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BD Online plans to merge with Beximco

Sarwar A Chowdhury
Bangladesh Online (BD Online) is likely to merge with its parent company Beximco Ltd, as part of the new business strategy by Beximco Group, a business conglomerate in the country.
The group, which has several industrial units in the same sector, plans to reshuffle its companies in a sectorwise pattern.
"We want to bring all the similar units under one sector. Accordingly, all of our companies will be categorised in four or five sectors,” Salman F Rahman, vice-chairman of Beximco Group, told The Daily Star yesterday.
Under the latest merger plans, he said, the objective is to strengthen the balance sheet and increase profitability.
In line with the amalgamation plan, 1 Beximco ordinary share will be offered for every 2.82 BD Online share, according to the Dhaka Stock Exchange website.
The companies will apply to the High Court Division of the Supreme Court, for approval of the amalgamation.
Prior to that, the boards of directors of the two companies will have to approve the draft scheme of the amalgamation.
Beximco Textiles (Bextex), another industrial unit of Beximco Group, plans to repay loans by issuing ordinary shares.
In regards to repaying loans through the issue of shares by Bextex. Rahman said their first step was to negotiate with the lenders, who suggested Beximco take necessary approval from shareholders and the stock market regulator, before undertaking any such arrangement.
"To take approval of the general shareholders, we put the issue on the agenda of the annual general meeting,” he said. The issue will have to be approved by the Securities and Exchange Commission.
The annual general meeting will be held on June 18, 2009.
"As debt exceeds equity for Bextex, we want to alter the situation with loan repayment through shares,” he said.
As of December 31,2008, Bextex has a loan liability of Tk 33 crore to Commonwealth Development Corporation of the UK, Tk 32.5 crore to DEG of Germany, Tk 214 crore to Marubeni Corporation of Japan and Tk 173 crore to Beximco Group Companies.
The amalgamation is not a new strategy for Beximco Group. Last year, three industrial units of Beximco Group were merged to form one. In August 2006, the group merged four of its textile units into one.
safwar@thedailystar.net