FE Report (November 7, 2010)
A Beximco-led consortium has concluded negotiations to buy a majority stake in the local home appliances giant Singer Bangladesh, with the deal awaiting regulatory clearance, reports bdnews24.com.
Beximco Group's Vice Chairman Salman F Rahman confirmed purchase of 55 per cent stake. He would not give any further details or say how much he and his partners would pay Singer Asia.
"This is subject to regulatory approval from the Bangladesh Bank and the Securities and Exchange Commission (SEC)," he also said.
But Rahman made it clear that there would be no changes in the current management structure, saying "we are very happy with the existing set-up".
"It is run by competent professionals, and we have full confidence in the management.
Singer Bangladesh was listed with the Dhaka Stock Exchange in 1983 and currently a quarter of the company's equity is in the stock market. With a paid-up capital of Tk 224 million the company reported profits of Tk 396.79 million for financial year 2009. Singer - with a face value of Tk 100 - closed at Tk 7,660 Thursday.
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