Thursday, April 25, 2024
Bangladesh Securities and Exchange Commission (BSEC) has allowed Kapita Packaging Solutions to acquire Yeakin Polymer Limited tagging eight conditions.
The stock market regulator gave its approval for the acquisition on Thursday.
Kapita Packaging Solutions will buy more than 30 per cent share held by 11 sponsor directors of Yeakin Polymer outside the trading system at a negotiated price of Tk 10 per share, according to the regulator.
After execution of the proposed transfer of shares in the name of Kapita Packaging, the buyer will nominate more individuals as nominated or representative directors against the transferred shares in the board of Yeakin Polymer to maintain an uninterrupted holding of shares by directors.
The company will constitute a board of directors incorporating new shareholders who hold 2 per cent or more of the company's shares.
It will ensure the implementation of the transfer within 30 days from the issuance of this letter and the production of the company within two months of the execution of this transfer.
The proposed shareholder will also take over the bank liabilities of Tk 33.95 crore to reduce the interest burden and regularise them. The sponsors and directors will collectively hold a minimum of 30 per cent of the total shares, subject to lock-in.
The sellers are Shatkhira Feed Industries (52,46,356 shares), Yeakin Agro Products (28,23,039 shares), Quazi Answerul Haque (27,23,108 shares), Quazi Nazibul Haque (19,11,172 shares), S.M. Akter Kabir (17,48,785 shares), Julia Pervin (13,81,075 shares), Maliha Parvin (15,73,906 shares), S.M. Moniruzzaman (15,61,415 shares), Subrina Samsad (14,74,599 shares), SK. Jamil Hossain (1,475,481 shares) and Kazi Emdadul Haque (2,74,809 shares) of Yeakin Polymer.
Yeakin Polymer is a polypropylene (PP) woven bag manufacturing company, which was listed on the stock exchanges in 2016.
The company is in the business of manufacturing and marketing locally and exporting PP woven regular bags.
The company’s share price stood at Tk 22.30 on Tuesday at the Dhaka Stock Exchange.
