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Bangladesh's Alif Group to acquire C&A Textiles

03 Nov '21

1 min read

Pic: Nordroden|Dreamstime.com

Bangladesh’s Alif Group recently signed an agreement with C&A Textiles to take over the latter, which had stopped production for years, according to the former’s managing director Azimul Islam. C&A Textiles' share price rose by 221 per cent from Tk 2.20 with the news of the acquisition. The group had earlier bought CMC Kamal Textile and Sajeeb Industries.

"Talks to acquire the company began in September. We have not discussed this issue with anyone until today. We are not involved in raising the share price of this company in the stock market," Islam told newspersons.

Alif Group started its business in 1967 from oil trading. From there, the scope of business expanded to sectors like readymade garments, textiles, yarn, financial institutions, housing, electronic media, education and technology. The group earns about Tk 2,500 crore a year.

The C&A Textile factory in Chattogram closed down in 2016. By 2021, the company was under loans amounting to Tk 250 crore with interests and other debts standing at around Tk 22 crore. Islam hoped it would be possible to reopen the factory by February next year, according to bangla media reports.

Fibre2Fashion News Desk (DS)

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