Globe Pharmaceuticals Group of Companies is preparing to sell off its struggling edible oil arm, Globe Edible Oil Ltd, in a major move to address ballooning bank liabilities, primarily with Islami Bank’s Gulshan branch.

Industry insiders reveal that the buyer is likely to be Abul Kashem, chairman of Abul Khair Group, in what is said to be a personal acquisition, not linked directly to his conglomerate. The deal is expected to be valued at around Tk 20 billion, although both sides have yet to confirm or finalise terms.

Globe director Samir Al Rashid confirmed that the acquisition discussions are ongoing, framing the move as a “transfer of liabilities” rather than a traditional sale. He said the company is financially paralyzed, largely due to past interference by S Alam Group, which he claims crippled operations over the last 15 years.

“We can’t run the company even if we want to… the liabilities are increasing day by day,” said Rashid.

Globe Edible Oil Ltd currently has Tk 13 billion in liabilities with Islami Bank and has defaulted. The company is the single largest borrower of Islami Bank’s Gulshan branch, which is itself under stress—Tk 27.50 billion out of its Tk 31 billion loan portfolio is now classified as non-performing.

Bank officials shared that the proposed acquisition deal involves an initial Tk 300 crore repayment, a rescheduling of the remaining liabilities, and possibly a partial interest waiver.

Md Omar Faruk Khan, Islami Bank’s acting MD, acknowledged the planned sale but noted that formal documentation from either party is pending.

Meanwhile, controversy continues to swirl around past attempts by the S Alam Group to allegedly force Globe to sell the unit. Globe’s chairman, Md Harunur Rashid, previously described S Alam’s actions as a “hostile takeover attempt,” claiming the group used its influence over Islami Bank and other institutions to disrupt operations and devalue the business.

He alleged that Globe suffered over Tk 60 billion in losses due to S Alam’s illegal interference.

Globe had entered the edible oil market in the 2010s, targeting health-conscious consumers with its sunflower oil offerings. The company applied for loans in 2011 from Islami Bank to finance machinery imports and working capital, but operations stalled amid the financial and political drama.