Staff Correspondent
Published:2024-10-18 00:51:11 BdST
Dubai-based company interested in acquiring 4 Beximco firms
A consortium of foreign investors has sent proposals to the government expressing interest in buying four profitable companies of the Beximco Group.
Salman F Rahman, the leader of Beximco Group and also the former private industry and investment adviser to ex-prime minister Sheikh Hasina, is behind bars following the fall of the Hasina-led government on 5 August.
Adsum Capital Management LLC, a Dubai-based financial company, sent a proposal letter to Finance and Commerce Adviser Salehuddin Ahmed on behalf of the consortium. However, Adsum did not provide any details about the intending investors.
Finance ministry officials said the adviser received the letter on 14 October and then forwarded it to the commerce secretary with instructions "to examine this."
According to the letter signed by Adsum CEO and Managing Director Anwar Ali Khan, “A consortium of investors has authorised us to submit an Expression of Interest in order to acquire shares in Beximco Group of Companies.
“The names of the particular companies are Beximco Pharmaceuticals Ltd, Teesta Solar Ltd, Beximco Communications Ltd (Satellite & DTH License), and Beximco Ltd (Textiles & RMG Division).”
Beximco Ltd is a listed company on the Dhaka Stock Exchange, while Beximco Pharmaceuticals Ltd is listed on the Dhaka Stock Exchange and the London Stock Exchange as well.
On 5 September, the High Court, in response to a writ petition, ordered the Bangladesh Bank to attach all the properties of Beximco Group and appoint a receiver for six months to manage the assets.
The group then appealed to the chamber court of the Appellate Division, seeking a stay on the High Court's order. The chamber court, without staying the order, set 28 October for the full bench of the Appellate Division to hear the matter.
The Dubai-based financial company has expressed interest in starting negotiations with the government to acquire the Beximco companies known to be highly profitable.
In the letter, Adsum said, “We would like to put forward the interest of our clients in looking at acquiring assets of particular companies that you and your government may be considering selling or restructuring.
“Should this align with your government's strategy, we would be grateful to you and your office if you could initiate a dialogue with the Government of Bangladesh to acquire the shares of Beximco Group of Companies on terms and conditions mutually agreed upon.”
Adsum further mentioned that this expression of interest is of course subject to the usual due diligence and valuation processes and the caveat that the companies must be sold as a going concern and not to be under receivership at the time of sale.
It said the offer is non-binding and subject to further due diligence. “As you may appreciate, any offers made shall have a number of elements that must be considered, and regulatory and legal formalities must be met through a process of proper due diligence.”
The financial company said it would be pleased to immediately sign and execute a notification of award (NOA) to facilitate information sharing and take the proposal to the next level of the due diligence process.
Commerce ministry officials declined to comment directly on whether the government would act on Adsum's proposal or not.
According to Adsum's website, the company has 30 years of experience in banking, finance, technology, real estate, and investment.
The company is interested in working in various sectors, including aviation, blockchain, Web3, commodities, fintech, gaming, healthcare, hospitality, insurance, MedTech, and merchant services in Bangladesh, the United Arab Emirates, Pakistan, Kenya, Tanzania, South Africa, and Canada.
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