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Bangladesh's Akij to remit $20 mn to buy Malaysian firms
03
Nov '17
Bangladesh
The Bangladesh Government recently gave the nod to Akij Jute Mills, an Akij Group company, to remit $20 million to buy a Malaysian firm and its subsidiary for $80 million. This will make it the seventh Bangladeshi company to invest abroad. The approval came at a meeting of the cabinet committee on economic affairs chaired by finance minister AMA Muhith.

Akij will acquire Robin Resources and its subsidiary Robina Flooring. Both companies manufacture reconstituted wood products and export to about 60 countries, a top English-language daily in the country reported quoting the investment proposal.

The company will remit $20 million from its export retention quota (ERQ) and the remaining will be borrowed from banks overseas. (DS)

Fibre2Fashion News Desk – India


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