Bextex to be merged with Beximco Ltd

BEXTEX Ltd has informed that the board of directors of Bangladesh Export Import Company Limited (Beximco) and BEXTEX Limited in their meetings have considered the proposal of merger of Bextex Limited with Bangladesh Export Import Company Limited effective from January 01, 2011, subject to approval from all legalregulatory authorities. The meeting also approved the Scheme of Amalgamation, determining the exchange ratio of the ordinary share of Bextex Limited with that of Beximco at five shares of Bextex Limited for one share of Beximco as determined by the valuer. It also also approved the draft Petition of Bangladesh Export Import Company Limited and Bextex Limited for submission to the High Court Division of the Supreme Court of Bangladesh for Amalgamation of these Companies. - FE Report