Atlas BD sings business deal with TVSAB

FE Online Report | Published: February 12, 2019 12:05:06 | Updated: February 14, 2019 10:34:03


Atlas Bangladesh, a state-run listed company, signed a five year business agreement with TVS Auto Bangladesh (TVS) on Monday, said an official disclosure.

Earlier on May 24, last year, Atlas BD signed a memorandum of understanding (MOU) with TVS Auto for assembling and selling motorcycles of TVS brand to the government, semi-government and government funded project, autonomous bodies and any other government/non-government organizations (NGO).

Atlas can sell the motorcycles to any individual or retail sales with the prior approval/permission from the TVS Auto.

“As per the MoU, Atlas Bangladesh has further informed that a permanent business and technical assistance agreement for five years has been signed between Atlas Bangladesh and TVS Auto Bangladesh on Monday,” said a disclosure on Tuesday.

TVSAB may supply the capital machineries and others as required to the company subject to improve the infrastructure, quality, assembly line for efficiency of CKD (completely knocked-down) assembly or adapt new technology, said the disclosure.

The company shall bear the cost of Tk 36.50 million by providing bill from TVSAB, according to the disclosure.

Each share of the Atlas BD, which was listed on the Dhaka bourse in 1988, closed at Tk 138.40 on Monday at Dhaka Stock Exchange (DSE).

The company paid 10 per cent stock dividend for the year ended on June 30, m2018.

The company’s paid-up capital is Tk 331.27 million and authorised capital is Tk 1.0 billion, while the total number of securities is 33.12 million.

The sponsor-directors own 1.13 per cent stake in company, while the government owns 51 per cent, institutional investors own 19.96 per cent, and the general public 27.91 per cent as on January 31, 2019, the DSE data shows.

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