Textile group Beximco merges its subsidiaries into Bextex

04 Oct '06

2 min read

New company Bextex formed from a merger between four textile arms belonging to Beximco Group, took birth on October 1, 2006 aimed at toping the country's textile production and making its mark in international markets.

According to an official Beximco communique, subsidiaries Beximco Textiles, Beximco Denims and Beximco Knitting will be discontinued from October 1, 2006, as they have been merged with Padma Textile Mills Limited to form Bextex under the group's realignment.

Statement added that property, liabilities, rights, profits, contracts, dues, obligations and licences of the subsidiaries issued as on January 1, 2000, are declared to be reassigned to Bextex from that date.

Bextex's production capacity will thus be enhanced to about 50 million cloth pieces per year.

Merger and attainments were stated to be novel expansion policy of Bangladesh's biggest industrial multinational, by Salman F Rahman, Deputy Chairman of Beximco Group.

Bextex plans to raise a total amount of Tk 7 billion via overseas bonds, global depository receipts (GDR) and issue of shares to sponsors.

The new company is expected to spend Tk 2.415 billion for balancing, modernization, rehabilitation and expansion (BMRE) of current units, and setting up 210 additional apparel lines by June 2007 consequently transforming its fabrics into valuable fashion clothes and stepping up its turnover and returns, thereby.

More Textiles News - Bangladesh...