The well-known company Best Holding Limited (La Meridian), which is in the process of direct listing in the capital market has finally been stopped. There are allegations that the company is not state owned but has tried to do direct listing using the government badge.
Meanwhile, ICB Capital Management Limited, an affiliate of Investment Corporation of Bangladesh (ICB), has been accused of using the name La Meridian without signing an agreement with them. They are not the issue manager of Best Holding Limited (La Meridian), according to a statement from ICB Capital. ICB Capital has not entered into any agreement with the company as an issue manager.
Meanwhile, a recent letter from the finance ministry requested that the direct listing of Best Holding be suspended until further notice. La Meridian wanted to offload 4 crore 35 lakh shares in the capital market at Tk 75 each violating the rules of direct listing.
According to the information received, DSE’s 2015 listing rules had the opportunity to offload the shares of all companies through direct listing. However, the Bangladesh Securities and Commission (BSEC) has banned direct listing in cases other than state-owned companies through a directive dated December 1, 2016. According to the information received, DSE’s 2015 listing rules had the opportunity to offload the shares of all companies through direct listing. However, the Bangladesh Securities and Commission (BSEC) has banned direct listing in cases other than state-owned companies through a directive dated December 1, 2016.
La Meridiana owns 29.56 percent of the four state-owned banks. Of these, Sonali Bank has 8.83 per cent, Janata Bank 8.63 per cent, Agrani Bank 6.62 per cent and Rupali Bank 5.30 per cent. The rest of share owned by its Director Mr Amin Ahmed and his son Mr Hasan Mahmud.
Mr Amin Ahmed has developed Construction, Real Estate, International Trading, Hotels and Resorts in Hospitality Sector, Agriculture, Food processing and ICT Sector during his 30 years of business career.
In the construction sector he made significant contributions in building all large modern bridges, roads, expressways, highways and buildings in Bangladesh.
In Infrastructure Sector his contribution is much appreciated where he has established an Exclusive Private Economic Zone (EZ) for Local and Foreign Investors for setting up of new types of industries like Specialized Textiles, Electrical & Electronics, Footwear, Sportswear, Pharmaceuticals (API), Automobiles, World Class Educational Institutions, and Centre for Skill Development and Luxury Resorts.
Mr. Amin holds a challenging personality and applies to implement his ideas of business before he promotes to others. His ideas for production of organic foods, vegetables and meat to cater the needs of domestic as well as international market which will be implemented in over 680 acres of land in Noakhali area. This would be another milestone and a revolution in Bangladesh Agriculture and Food sector.
Mr. Amin is the owner and promoter of diversified enterprises such as Chairman of Best Holdings Group, Best Services Limited, Best Hotels Limited, Dhamsur Economic Zone and Niloy Agro Limited.