Taufika Foods and Agro Industries Limited has changed its name to Taufika Foods and Lovello Ice-cream PLC.
The shareholders in the 1st Extra Ordinary General Meeting (EGM) of Taufika Foods and Agro Industries Ltd. held on 24th May 2021 through virtual platform approved the amendment of changing the company's name.
Taufika Foods and Agro Industries Limited is engaged in the business of manufacturing and distribution of ice cream since 2016 under the brand name of Lovello, which has now become a very popular ice cream brand in the country, stated in a press release.
After starting the journey as a private limited company, from July 8, 2019 it was converted into a Public Limited Company.
Upon approval of the Bangladesh Securities and Exchange Commission (BSEC) for IPO on October 15, 2020, the company started up its share trading at DSE and CSE on February 10, 2021. under 'N' category in the name of Taufika.
The ice cream brand Lovello has meanwhile, gained a strong foothold in the ice cream industry of our country within a short period of time. Due to innovative strategies and quality products, Lovello has become one of the most demanding ice-cream in the market.
But in the share market, since the company was listed only by its name Taufika, people could not relate the Lovello brand with the name of the company. So, in order to help people in general, to easily recognise the company and its potential, name has been amended to Taufika Foods and Lovello Ice-cream PLC, reads the press release.
The company has taken initiatives in increasing its distribution and logistics capabilities in line with its strategies and expecting to grow manifold the volume of business as well as its market share in the industry.
The EGM was presided over by the Chairman of the Company, Datin' Shamima Nargis Haque.
Referring to the issue of change of the name of the company, Dato' Engineer Md Ekramul Haque, MD, said "in the share market the old name was found to be confusing for general investors. They could not relate that this is the company that produces and distributes the famous Lovello Ice-cream."
"The new name will remove the confusion to relate Lovello ice-cream with the company. We strongly believe that, the brand name truly represents the company's potential in the stock market. Lovello has the target to become a blue-chip company within next five years" He added.
The meeting was attended, among others by Engineer Kawser Ahmed, director of the company; Imtiaz Lutful Baset FCMA, FCA, independent director and the chief financial officer.
Company Secretary, AKM Zakaria Hossain FCMA, conducted the meeting. A large number of shareholders also attended the meeting through virtual platform and given their consent in favor of the agenda along with a lot of positive comments.