RAK Ceramics to acquire two units
RAK Ceramics plans to invest about Tk 24 crore to entirely acquire two of its subsidiary and associate companies.
The ceramic product manufacturer wants to take equity investments in its subsidiary RAK Power to 100 percent from the previous 57 percent.
The firm will spend an additional Tk 22.47 crore to buy 8.81 lakh ordinary shares with face value of Tk 100 each from other shareholders of RAK Power at Tk 255 a share, it said in a web posting to Dhaka bourse yesterday.
Its equity investment in RAK Security and Services, an associate of RAK Ceramics, will be raised from existing 35 percent to 100 percent. The investment will be Tk 1.87 crore to acquire 6,500 ordinary shares with face value of Tk 100 each from other shareholders at Tk 2,875 per share.
From page b1
The equity investments are however subject to approval of the shareholders and concerned authorities for the interest of the business of the company.
In another development RAK Ceramics said that its entire holding in RAK Paints will be sold to SAK Ekramuzzaman, managing director of RAK Ceramics, and other existing shareholders of RAK Paints.
RAK Ceramics has 24.67 lakh ordinary share of Tk 100 that will be sold at Tk 90 per share, totalling Tk 22.21 crore.
On the premier bourse yesterday, each share of RAK Ceramics, which was listed in 2010, traded between Tk 76.2 and Tk 80, before closing at Tk 78.1.
Comments