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Chittagong Vegetable Oil Industries Ltd. was established as a Private Limited Company as per Registration No.C-13342/919 dated 9-12-1984 and later on it was converted into a Public Limited Company under the Chairmanship of Alhaj Md Yunus, B.A. FM with his sons and daughters as Directors and Sponsors. The company started commercial operation by producing and marketing Phulcopy brand Soyabean Oil which gained much popularity amongst the edible oil consumers .

Side by Side the Sponsors of the company had been running their original Petrol and Lubricants business through a Petrol Pump set up long before 50 years with Tank Lorries. After running the edible oil factory for continuous 6(six) years with satisfactory profit result and giving dividends to the shareholders a set back appeared in the edible oil producing and marketing business due to increase of raw material price i,e crude oil in the international market and also sporadic growth of other edible oil factories whereby the company had to undergo continuous loss.