Home ›› 02 Nov 2021 ›› Stock
Alif Group plans to start production of C&A Textiles by February next year.
“If we can re-activate our gas line in next 2-3 months, we are expecting to start production by February 2022,” Alif Group Managing Director Md Azimul Islam said at a news conference in Dhaka on Monday.
In October, Alif Group planned to acquire the entire C&A Textiles, a listed company that remained out of production over the last five years.
The business conglomerate mainly engaged in textile spinning, dyeing, and knitting, has already visited the C&A Textiles and submitted its presentation regarding the acquisition plan to Bangladesh Securities and Exchange Commission (BSEC).
The stock market regulator recently accepted the acquisition proposal for the greater interest of investors," and tagged seven conditions for the Group to comply with.
Islam said, “We need to invest Tk 30 -50 crore to resume production as Alif Group is working hard to bring C&A Textiles Limited into operations.
C&A Textiles remained closed for the past five years and its gas connection remains disconnected, which would be most challenging for bringing the company to operate, he said.
He said that the company’s liabilities, including bank loans and other dues, crossed Tk 275 crore.
