Equity Analysis /

Olympic Industries: OLYMPIC IND.: Assume status quo in management as chairman passes away

    Tellimer Research
    9 January 2018
    Published byTellimer Research
    Ali family assumed to continue managing business operations. Olympic’s long-standing chairman, Mohammad Bhai (2.3% shareholding of Olympic, over 90 years old), passed away today. The Bhai family collectively own c.20% of the company with c.10% held by the family of Mohammad Bhai’s brother – Mubarak Ali. However, despite the smaller shareholding, the Ali family appear to manage operations. Mubarak Ali has been Managing Director of Olympic since its inception, while Munir Ali (Director) and Tanveer Ali (Executive Director) are credited with the development of the company’s biscuit and confectionery business. Indeed, although three members of the Bhai family are on Olympic’s board, none are present in the management team. We assume the status quo remains unless a contrary position is announced by the company.