Bangladesh : Bangladesh's Beximco to acquire four Group subsidiaries

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Bangladesh's Beximco to acquire four Group subsidiaries

30
Mar '12

Bangladesh Export Import Company Ltd. or Beximco, the flagship company of Beximco Group, the largest private sector employer in Bangladesh, has received approval from the country's Securities and Exchange Commission (SEC), to acquire four non-listed subsidiaries of Beximco Group.

Beximco will buy all shares of the four textile and garment companies – Crescent Fashion and Design Ltd., International Knitwear and Apparels Ltd., Freshtex Bangladesh (Pvt) Ltd. and Beximco Fashions Ltd.

To raise the capital to purchase the four companies, Beximco will issue 8.063 million ordinary shares of Tk 10 each, according to a statement by the SEC. The newly issued shares would have a lock-in period of three years.

After issuing the new shares, Beximco's paid-up capital will grow from existing Tk 3.55 billion to over Tk 3.63 billion.

In August 2006, Beximco Group merged its four textile units into one unit, Beximco Textiles or Bextex.

In 2011, Bextex was merged with Beximco.

Fibre2fashion News Desk - India

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