Padma Printers turns to Quest BDC

Over the counter market companies, Padma Printers & Color Ltd has changed its name to Quest BDC Limited. The company is owned by an asset management company, LR Global Bangladesh. LR Global acquired it by new investment of TK 23 crore. The company's production will return through new investments. The company hopes to be listed on DSE's SME platform soon. This information is provided by Dhaka Stock Exchange (DSE) sources.
According to DSE information, the capital market regulator has authorized to verify the current status and financial reports of the company established in 1968. Bangladesh Securities and Exchange Commission (BSEC) has instructed DSEC to inspect the company's head office and factory. DSE has to submit report to BSEC after inspection within seven working days.
The new owner, LR Global, changed Padma Printers name to Quest BDC Limited in 2023 and announced plans to transform it into an information and technology sector's firm, after injecting a Tk 50-crore fund.
LR Global acquired a 51 percent stake from its old sponsor-directors at a cost of Tk 289.48 each, according to its annual report for fiscal year 2022-23.
In addition to its former printing and packaging business, Quest BDC will focus on business process outsourcing, software development, financials services and other business.
Riaz Islam, chief investment officer of LR Global and director of Quest BDC, told Acquiring the majority stake, we took control of the board. The cost price per share was Tk289.48 each.
He further said, the average cost per shares may price at Tk20-22 each because of the issuance of new shares against investment of Tk 50 crore at Tk 10 each.
Padma Printers & Colour Ltd, one of the old firms equipped with modern technology, got listed on the Dhaka Stock Exchange (DSE) in 1979.
Owing to a downfall in its business and over non-compliance with the securities laws, Padma Printers was transferred to the over-the-counter platform in 2009.
In September 2021, the Bangladesh Securities and Exchange Commission (BSEC) had suspended the OTC board returning companies to a SME board, an alternative trading board, and some from the stock market.
Along with the 28 companies of OTC, Padma Printers had to exit from the stock market.
LR Global had shown interest to acquire it in the middle of 2023, the BSEC allowed the asset management company to acquire sponsor-directors' stake.