Ifad Autos will spend about Tk 13 crore to buy shares of Gulf Oil's local subsidiary -- a move that may yield the automobile seller Tk 4.36 crore in profits next year.
Ifad will buy 49 percent of Gulf Oil Bangladesh's equity shares for $1.68 million, it said in a posting on Dhaka Stock Exchange website yesterday.
Gulf Oil Bangladesh is engaged in importing and selling lubricants, grease and car care products.
Ifad Autos' share price dropped Tk 3 following the announcement of the investment to close at Tk 134.30.
The company's share prices saw an upward trend in four consecutive days of last week, reaching the peak of Tk 137.40 on Wednesday. Ifad Autos made another investment amounting to Tk 43 crore in February to build a 9-storied office building at Tejgaon industrial area in Dhaka, according to the company.
Of the invested amount, Tk 30 crore came in the form of a bank loan and the rest from the company's own funds.
The company made a profit of Tk 59.51 crore last year, up 62 percent year-on-year.