Eastern Cables Limited

Eastern Cables Limited (Bengali: ইস্টার্ন কেবলস লিঃ) is a Bangladesh government owned telecom equipment and wire manufacturing company.[1] Eastern Cables is the largest manufacturer of cables and conductors in Bangladesh. Md. Shahidul Hoque Bhuia ndc is the chairman and Md.Abul Kalam Azad is the managing director of Eastern Cables. It is a subsidiary of Bangladesh Steel and Engineering Corporation.[2][3][4][5]

Eastern Cables Limited
Formation1967
PurposeCreating pipes and other goods
HeadquartersChittagong, Bangladesh
Location
  • Patenga, Chittagong, Bangladesh
Region served
Bangladesh
Official language
Bengali
Chairman
Shahidul Hoque Bhuia ndc
Managing Director
Md.Abul Kalam Azad
Parent organization
Bangladesh Steel and Engineering Corporation
Revenue
DecreaseUS$14 million (2017)
Websitewww.easterncables.gov.bd

History

Eastern Cables Limited was established in 1967 in Patenga, Chittagong and commercial production began on 1 March 1971.[6] It was listed in the stock exchange in 1986. In 2008, Bangladesh governments attempts to privatize Atlas Bangladesh, Eastern Cables, National Tubes, and Usmania Glass Sheet Factory were stopped after employees of companies challenged the decision in court.[7]

In May 2018, Dhaka Stock Exchange downgraded the Eastern Cables Limited company from "A" category shares to "Z" category shares for failure to hold regular Annual General Meeting.[8] The same month BRB Cable Industries Limited, a private cable manufacture, bought 30 percent of the shares of Eastern Cable from the stock market despite attempts by the Ministry of Industries to stop the sale. The Ministry of Industries asked Bangladesh Securities and Exchange Commission to prevent BRB cables from taking a director seat in the company as they identified BRB cables as a competitor. The Government of Bangladesh owns 51 percent of the share while the rest are in the capital market.[9]

From 2018 to 2019, the earnings of Eastern Cable were down 229 percent.[10]

References
  1. "Cable industry thrives on housing growth". The Daily Star. 21 July 2008. Retrieved 10 June 2020.
  2. ইস্টার্ন কেবলস লিঃ. www.easterncables.gov.bd. Retrieved 2021-01-29.
  3. "33rd AGM of Eastern Cables Limited". Dhaka Tribune. 8 February 2020. Retrieved 10 June 2020.
  4. "Industries Minister visits Eastern Cables in Ctg". The Daily Observer. Retrieved 10 June 2020.
  5. "Proper govt guidance is key to sustainable growth". The Daily Star. 9 October 2011. Retrieved 10 June 2020.
  6. "Eastern Cables Limited Company Profile - Bangladesh". emis.com. Retrieved 10 June 2020.
  7. "Legal moves halt govt share sales". The Daily Star. 12 May 2008. Retrieved 10 June 2020.
  8. "Eastern Cables now in 'Z' category". The Financial Express. Retrieved 10 June 2020.
  9. "BRB Cables buys 30pc shares of state-run Eastern Cables to go into its board". New Age. Retrieved 10 June 2020.
  10. "Eastern Cables' earnings fall". The Daily Star. 1 May 2019. Retrieved 10 June 2020.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.