Shepherd Industries PLC – Shepherd Industries Ltd. is one of Bangladesh’s fastest growing companies in yarn under Shepherd Group – has decided to merge with Shepherd Textile (BD) Limited for Administrative Expense Reduction.
This was announced by Shepherd Industries PLC, which is primarily aimed at streamlining administrative expenses.
An Extraordinary General Meeting Scheduled for Approval of Merger Scheme is scheduled to be held soon, underlined Shepherd Industries in its filing with Dhaka Stock Exchange.
The merger meeting is scheduled to be held on set for 25th June.
Due to the High Court’s order issued on 22nd May, Shepherd Industries has explained that it is unable to fully comply with the applicable securities laws concerning the record date and date of the extraordinary general meeting (EGM).
The CFO of the company Mohammed Ataur Rahman has confirmed that the court has mandated the two companies to finalise the merger process by 25th June even as he underlined the decision to merge was prompted by the proximity of both factories situated within the same compound in Bhaluka of Mymensingh, along with the shared corporate headquarters located in Uttara, in Dhaka.
He emphasised that the merger would yield notable benefits, including a substantial reduction in administrative expenses, resulting in significant cost savings.
