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Alif Group in Bangladesh to acquire C&A Textiles
11 Oct '21
1 min read
Pic: Shutterstock
The Bangladesh Securities and Exchange Commission (BSEC) recently allowed Alif Group of Companies to acquire C&A Textiles Limited subject to complying with seven conditions, including resuming production of the ailing company, regularising its bank liabilities, regularising all pending annual general meetings and audited statements in compliance with the law.
Production at C&A Textiles, presently a 'Z' category company, remains suspended for the last five years and the regulator restructured the company's board last March to revamp the ailing company, which was listed with the stock exchanges in 2015 and failed to offer any dividend after 2016, according to Bangla media reports.
The company's sponsor-directors held 22.14 per cent shares, institutes 15.67 per cent and general public 62.19 per cent as on July 31, 2017.
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