Maladroit chiefs, supports screw up Bangas business

Bangas Limited and Olympic Industries Limited began their excursion together in the bread kitchen industry in 1979. Toward the finish of FY2021, Olympic’s income remained at over Tk1,800 crore, while Bangas’ income was just Tk20 crore.

At the point when inquired as to why Bangas fell such a long ways behind Olympic, a senior examiner of a speculation bank, on state of secrecy, said, “Over the most recent 42 years, Olympic has fostered its plants and expanded creation limit answering the progressions in purchaser interest and innovation.”

“Yet, Bangas couldn’t stay aware of the times. The organization couldn’t develop because of absence of support, and the folly and shortcoming of the backers and chiefs,” he said.

Olympic and Bangas are both recorded on the securities exchange. Portions of Olympic are being exchanged at Tk119 on the Dhaka Stock Exchange (DSE), while Bangas is exchanging at Tk133 per share.

In the last three monetary years, Olympic has delivered over half money profit to its investors, while Bangas has not had the option to pay even 5% routinely.

Previous BNP pioneer and individual from Parliament Md Mozammel Haque established Bangas. He died in 2017. Until his passing, he was the overseeing overseer of the organization. His three children are right now on the organization’s top managerial staff.

A previous organization official, talking on state of obscurity, said, “Bangas was doing great until 2007. Very much like Olympic, the piece of the pie of Bangas was additionally great around then. After the fall of the BNP government, Mozammel Haque neglected to watch out for the organization.”

“Furthermore, no new speculation has been made to increase creation limit. Over the most recent 10 years, numerous talented specialists of the organization have found employment elsewhere,” he said.

The authority added that the organization’s condition declined further after the passing of Mozammel Haque. The organization that has consistently created gains, counted misfortunes for two continuous years.

Mozammel Haque put resources into the bread shop business as well as the material area. He established Tallu Spinning Mill in 1985, and Mithun Knitting in 1991 at Chittagong Export Processing Zone.

With these three organizations, he established the Bangas-Tallu Group. Plus, both of these material organizations are recorded on the financial exchange. Be that as it may, they are not presently underway. Of them, Chittagong Economic Zone has seized Mithun Knitting’s plant.

The previous authority expressed that after the passing of Mozammel Haque, a contention resulted among his three children over the responsibility for organizations. Accordingly, Bangas is presently scarcely productive, and the other two organizations are likewise in exceptionally unfortunate shape.

Bangas Chairman Rafiqul Haque was called a few times on his wireless to question about the situation with the organizations, yet he didn’t reply.