Emerald Oil Industries has received regulatory approval to pledge shares for a loan, allowing Minori Bangladesh, which owns 38.26% of the shares, to utilize 30% of the sponsor-directors’ holdings for working capital. Minori acquired 7.81% of the shares from the secondary market and the remainder through new share issuances. The Bangladesh Securities and Exchange Commission (BSEC) granted permission with conditions, allowing Minori to pledge sponsor shares without a lock-in period, but newly-issued shares remain locked in for three years.
Emerald Oil recommenced production in January 2022 but faced operational challenges due to a gas shortage, leading to factory closures for the last two months. In Q3 2023, the company reported a revenue of Tk69.75 crore, a significant increase from Tk26.92 crore in the same period in 2022, with a profit after tax of Tk13.40 crore and earnings per share of Tk1.47. The share price closed at Tk80.90 on the Dhaka Stock Exchange.