Alif Industries to merge with Alif Manufacturing

Alif Industries is going to merge with Alif Manufacturing Company as the board of directors of both companies unanimously approved of the decision of amalgamation.
Both are concerns of Alif Group and are listed on the Dhaka Stock Exchange and the Chittagong Stock Exchange.
In a stock exchange filing on Monday, the companies said the merger now awaited approval of shareholders, banks, and other creditors as well as the High Court's permission.
Then, it will require nod of the market regulator ---Bangladesh Securities and Exchange Commission -- to complete the merger.
After completion of the merger, Alif Industries will be the surviving entity on the stock exchanges.
When contacted, Mohammad Hanif, chief financial officer of Alif Group, said the objective of the merger was to reduce operating costs.
The core business of Alif Industries is to produce 100 per cent export-oriented knit garments.
"The shareholders will not be affected [negatively] by the merger, rather they will be benefited, as the companies will run under one management," Mr Hanif added.
Alif Industries closed at Tk 78.40 a share on Monday, losing 1.01 per cent over the previous day while the stock of Alif Manufacturing have remained stuck at the floor -- at Tk 13.30 - for three months.
Alif Industries' profit increased 4 per cent to Tk 53 million in the nine months through March this year while Alif Manufacturing's profit dropped 16 per cent to Tk 96 million during the period.
Alif Industries' authorized capital is Tk 4 billion and paid-up capital Tk 442.52 million while total number of securities 44.25 million.
On the other hand, Alif Manufacturing's authorized capital is Tk 5 billion and paid-up capital Tk 2.60 billion and the total number of securities 259.92 million.
In October 2021, Alif Group acquired publicly traded company C&A Textiles.

babulfexpress@gmail.com