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Keya Group
Bangladeshi diversified conglomerate From Wikipedia, the free encyclopedia
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Keya Group (Bengali: কেয়া গ্রুপ) is a Bangladeshi diversified conglomerate based in Dhaka. The company was founded by Abdul Khalek Pathan in 1983. It is one of the largest cosmetic brands in Bangladesh.[1]
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History
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Keya Cosmetics Limited was established in 1996.[2] Its founder and chairperson is Abdul Khaleque Pathan.[3] It paid 10 to 50 percent dividends on its stocks in 2001.[3]
Keya Detergent Limited and Keya Soap Chemicals Limited were merged with Keya Cosmetics Limited in 2010.[3] Keya Soap Chemicals was the only company not listed on the Dhaka Stock Exchange.[4]
Keya Cosmetics announced that it will sponsor Suhrawardy Cup National under-19 football championship.[5]
Keya Cotton Mills, Keya Knit Composite, and Keya Spinning Mills were merged in 2015 with Keya Cosmetics.[3] Bangladesh Securities and Exchange Commission initially opposed the move as the three companies were burdened with large liabilities while Key Cosmetics is listed on the Dhaka Stock Exchange.[6] The merger received approval from Bangladesh High Court.[7] In September 2015, about 500 Keya Knit Composite Limited workers felt sick after drinking water at the canteen.[8] 100 more workers fell sick a few days at the same factory.[8]
The company shares performed well in the Dhaka Stock Market in 2007.[9] The sponsor directors reduced shares from 62 percent to 46 percent in 2017.[3] They failed to offload further shares due to lack of demand.[3] The company shifted its office from Banani to Gazipur, where its factories are located, to reduce costs.[3] The company has 8.5 billion taka in long-term loans and 6.3 billion in short-term loans.[3] The same year Anti-Corruption Commission arrested the Chairperson of Keya Group, Abdul Khaleque Pathan, for allegedly embezzling 1.11 billion taka from Bangladesh Krishi Bank Limited.[10][11] Financial Reporting Council Bangladesh estimated that Keya Group had laundered more than 10 billion taka through their European subsidiary.[3]
In May 2018, Keya Group signed an agreement with Khulna University to research crab farming in Bangladesh.[12] Abdul Khaleque Pathan, his wife, Feroza Begum, and son, Tansin Keya, sold two billion taka worth of shares to pay off bank loans in 2018.[13] Keya also violated Dhaka Stock Exchange rules by not publishing their quarterly statements.[14] Four directors of Keya Group were fined on 24 July 2018 by Bangladesh Securities and Exchange Commission.[15]
Keya Group has 1.57 billion taka loan from Pubali Bank.[16] An investigation by Dhaka Stock Exchange found irregularities in the company's shares.[16] It had been suffering from financial problems.[16]
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Sister Concerns
- Keya Cosmetics Limited[2] (Keya Soap, lifeguard, active toothpaste,[17] Super Saloon,[18] and Ice Magic[19])
- Keya Europe[20]
- Keya Cotton Mills[21]
- Keya Knit Composite[21]
- Keya Agro Process Limited[21]
- Keya Yarn Mills Limited[22]
- Keya Cotton Mills[23]
- Khaleque Knitting and Garments Industries Private Limited[24]
- Keya Spinning Mills[24]
- Knit Composite Division[25]
References
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