Appollo Ispat Complex, which once thrived with its “Rani Marka Dheutin” brand, disclosed accumulated losses of Tk 7.6 billion for FY19 to FY23 in a filing on November 21, 2024. The company has failed to hold any general meetings over the past five years, and its factory has been shut for more than three years. Appollo Ispat, which went public in 2013, suffered a decline in its business after embezzlement scandals, including the fleeing of key directors and fund mismanagement. Despite early success, its operations have been crippled by a lack of leadership and internal fraud.
The company’s debt burden has ballooned to Tk 9 billion, and it has liabilities of Tk 2 billion. Appollo Ispat’s stock, which was once valued at Tk 41 per share, has fallen to Tk 3.7 per share as of November 21, 2024. The company has sought a bailout from the government due to its dire financial situation and mounting challenges.
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