Two textile companies, CMC Kamal Textile Mills Limited, a listed company on the stock market and Alif Unitex Limited, non-listed, have decided to merge under the provisions of sections 228 and 229 of the Companies Act 1994. The approval of shareholders and sanction of the High Court is awaited for the amalgamation. All the properties that include the title of land, building, other movable and immovable assets, tights, patents, interests, goodwill, licences, liabilities, obligations, claims etc. of every description of Alif Unitex will be transferred to and vested in the CMC Kamal Textile Mills. A total of 76,050,000 ordinary shares of Tk 10 (US $ 0.128) each of CMC-Kamal Textile Mills will be issued to the shareholders of Alif Unitex at an exchange ratio of 8.45 shares of the transferee company for one share of the transferor company subject to securities regulator’s sanction.
