Alif Group, a business
conglomerate of Bangladesh, will acquire C&A Textiles, which has been out
of operation for more than four years.
The Bangladesh Securities and
Exchange Commission (BSEC) recently accepted the acquisition proposal “in
the greater interest of investors” and issued seven instructions for the
group to comply with. After the acquisition, the group will take initiatives to
cover and meet gas and utility bills as well as bank liabilities of the textile
manufacturer. It will also have to take the steps needed to bring C&A
Textiles back into production.
C&A Textiles – a 100%
export-oriented knit composite company – was in knitting, dyeing, printing, and
manufacturing various types of readymade garments for export to Europe,
America, Canada, the UK, Italy, and Germany.
Alif Group has a strong
presence in the textile, garments, financial services, and real estate sectors.
The group’s two companies – Alif Manufacturing Company Ltd, previously known as
CMC Kamal Textile Mill Ltd, and Alif Industries – are listed on local stock
exchanges.
C&A Textiles was incorporated in 2001 and started
commercial operations in 2003. In March 2021, police arrested C&A Textiles’
managing director (MD), Rukshana Morshed, in a case filed for money laundering.
Union Capital had filed the case in 2019 against the company’s bosses,
including the MD. As a penalty for violating several rules, the securities
regulator later fined them Tk19 crore and banned them from assuming the roles
of directors at any other listed company.
Source:
The Business Standard
Also
Read: