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Alif Industries is going to merge with Alif Manufacturing Company as the board of directors of both companies unanimously approved the decision of amalgamation.
Both are Alif Group concerns and listed on the Dhaka and Chittagong Stock Exchange.
After completion of the merger, Alif Industries will be the surviving entity on the stock exchange, according to a stock exchange filing on Monday.
The approval is subject to requisite approval of the scheme of amalgamation by the banks, other creditors and shareholders of the company and other stakeholders.
Then, the company needs approval from the High Court and the securities regulator to complete the merger between the two companies.
On Monday, Alif Industries shares were traded at Tk 80.80 each, and Alif Manufacturing shares traded at Tk 13.30.
Alif Manufacturing produces cotton yarn of different counts. The core business of Alif Industries is to produce 100 per cent export-oriented knit garments.