Renwick Jajneswar & Co Limited was established in 1881. It is located on a 37-acre site in Kushtia.[1]
Renwick Jajneswar & Co Limited was delisted from the Dhaka Stock Exchange briefly after delays with converting paper shares into electronic shares.[2]
Renwick Jajneswar & Co Limited had been operating in a deficit and by January 2019 it had been months since workers were paid at the company. It switched from buying scrap metals from state owned sugar mills to a private contractor, Azam & Sons, increasing the cost of raw materials.[1] According to Dhaka Tribune there is a strong syndicate involved in embezzling funds from the company. The newspaper reported that the syndicate is controlled by accountants, Alamgir Hossain and Partha Pratim Saha, of the company.[1]
The government of Bangladesh owns 51% of the shareholders while the rest are held by the general public. The public shareholders do not have a director on the Board of Directors representing their interests.[1] BRB cables has bought 26.89% of the shares of the company from the stock market. According to Dhaka Stock Exchange 17.38% of the shares was owned by institutional investors and the remaining 31.62% by general shareholders.[3] BRB cables hoped to place a director on the company board. It was the second state owned company, after Eastern Cables Limited, in which BRB cables bought significant number of shares.[4]
Bangladesh Sugar and Food Industries Corporation, a state owned corporation, owned sugars mills owed half a billion taka to Renwick Jajneswar & Co Limited in November 2019. An audit report stated that the company was at risk of closure unless it could collect the debts from state owned sugar mills.[5]
