BEXIMCO’s general shareholders are at risk of losing their investments following the closure of key business units that contributed 80% of the company’s revenue.
The company reported a loss of Tk 358.79 million in FY24 and is struggling to pay workers’ wages.
To facilitate wage settlements, the labor ministry recently issued a Tk 99.11 million loan, instructing the Central Depository Bangladesh Limited (CDBL) to freeze 3 million BEXIMCO shares until repayment. However, if the company liquidates assets to clear dues, shareholders are unlikely to recover their investments.
BEXIMCO has already laid off nearly 30,000 workers due to a prolonged shortage of export orders. On Tuesday, another 8,000 workers were affected as five more manufacturing units in Gazipur ceased operations. The company cited a lack of work orders as the reason.
Financial distress deepened after the fall of the Sheikh Hasina-led government. The conglomerate, which reportedly holds over Tk 400 billion in loans, has faced regulatory scrutiny. Its vice chairman, Salman F Rahman, was arrested last year.
