After a five-year hiatus, Emerald Oil Industries' rice bran oil Spondon has returned to the country's market.
Emerald Oil, which is listed on the capital market, was shut down in 2017 due to loan defaults by its founders.
The packaging of Spondon – the almost forgotten rice-bran and "heart-friendly" cooking oil – was unveiled afresh at a function held at a city hotel on Tuesday evening.
Minori Bangladesh – a subsidiary of Japanese farming company Minori Co Limited – has extended its hand to revive Emerald Oil by taking over its sponsor-directors shares.
Emerald Oil's full-fledged production started in January this year, with fresh investment from Minori Bangladesh.
However, due to a lack of uninterrupted gas connection, Spondon oil could not be produced. Oil production was restarted by connecting liquefied petroleum gas (LPG) along with natural gas.
Afzal Hossain, managing director of Emerald Oil, said there were obstacles in running the business, such as defaulting on loans worth Tk100 crore, non-availability of uninterrupted gas and shortage of raw materials.
"Emerald Oil has two production units. One of them has a crushing capacity of 180 tonnes and the other has a capacity of 150 tonnes daily. Due to insufficient supply of gas, only the 180-tonne unit is operational," he added.
Afzal Hossain said, "26 tonnes of refined oil comes from this unit daily. With this capability, we will be able to market about 26 tonnes of oil per day."
Professor Rumana Islam, a commissioner of the Bangladesh Securities Exchange Commission (BSEC), said, "Spondon oil has come up afresh after the acquisition. We hope the company will do much better and Emerald Oil will protect the interests of investors."
She hopes the company will be able to create a better position within the next year.
Saifur Rahman, executive director of BSEC, said they had nothing after the closure of Emerald Oil. Now the company has to do everything afresh.
Emerald Oil Industries Chairman Shafiqul Islam and Minori Bangladesh Chairman Mia Mamun were present at the packaging unveiling ceremony.
Emerald Oil Industries was established in 2008 with a mission to produce edible oil – a common item for preparing daily foods.
It started its journey in 2011, to produce hygienic, nutritious, and quality refined rice bran edible oil branded as Spondon.
The company got listed on the stock exchanges in 2014 by raising funds from the stock market for business expansion.