RAK Ceramics to acquire entire stake of two subsidiaries

RAK Ceramics (BD) Ltd, a UAE-Bangladesh Joint Venture Company listed with local stock exchanges, has decided to acquire entire stake of its two subsidiaries, subject to the approval of the shareholders and concerned authorities.
RAK Ceramics ownership will be increased to 100 per cent from existing 57 per cent in RAK Power Private Ltd, a subsidiary of RAK Ceramics, through purchase of 881,500 ordinary shares of Tk 100 each from all the other shareholders of RAK Power Pvt Ltd at Tk 255 per share totaling to Tk 224,782,500, said a statement posted on the Dhaka Stock Exchange (DSE) website Monday.
RAK Ceramic has also planned to increase its stake in RAK Security and Services Pvt. Ltd to 100 per cent from the existing 35 per cent through purchase of 6,500 ordinary shares of Tk 100 each from all the other shareholders of RAK Security and Services Pvt. Ltd. [Associate of RAK Ceramics (Bangladesh) Ltd.] at Tk 2,875 per share totalling to Tk 18,687,500.
The RAK Ceramics will increase its stake subject to the approval of the shareholders and concerned authorities for the interest of the business of the company, the statement said.
On the other hand, RAK Ceramics will sell the entire shareholding i.e. 2,467,500 numbers of ordinary share of Tk 100 each (47% of the paid up capital) of RAK Paints (Pvt.) to Mr. S.A.K. Ekramuzzaman, managing director of RAK Ceramics (Bangladesh) and existing shareholders of RAK Paints (Pvt.) subject to allotment of shares against share money deposit, approval of the shareholders and concerned authorities for the interest of the business of the Company, said the statement.
The date of EGM is on September at 10:30am at the International Convention City, Bashundhara (Pushpoguscho), Joarshahara, Purbanchal Link Road, Khilkhet, Dhaka. The record date is August 17.
The company has reported consolidated profit after tax (excluding non-controlling interests) from (Jan-Jun'15) was Tk 421.60 million with consolidated EPS of Tk 1.25 as against Tk 297.79 million and Tk 0.88 respectively for the same period of the previous year.
According to DSE, sponsor/director has a stake of 77.22 per cent, institute 10.05 per cent and public 12.73 per cent.
Each share of RAK Ceramics closed at Tk 78.1 on Monday, losing 2.01 per cent over the previous day.
The UAE-Bangladesh joint venture company was incorporated in Bangladesh on 26 November, 1998. It is the first company which was listed with the Bangladeshi bourses in 2010 under book building method.
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