‘Taufika Foods and Agro Industries Limited’ is now ‘Taufika Foods and Lovello Ice-cream PLC’. Share Trading Code to be changed as “LOVELLO” soon. The 1st Extra-Ordinary General Meeting (EGM) of Taufika Foods and Agro Industries Ltd. held on 24th May 2021 through a virtual platform, said a press release.
In the EGM the shareholders approved the amendment of the company’s name from Taufika Foods and Agro Industries Limited to Taufika Foods and Lovello Ice-cream PLC.
Taufika Foods and Agro Industries Limited are engaged in the business of manufacturing and distribution of ice cream since 2016 under the brand name of “LOVELLO’ which has now, become a very popular ice cream brand in the country. After starting the journey as a private limited company, from 8th July 2019, it was converted into a Public Limited Company. Upon approval of the Bangladesh Securities and Exchange Commission (BSEC) for IPO on 15th October 2020 the company started up its share trading at DSE and CSE on 10th February 2021 under ‘N’ category in the name of “TAUFIKA”.
The ice cream brand “LOVELLO” has meanwhile, gained a strong foothold in the ice cream industry of our country within a short period of time. Due to innovative strategies and quality products, LOVELLO has in the meanwhile, become the most demanding ice cream in the market. But in the share market, since the company was listed only by its name “TAUFIKA”, people could not relate the famous LOVELLO brand with the name of the company. So, in order to help people in general, to easily recognize the company and its potential, in the EGM the name has been amended to Taufika Foods and Lovello Ice-cream PLC so that the trade code could be as “LOVELLO” instead of “TAUFIKA”
The company has taken initiatives in increasing its distribution and logistics capabilities in line with its strategies and expecting to grow manifold the volume of business as well as its market share in the industry.
The EGM was presided over by the Chairman of the Company, Datin’ Shamima Nargis Haque.
Referring to the issue of change of the name of the company, Dato’ Engr. Md. Ekramul Haque, the Managing Director said “in the share market the old name was found to be confusing for general investors. They could not relate that this is the company that produces and distributes the famous LOVELLO Ice-cream. The new name ‘Taufika Foods and Lovello Ice-cream PLC’ will remove the confusion to relate LOVELLO ice cream with the company. We strongly believe that the brand name LOVELLO truly represents the company’s potential in the stock market”. He also added that LOVELLO has the target to become a blue-chip company within the next 05 years.
The meeting was attended, among others by Engr. Kawser Ahmed, Director of the company, Imtiaz Lutful Baset FCMA, FCA, Independent Director and the Chief Financial Officer. Company Secretary, AKM Zakaria Hossain FCMA conducted the meeting. A large number of shareholders also attended the meeting through virtual platform and given their consent in favour of the agenda along with a lot of positive comments.-Press Release.
