Amalgamation scheme of Keya Cosmetics approved

The High Court has approved the proposed amalgamation scheme of Keya Cosmetics Limited recently with its three other associate companies - Keya Cotton Mills Limited, Keya Spinning Mills Limited and Keya Knit Composite Limited, said a press release.

Assets, liabilities, licenses, rights and benefits of these companies will be transferred under section 228 and 229 of  Companies Act, 1994.

According to financial year ended on June 30, 2013, the NAV of Keya Cosmetics, Keya Knit Composite Ltd, Keya Cotton Mills Ltd and Keya Spinning Mills Limited are Tk 21.54, Tk 18.19, Tk 25.85 and Tk 33.64 respectively.

As per the valuation of the four companies disclosed earlier, Keya Cosmetics' share was valued at Tk 26, Keya Knit Composite's share at Tk 19, Keya Cotton Mills' at Tk 37 and Keya Spinning Mills' at Tk 41 against their face value of Tk 10 each.

The boards of directors of Keya Cosmetics and three other companies have already set December 21 this year as the record date for the exchange of shares of the companies.

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