Emerald Oil, an early entrant into the domestic rice bran oil market, established a new branch in Japan last month as part of its plan to export its product to the island nation.
The new branch was established in Tokyo, Japan on September 20 this year, the company announced today in a statement posted on the Dhaka Stock Exchange (DSE) website.
However, Emerald Oil Industries’ share price fell 0.54% to 36.8 Tk on the DSE today.
“We opted for the new office as we believe a branch in an export destination would make it easier to process export goods,” Sadia Afrin, corporate secretary of Emerald Oil, told the Daily Star.
Founded in 2008, Emerald Oil launched its rice bran oil brand “Spondon” in 2011.
It raised Tk 20 crore from the public to repay loans and meet working capital requirements in 2014.
It went out of production in 2017, leaving general investors with shares.
Last year, Minori Bangladesh, a subsidiary of the Japanese agricultural company Minori Co Limited, invested in Emerald Oil, taking a 30% stake.
In its full commercial operation, the company can produce 48 tons of rice bran oil and 282 tons of de-oiled rice bran per year.