm, made the decision to move, which was subject to shareholder approval at the EGM. The company will now seek final approval from the Bangladesh Securities and Exchange Commission (BSEC) and stock exchanges.
Mamun Agro, which imports and produces pesticides, fertilisers, seeds, and aquatic products, raised Tk10 crore in capital markets before being listed on the SME board in 2022.
Since its debut, the company has paid a 10% cash dividend for three consecutive years.
However, during the fiscal year 2021-22, it failed to disburse the stated dividend within the statutory deadline. As a result, on November 26, 2024, the BSEC punished the company’s managing director and all shareholder directors Tk13 lakh apiece.
