Akij Group has taken over two Malaysian companies in a transaction involving $77 million (about Tk 644 crore) -- the first cross-border acquisition by a Bangladeshi company.   

“This was a giant step for a Bangladeshi enterprise,” said Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh, which provided $13.50 million to Akij Group.

The two companies, Robin Resources and its subsidiary Robina Flooring, manufacture reconstituted wood products and export to about 60 countries, generating $8-9 million in profit a year, according to Akij.

To fund the transaction the local business giant provided $20 million from its export retention quota and took $24.50 million from German development finance institution DEG, $13.50 million from Standard Chartered, and $10 million from a UK-based company. The remaining $10 million would come from the two companies' dividend.

Skilled expatriate Bangladeshis in Malaysia will be employed by the two companies now, said SK Jamil Uddin, director of Akij Group.

The initiative will help the country strengthen its image in the global market, Bijoy said in a press conference yesterday.

“We are proud to be a partner to the acquisition, where we played the role of financier, nominated bank, and security agent amongst others,” he added.

Akij is the seventh Bangladeshi company to invest abroad.