The board of directors of Square Pharmaceuticals has approved the matter of merger with two other companies of the same group, according to Dhaka Stock Exchange (DSE).
The proposal, however, will be executed as per approval of the shareholders in the general meeting and also by the High Court Division of the Supreme Court.
As per the board's decision, Square Formulations and Square Herbal & Nutraceuticals will be merged with Square Pharmaceuticals.
Square Pharmaceuticals was listed on the stock exchanges in 1995. The company's sponsor-directors hold 34.43 per cent shares, while institutions hold 10.13 per cent, foreign investors 19.33 per cent and general investors 36.11 per cent.
Square started the GMP compliance manufacturing plant, which is known as Square Formulations, to meet up the increasing demand of pharmaceutical products since 2014, according to official website.
On the other hand, the Square Herbal & Nutraceuticals is the first healthcare entity with a robust pledge to create a new era in the field of medication in Bangladesh.
Meanwhile, the board of directors of Square Textile has also taken a decision of merger with Square Yarns.
The company has informed that the board of directors has approved the merger proposal subject to the approval of the shareholders in the general meeting and sanction by the High Court Division of the Supreme Court.
Square Textile was listed on the stock exchanges in 2002. The company's sponsor-directors hold 61.83 per cent shares, while the institutes hold 19.24 per cent shares, foreign investors 6.73 per cent shares and general shareholders 12.20 per cent shares.
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