Renwick Jajneswar & Co Limited (Bengali: রেনউইক যজ্ঞেশ্বর অ্যান্ড কোম্পানি) is a Bangladesh government owned company that manufactures machines and parts for sugar mills.
| Formation | 1881 |
|---|---|
| Headquarters | Dhaka, Bangladesh |
| Location |
|
Region served | Bangladesh |
Official language | Bengali |
Parent organization | Bangladesh Sugar and Food Industries Corporation |
History
editRenwick Jajneswar & Co Limited was established in 1881. It is located on a 37-acre site in Kushtia.[1]
Renwick Jajneswar & Co Limited was delisted from the Dhaka Stock Exchange briefly after delays with converting paper shares into electronic shares.[2]
Renwick Jajneswar & Co Limited had been operating in a deficit and by January 2019 it had been months since workers were paid at the company. It switched from buying scrap metals from state owned sugar mills to a private contractor, Azam & Sons, increasing the cost of raw materials.[1] According to Dhaka Tribune there is a strong syndicate involved in embezzling funds from the company. The newspaper reported that the syndicate is controlled by accountants, Alamgir Hossain and Partha Pratim Saha, of the company.[1]
The government of Bangladesh owns 51% of the shareholders while the rest are held by the general public. The public shareholders do not have a director on the Board of Directors representing their interests.[1] BRB cables has bought 26.89% of the shares of the company from the stock market. According to Dhaka Stock Exchange 17.38% of the shares was owned by institutional investors and the remaining 31.62% by general shareholders.[3] BRB cables hoped to place a director on the company board. It was the second state owned company, after Eastern Cables Limited, in which BRB cables bought significant number of shares.[4]
Bangladesh Sugar and Food Industries Corporation, a state owned corporation, owned sugars mills owed half a billion taka to Renwick Jajneswar & Co Limited in November 2019. An audit report stated that the company was at risk of closure unless it could collect the debts from state owned sugar mills.[5]
References
edit- ^ a b c d "Renwick Jajneswar & Company (Bd) Ltd workers go unpaid for months". Dhaka Tribune. 2019-01-21. Retrieved 2021-04-11.
- ^ "Ten delisted firms join main market Sunday". The Daily Star. 2011-01-17. Retrieved 2021-04-11.
- ^ "BRB's growing interest in state-owned firms". bizbangladesh.net. Retrieved 2021-04-11.
- ^ "BRB eyes another SoE board buying 27pc Renwick shares". New Age. Retrieved 2021-04-11.
- ^ "6 poor performing companies struggle to survive". The Business Standard. 2019-11-24. Retrieved 2021-04-11.
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