A total of 30 listed companies, including five newly confirmed ones, are currently not producing, according to the Dhaka Stock Exchange (DSE).
The DSE reported on Tuesday that four companies—New Line Clothings, RSRM Steel, Nurani Dyeing and Sweater, and Aramit Cement—have recently halted production. Additionally, Hamid Fabrics declared a layoff due to an acute gas crisis.
Hamid Fabrics’ Company Secretary Maruf Shahriar explained that the Narsingdi Shilmandir factory has been facing a severe gas shortage for several years. Despite using LPG to maintain production, costs have not been reduced.
The board has decided to suspend production until the gas issue is resolved,” Shahriar said. He also confirmed that workers would be provided financial benefits during the suspension in accordance with labor laws.
According to the DSE, 25 other companies have been off production for some time. These include Apollo Ispat Complex, Aziz Pipes, Baraka Power, Dulamia Cotton, Emerald Oil, Familytex, GBB Power, Generation Next Fashions, Khulna Printing, Meghna Condensed Milk, Meghna PET, Metro Spinning, Mithun Knitting, Northern Jute, Prime Textile, Regent Textile, Shurwid Industries, Standard Ceramic, Tung Hai Knitting, Yeakin Polymer, Zaheen Spinning, Shyampur Sugar, Usmania Glass, and Rahima Food.
RSRM Steel’s Company Secretary Mohammad Moinuddin revealed that the factory in Chattogram is ready to resume production but lacks the necessary working capital of Tk 100 crore. “With Tk 100 crore, production can resume, but we would need at least Tk 300 crore to continue operations,” Moinuddin stated. He assured that investors would be informed seven days before production resumes.
Aramit Cement, owned by former Land Minister Saifuzzaman Chowdhury, has been facing legal issues after Bank Asia Limited filed a case over a defaulted loan of Tk 14 crore. The court had ordered the freeze of Aramit Cement’s bank transactions in January. Despite several attempts, the company’s Secretary, Syed Kamruzzaman, could not be reached for comments on the closure.
Of the 360 companies listed on the Dhaka Stock Exchange, 100 are categorized as ‘Z,’ meaning they are either off production or irregular in arranging general shareholder meetings or paying dividends.
