C&A Textiles, a 100 per cent export-oriented knit composite company, which was into knitting, dyeing, printing and manufacturing of various types of apparels for export to Italy, America, Germany, Canada, UK and other parts of Europe, but has been out of operation for more than four years now, is all set to be acquired by business conglomerate Alif Group.
Media reports maintained this while adding the BSEC or the Bangladesh Securities and Exchange Commission has recently accepted the acquisition proposal in this regard and issued seven instructions for the Alif Group, which has a strong presence in the textile, apparels, financial services and real estate sectors, to comply with even as the Group will have to take steps needed to bring C&A Textiles back into production while after the acquisition, the Alif Group, whose two companies namely Alif Manufacturing Company Ltd. (previously known as CMC Kamal Textile Mill Ltd.) and Alif Industries are listed on local stock exchanges, will also take initiatives to cover and meet gas and utility bills as well as bank liabilities of C&A Textiles.
It may be mentioned here that C&A Textiles was incorporated in 2001 and started commercial operations in 2003; however, in June 2017, it announced a sudden shutdown of production for renovation work, and its offices have remained closed since then even as in February 2021, the BSEC has restructured the underperforming company’s board, appointing seven Directors while in March 2021, police, reportedly, arrested C&A Textiles’ Managing Director Rukshana Morshed, in a case filed related to money laundering.
