The non-performing Shreepur Textile Mills Limited and Quasem Textile Mills Limited in Bangladesh have been asked by the BSEC or Bangladesh Securities and Exchange Commission to explain as to why no action has been taken by them to resume production.
This is as per media reports, which claimed the BSEC has sent separate letters to the concerned entities — the two companies had been under the over-the-counter (OTC) market on the country’s stock exchanges since 2009 — recently in this direction.
Meanwhile, according to a Chittagong Stock Exchange (CSE inspection) report, production in Shreepur Textile has remained shut since 2006, while as per another report of Dhaka Stock Exchange (DSE), Quasem Textile Mills held its last AGM in 2012 even if it also, reportedly, found that a business group was running its operation on the factory premises of Quasem Textile Mills as the company concerned has sold their entire factory premises to the Group.
It may be mentioned here that in 2009, the BSEC had launched the OTC market with companies delisted from the main trading boards of the DSE and the CSE even if on 16 September 2021, the BSEC abolished the OTC market and sent 23 OTC companies to the small capital platform and 18 companies to the alternative trading board on the stock exchanges.
