Equity Valuation Report-MJL Bangladesh Limited (Initiation Coverage)

MJL Bangladesh Limited (MJLBD) is a joint venture Company between state-owned Jamuna Oil Company Limited and EC Securities Limited (subsidiary of the East Coast Group). EC Securities Limited holds 52.062% shares of the company while Jamuna Oil Company Limited owns 19.454% stake of the MJLBD as on 30 June 2016. MJLBD initiated as a lubricating oil marketing company of Mobil brand but later in 2003 with the introduction of Lube Oil Blending Plant (LOBP) it also got engaged in blending lubricant an...