KEYACOSMET Query Response on a news published in the online newspaper - Share market analysis of dhaka stock exchange, Bangladesh

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11 July, 2018 02:09 PM Source: Dhaka Stock Exchange

In response to a DSE query dated June 27, 2018 regarding a news published in the online newspaper with regard to "Sonali Bank is taking the Properties of Keya Cosmetics Limited in auction", the Company has given the following response: "We would like to inform you that we are maintaining financial transaction with Sonali Bank Ltd., BB Avenue Corporate Branch under the titled "Keya Cosmetics Ltd." and availed loan facility time to time. But last few years because of non-cooperation of Sonali Bank Ltd. we failed to maintain loan repayment in due time. Since, last four years they didn't provide us renewal of our working capital facility which was approved by their board. We requested Sonali Bank Ltd. vide our letter to reschedule our loan for a period of 12 years according to the BRPD circular 04 dated 29.01.2015 which was not sent by Sonali Bank Ltd. to Bangladesh Bank. As the loan account was blocked since September, 2014 and we suffered serious problem for that finally we requested to Sonali Bank Ltd. vide our letter dated May 30, 2018 that we will adjust our full liability which was outstanding on 30th September 2014 and also for giving waiver of unapplied interest of this block period. We intended to repay the full outstanding liabilities but Sonali Bank Ltd. did not make any positive response.In this moment, suddenly Sonali Bank Ltd. published an auction notice to sell our mortgage properties even though we already informed them to settle the loan account by receiving the exact liabilities. We have already informed Bangladesh Bank to settle the issue with Sonali Bank Ltd. through our letter no. KCL/SB/BB/2018/03 dated 27.06.2018.At the time of taking loan facilities we gave sufficient land and machineries as mortgage against loan. They have published auction notice for land which is not currently used by us. We are trying to settle the matter with Sonali Bank Ltd. immediately."


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