Three Beximco units to merge

Shareholders and creditors of Beximco yesterday approved a draft on the merger of three industrial units of the business conglomerate.
The approval came at separate meetings of Beximco Limited and Beximco Fisheries Limited in Dhaka, according to a statement.
In line with the amalgamation scheme, Beximco Fisheries and Shinepukur Holdings will be amalgamated with Beximco Limited.
Shareholders of Beximco Fisheries and Shinepukur Holdings, which have been in the red for the last five and two years respectively, will benefit from the amalgamation, as the restructured company will be able to generate dividends for the shareholders by making profits.
One Beximco share will be offered for every two shares of Beximco Fisheries and Shinepukur Holdings.
According to Beximco Group officials, the move to merge the three units into one reflects the group's business strategy. Earlier in August 2006, the group merged its four textile units into one.