Three Intraco subsidiaries to merge with parent company
Three subsidiaries of Intraco Refueling Station Limited are going to be merged with their parent company.
The three companies are M Hye & Co CNG Refueling Station Ltd (MHCCRSL), Nessa & Sons Ltd (NSL) and Good CNG Re-Fueling Station Ltd (GCRSL).
In a filing on the Dhaka Stock Exchange yesterday, Intraco said its board approved the merger proposal of MHCCRSL, NSL and GCRSL where Intraco Refueling Station will be the surviving entity.
The proposal is subject to the consent of the shareholders of Intraco, the permission of the Bangladesh Securities and Exchange Commission, banks and other creditors, approval of the general meeting of the subsidiaries and subject to the approval of the High Court, said the filing.
The three refuelling stations are respectively located in Habiganj, Dhaka and Pabna.
Set up in 2007, Intraco owns eight refuelling stations, according to the company's website.
Shares of Intraco jumped 9.84 percent to Tk 41.30 on the DSE yesterday.