Inspection Reveals Discrepancies in Imam Button’s Reported Income

Industry: Agriculture & Livestock, Agro, RMG, RMG & Textile
Company: Imam Button Industries Limited
Company Intelligence Tag: Business Insights

A company transitioned from button manufacturing to fisheries and tannery, but inspection reports revealed discrepancies. In the fiscal year 2023-24, it reported a fish business income of Tk1.14 crore with a Tk13 lakh profit, paying a 1% cash dividend. However, no fish were found in its ponds during inspection. The tannery unit claimed a shoe production capacity of 530 pairs/day but only produced 15-20 pairs/day. The company’s share price surged to Tk220 due to a shift towards fish farming but has since settled at Tk166. The company’s owner fled to the UAE in 2020 with unpaid loans of around Tk800 crore. The DSE found irregularities in dividend payments and loan repayments, raising questions about the company’s financial health and regulatory compliance.

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