MJL_Bangladesh_Limited

MJL Bangladesh Limited

MJL Bangladesh Limited

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MJL Bangladesh PLC (Bengali: এমজেএল বাংলাদেশ লিমিটেড) (DSE: MJLBD,[3] CSE: MJLBD[4]) widely known as Mobil Bangladesh, formerly known as Mobil Jamuna Lubricants Limited, is a company that is jointly owned by Jamuna Oil Company, a subsidiary of government-owned Bangladesh Petroleum Corporation and EC Securities Limited, a subsidiary of East Coast Group.[5] Azam J Chowdhury is the Managing Director of the MJL Bangladesh Limited.[6] M. Mukul Hossain is the Chief Executive Officer of the company.[7] It markets products of ExxonMobil as the strategic alliance partner of the company in Bangladesh.[8][9]

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History

MJL Bangladesh Limited was established as Mobil Jamuna Lubricants Limited in 1998 by Jamuna Oil Company, a subsidiary of the state owned Bangladesh Petroleum Corporation and Mobil Corporation. The company was founded at the initiative of Mobil. In 2003, a Lube Oil Blending Plant was established by the company; which was the first lube oil factory in Bangladesh. The base oil to blend lubricant products in the factory comes directly from ExxonMobil.[10] ExxonMobil disinvested from the company in 2003 that made EC Securities Limited the largest shareholder of the company.[11]

In 2010, MJL Bangladesh Limited entered into the stock market by issuing IPO worth 4.60 billion taka on Dhaka Stock Exchange; setting a record for the second largest IPO in Bangladesh.[12]

In 2013, MJL Bangladesh Limited signed an agreement with AKT Petroleum Ltd to launch a joint venture in Myanmar to market Mobil branded lubricant's in the country.[11] The company owns Omera LPG which sells liquefied petroleum gas for domestic consumption.[13] In 2017, the company gave 45 percent cash dividend to its shareholders. It's profit in 2017 was 1.9 billion taka.[14] In 2018 profits rose by 14 percent for the company.[15]

In 2020, sales of the company declined for the first time in three years.[16]

Subsidiaries

Omera Petroleum Limited

Omera Petroleum Limited is a subsidiary of MJL Bangladesh Limited. Omera Petroleum Limited manufactures and distributes liquefied petroleum gas (LPG) in Bangladesh. [2]

Omera Cylinders Limited

Omera Cylinders Limited manufactures cylinders and works as a backward integration company. [2]

MJL & AKT Petroleum Company Limited

MJL & AKT Petroleum Company Limited is a joint venture between MJL Bangladesh Limited and AKT Petroleum Limited that markets Mobil lubricants in Myanmar. [11]

References

  1. [1]
    "Omera Petroleum Limited – East Coast Group".
  2. [2]
    "Equity Note on MJL Bangladesh Limited".
  3. [3]
    "Company Information: MJLBD". Dhaka Stock Exchange.
  4. [4]
    "Company Information – MJLBD". Chittagong Stock Exchange.
  5. [5]
    "Company profile: MJL dividends remain steady in three years". The Financial Express. Retrieved 19 October 2020.
  6. [6]
    "Business Person of the Year". The Daily Star. 6 July 2019. Retrieved 19 October 2020.
  7. [7]
    "Omera Petroleum Ltd introduces 25kg LPG cylinder". The Daily Star. 7 May 2019. Retrieved 19 October 2020.
  8. [8]
    "Mobil Partners' Meet 2019 held in city". The Financial Express. Retrieved 19 October 2020.
  9. [9]
    "MJL Bangladesh Limited". mobil.com. Retrieved 19 October 2020.
  10. [10]
    "About MJLBL". mjlbl.com. Retrieved 19 October 2020.
  11. [11]
    "MJL Bangladesh forms joint venture in Myanmar". The Daily Star. 19 July 2013. Retrieved 19 October 2020.
  12. [12]
    "Eyes on record shares". The Daily Star. 26 November 2010. Retrieved 19 October 2020.
  13. [13]
    "Omera to get $20m from IFC". The Daily Star. 12 October 2018. Retrieved 19 October 2020.
  14. [14]
    "MJLBL okays 45pc cash dividend". The Daily Observer. Retrieved 19 October 2020.
  15. [15]
    "MJL's profit rises 14.41pc in Q3". The Daily Star. 16 May 2018. Retrieved 19 October 2020.
  16. [16]
    "MJL Bangladesh sales drop for first time in 3 years". The Business Standard. 5 February 2020. Retrieved 19 October 2020.
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