The Bangladesh Bank (BB) has allowed Lafarge Surma Cement Limited (LSCL) to remit US$ 62.5 million in favour of Amsterdam-based Holderfin BV against the acquisition of Holcim Bangladesh Limited (HBL).
Lafarge made the disclosure through Dhaka Stock Exchange (DSE) website on Monday.
The LSCL had sought the central bank's permission to send the money to Holderfin BV, the owner of HBL.
The BB in a letter apprised Standard Chartered Bank, the banker of the LSCL, of the approval for transferring 88,244 (100 per cent) shares of HBL to the LSCL subject to a total payment of Tk 5,047,819,940 (equivalent to US$ 62,527,188.65), according to the disclosure.
In December last, Lafarge signed a share purchase agreement with the Holderfin to buy 88,244 shares at $1,325.88 or Tk 106,000 each.
Earlier, the LSCL had disclosed information about the approval of the acquisition of 100 per cent shares of HBL for a consideration of $117 million.
Lafarge had further informed the DSE that the seller (Holderfin B.V.) and the purchaser (LSCL) of this proposed transaction shall discuss and decide on the future course of action.
It further reported that since no approval for repatriation of the full consideration was received, the seller and purchaser would need to evaluate their options.
Lafarge Surma Cement Limited has changed its name to LafargeHolcim Bangladesh Ltd (LHBL) following the approval by the shareholders in January this year.
The LSCL was listed on the DSE in 2003.
According to DSE information, the sponsor-directors hold 64.68 per cent shares of the company while institutions 14.32 per cent, foreign investors 1.30 per cent and public 19.70 per cent as on August 31, 2107.
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