Eastern Cables Ltd, a state-owned publicly listed company, and BRB Cable Industries Ltd, a private company, remain at loggerheads over membership on the former’s board of directors. According to sources at the companies, BRB Cable wants to become a member of the Eastern Cables’ board of directors as it owns 30% of shares in Eastern Cables through its sister concerns and individuals linked with the state-run company. As BRB is one of the biggest competitors of Eastern Cables and owns a significant portion of shares in Eastern Cables, it is essential for the Eastern Cables authorities to maintain confidentiality on its business strategies to retain its competitive edge in the market. Row delays Eastern Cables’s AGMBecause of the ongoing row between the two companies, Eastern Cables is in a dilemma over holding its annual general meeting (AGM). “I am aware of the issue and working on it with the people concerned,” Eastern Cables Managing Director Ushamoy Chakma said.

Source: Dhaka Tribune May 06, 2018 16:41 UTC