Emerald Oil Industries Spondon-branded edible oil producer has secured regulatory approval to keep shares as security on a loan out of mandatory holdings by 30% of sponsor-directors to meet working capital. The owner of Emerald Oil, Minori Bangladesh, owns 38.26% shares of the company.
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Minori Bangladesh Limited, an arm of the Japanese farming group Minori Co Limited, could not yet get hold of Emerald Oil Industries Limited as the oil company's shares owned by its sponsors have been mortgaged against bank loans. The Japanese venture brought the Spondon rice bran oil company into operation with a fresh investment of Tk30 crore in January this year, and it is