Minori to lend support to Emerald to produce oil at a third company

Emerald Oil and Minori Bangladesh have come up with working capital to produce rice bran oil at the factory of Jamuna Edible Oil Industries to boost profits.
As per an agreement, Minori Bangladesh, owner of Emerald Oil, will provide working capital and technical support to facilitate production at the factory of Jamuna Oil Industries.
The companies signed the deal with Jamuna Edible Oil Industries on Sunday.
Miya Mamun, chairman of Minori Bangladesh; Md Afzal Hossain, managing director of Emerald Oil, and Md Lutfar Rahman, managing director of Jamuna Edible Oil, signed the agreement on behalf of their respective companies.
Apart from lending working capital to Emerald Oil, Minori Bangladesh will provide technical support targeting oil export to Japan.
As per a press release, Emerald Oil at present produces around 56-60 tonnes of rice bran oil a day. The company's production is expected to go up to 160 tonnes per day if the agreement is implemented.
Profits of Emerald Oil and Minori Bangladesh will also get a boost accordingly.
The share price of Emerald Oil peaked at Tk 182.5 on July 12. Later, the price exhibited volatility and came down to Tk 141.90 on Monday with a rise of 0.57 per cent from the previous session.

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