Shurwid to hand over management to Eurodesh Group October 5

Dhaka,  Thu,  21 September 2017
Published : 13 Aug 2017, 21:03:53
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Shurwid to hand over management to Eurodesh Group October 5

FE Report


The existing board of Shurwid Industries will hand over the company's management to Eurodesh Group at an Extra-ordinary General Meeting (EGM) to be held on October 5 next.

The company has said this in response to a DSE query regarding clarification on price sensitive information of the company.

In July last, the existing board of Shurwid Industries took a decision to hand over the company's management to Eurodesh Group due to failure of running the company amid 'crisis' of gas and electricity.

"The Company has informed that the Board of Directors has decided to convene the 6th EGM of the company on October 5, 2017 regarding the handover of the management of the company to Eurodesh Consumer Products, a concern of Eurodesh Group," according a DSE disclosure.

As per decision, the existing directors will resign from the board and the directors/concerns of Eurodesh Group will form a new board and appoint new chairman and managing director accordingly.

The company has also confirmed that for this change of management, there will be no financial transaction or transfer of shares between these two groups, according to Dhaka Stock Exchange (DSE).

The agenda of the EGM to be held on October 5 will be as follows: to accept resignation of the existing three directors and two independent directors from the board of directors, to appoint three new directors, to accept resignation of the managing director and to correct the Articles of the Association No. 89, 94(a), 121 & 151(a).

As per the bilateral decision, the board led by engineering Mahmudul Hasan will take the company's responsibility from the existing board led by Anis Ahmed.

The company's share price rose 27.15 per cent in nine trading sessions during July 23 to August 6 following the news of shifting the company's management.

The share price of Shurwid Industries Sunday declined 4.41 per cent or Tk 0.80 to close at Tk 14.20.

A conflict regarding legality of running the company by two groups arose before two years and six months ago.

Both the groups then arranged press briefing demanding their legality in running the company. They also sought the interference of the securities regulator.

Shurwid Industries, a 'Z' category company, was listed with both the bourses in 2014.

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