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Tuesday, March 24, 2009

Summit Alliance Port to acquire OCL shares

Summit Alliance Port Ltd (SAPL) will issue 2,790,146 shares of Tk. 100 each totalling Tk. 279,014,600 for acquisition of approximately cent percent stakes of Ocean Containers Limited (OCL).

SAPL is a listed company while OCL is a sister concern of the former.

The amount on account of the acquisition will be Tk 237,999,450 (consisting of 23,799,945 shares of Tk. 10 each) by exchange of one Summit Alliance Share for eight point fifty three Ocean Containers shares, according to a website news of Dhaka Stock Exchange (DSE).

However, the acquisition needs approval from the SAPL shareholders and the Securities and Exchange Commission (SEC) under section 155(2) of the Companies Act, 1994 and rule 3 of the Securities and Exchange Commission (Capital Issue of Companies) Rules, 2001.

An extra-ordinary general meeting (EGM) of the shareholders of the SAPL will be held on April 27 at 10:00 a.m. to approve the proposal.

SAPL provides off-dock services with the inland container depot and container freight station having facilities for handling of both import and export cargoes.

SAPL floated one million shares of Tk 100 each worth Tk 100 million for the general shareholders during the subscription period ended in late August of 2008.

Per share of the company on DSE rose to Tk 1845.00 Monday, but closed at Tk 1790.25, a 5.06 per cent rise against the previous day.

The Financial Express



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