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Saif Powertec Limited, the infrastructure-support service company, has decided to buy 100 per cent stake in Saif Maritime LLC for Tk 1.26 crore.
The board of directors has taken the decision at a meeting on Thursday.
“Saif Powertec will acquire Saif Maritime LLC at a cost of Tk 1.26 crore equivalent to UAE Dirhams 500,000 (UAE Dirham 1.00 =Tk 25.38),” said the company in a filing with the Dhaka Stock Exchange on Sunday.
After acquiring the company, it said, the total estimated annual revenue and net profit will stand at Tk 25.98 crore and Tk 3.89 crore respectively, it said.
Saif Maritime LLC is incorporated in the UAE and a subsidiary of the Saif Power Group. It offers complete shipping solutions including ocean transportation, transshipment, barging and coastal transportation.
Saif Maritime LLC will carry out the business of cargo transport by heavy trucks, and light trucks, shipping lines of freight & passengers transportation, said the company.
It will also carry out sea freight & passenger charters, customs broker, cargo loading & unloading services, sea cargo services, shipping container loading & unloading services, sea shipping lines agents, freight brokers etc, it added.
On Sunday, Saif Powertec’s shares rose 0.29 per cent to Tk 34.7 on the DSE.
“We are continuously trying to increase the efficiency and productivity of other business units as well as subsidiaries of the company through various business activities under the project division, which is very promising for the company to earn more revenue by providing complete high-tech consultancy and technical support services,” said Saif Powertec Managing Director Tarafder Md Ruhul Amin in its latest annual report.
The company’s consolidated earnings per share (EPS) stood at Tk 1.12 for July-March 2022 as against Tk 0.71 for July-March 2021.
Sponsor-directors own 40.06 per cent, institutional investors 17.99 per cent, and the general public 41.95 per cent stake in the company as of May 31, 2022, according to the DSE.
