Summit Alliance Port Limited plans to acquire an inland container depot and freight station of Ocean Containers Limited for Tk 27.91 crore, according to the Dhaka Stock Exchange website.
The takeover bid is however subject to approval from shareholders in the extraordinary general meeting (EGM) under the Companies Act, 1994 and consent of the Securities and Exchange Commission.
Summit Alliance that also operates an inland container depot will acquire 2,37,99,945 shares with Tk 10 each of Ocean Containers, by exchanging each Summit Alliance share for 8.53 Ocean Container shares.
The decision was taken by the Board of Directors of Summit Alliance Port, a joint venture of Summit Group and Alliance Holdings.
The EGM will be held on April 27.
Ocean Containers, an entity of Summit Group, is a pioneer in the inland container depot and freight stations and the largest privately owned land container port in Bangladesh, according to the Summit Group website.