IFAD Autos acquires 49pc holding of Gulf Oil

IFAD Autos has acquired 49 per cent holding of Gulf Oil (BD) at a cost of above Tk 119.07 million.

In a disclosure, the company said all formalities regarding the acquisition have already been completed.

Gulf Oil (BD), a subsidiary company of Gulf Oil International Limited (UK), is engaged in importing and selling its renowned brands of lubricant, grease and car care products in Bangladesh.

In May, 2017 IFAD Autos signed a MOU with Gulf Oil Bangladesh with a view to subscribe 49 per cent of its equity shares at a cost of USD 1.685 million.

According to Monday's disclosure, IFAD Autos has acquired above 2.38 million ordinary shares of Gulf Oil Bangladesh at a price of Tk 50 each.

Earlier, IFAD Autos said in a disclosure that their investment in Gulf Oil Bangladesh is expected to contribute a profit of Tk 43.6 million in the next year towards overall profitability of the company (approximately).

IFAD Autos, presently an 'A' category company, was listed with the stock exchanges in 2015.

The company's sponsor-directors hold 62.77 per cent shares, institutions 21.77 per cent, foreign shareholders 4.56 per cent and general shareholders 10.90 per cent as of December 31, 2018.

The company's share price closed at Tk 100.70 each on Monday with a marginal loss of 0.49 per cent or Tk 0.50.

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