Japanese company Be Born Co is making a significant move in the Bangladeshi market, expressing its intent to acquire 11 lakh shares of Emerald Oil Industries, a publicly listed company, through the Dhaka Stock Exchange. The proposal comes after the signing of a Memorandum of Understanding (MoU) between Be Born Co and Emerald Oil Industries, wherein the latter was slated to export 3,000 tonnes of crude oil annually. Be Born Co’s Chief Executive Officer, Shingo Miyauchi, conveyed the company’s eagerness to invest and establish a long-term relationship by becoming a strategic partner and shareholder of Emerald Oil. This strategic maneuver underscores the expansion of Be Born Co’s presence beyond its wholesale food business, which involves importing and supplying crude edible oil.
Emerald Oil Industries, having recommenced operations in January 2022 under the new management of Minori Bangladesh, has been witnessing a surge in share prices over the past three months. The company paid a 2% cash dividend to its shareholders in the fiscal year 2021-22. Be Born Co’s interest in acquiring shares comes subsequent to Minori Bangladesh’s infusion of Tk40 crore to rejuvenate Emerald Oil Industries’ production, showcasing Japanese investors’ growing engagement in Bangladesh’s business landscape.