BSEC approval for Sea Pearl’s acquisition of BD Welding

The production of Bangladesh Welding Electrodes (BDWelding) listed in the stock market has been stopped for a long time. So that shareholders are not getting any return from the company. Finally, the effective action of the regulatory body has created hope in the company. The Commission has conveyed this hope by approving the change of ownership of the company. Where the Sea Pearl Hotel and Resort Authority, which received the world’s best award in 3 categories, will work to return the company to production through acquisition.

The Commission headed by Prof. Shibli Rubaiyat-ul-Islam took initiative to launch various closed companies since taking charge. As a result, BD Weldings took the initiative to return to production. In continuation of this, the commission reconstituted the board of the company on January 28, 2021. Besides, the regulatory agency decided to appoint a special auditor to audit the financial situation of the last 2 financial years.

Then in March of the same year, 2 independent directors were appointed as the founders and directors of the company. Besides, it decided to appoint 4 more independent directors. Among those 4 people, one nominated by Investment Corporation of Bangladesh (ICB) is kept as an independent director.

In this, independent directors were appointed in the company – Kazi Shafiqul Islam, Prof. Dr. Abul Mansur Ahmed, Nusrat Khan, AFM Abdul Moin and Md. Saifuddin Khan. Apart from this, independent director nominated by ICB is Md. Rafiqul Islam. Among these, Kazi Shafiqul Islam was given the responsibility of the chairman of the company.

BSEC has approved the change of ownership of the company. In the last commission meeting, the management change has been made possible through the transfer of shares of BD Welding. The company that is going to take over the responsibility of the Sea Pearl Hotel and Resort Authority, which is the first in the country and has received the best award in the world in 3 categories.

Sea Pearl’s Ikramul Haque, Aminul Islam and Samiul Haque will buy about 31 per cent stake of the founders/directors of Safa BD Welding. ICB currently owns 25.25% of the total 31.01% shares held by entrepreneurs/directors in the company.

After the stake acquisition, Sea Pearl authorities will work to bring BD Welding back into production. For which the Commission has approved the acquisition of these shares. This will protect the interests of the shareholders and the entire stock market.

This company authorities faced problems in starting the factory shifted from Chittagong to Dhaka due to financial crisis. Which could also be started with a loan from the bank. But the designated directors of ICB stand as a big obstacle in taking bank loans. From that time ICB wants to transfer their share. Which will now be taken by the Sea Pearl Authority.

Note that BD Welding, which was listed in the stock market in 1999, currently has a paid-up capital of Tk 43 crore 35 lakh. Of this, 68.99 percent ownership is held by investors of various categories (except entrepreneurs/directors) of the stock market. After trading on Monday (January 29), the company’s share price stood at Tk 29.30.