Minori Bangladesh, a branch of Japanese farming company Minori Co Ltd, plans to sell 1 million shares of Emerald Oil at the current market price. They’ve held these shares for three years.
Emerald Oil, known for its Spondon brand edible oil, announced the decision via the Dhaka Stock Exchange website.
Emerald Oil was inactive for about five years until 2021 when Minori bought over 38% of the shares, amounting to 36.2 million.
A company official, preferring anonymity, stated that Minori would lend the sale proceeds back to Emerald. This interest-free loan aims to help Emerald repay its bank loans, reducing its finance costs in the future.
The official clarified that Emerald won’t issue any shares to Minori as part of this loan agreement.
Minori Bangladesh obtained approval from the Bangladesh Securities and Exchange Commission to sell a total of 4.6 million shares, over 7% of its total shareholding, in phases.