Desk Report: Bangladeshi company Alif Group is working to bring C&A Textiles Limited to operations, said, Azimul Islam, Managing Director at a press briefing on Monday. C&A Textile wants to start production in February,Azimul added
On October 8,2021, the Bangladesh Securities and Exchange Commission allowed Alif Group to acquire C&A Textiles, a listed company in the textile sector, subject to complying with several conditions, including resuming production of the company immediately, restoring connections of gas and other utilities and paying the company’s liabilities.
Azimul also said, C&A Textiles has remained closed for the past five years and its gas connection remains disconnected, which would be most challenging for bringing the company to operation’s the company’s liabilities, including bank loans and other dues, crossed Tk 275 crore, added Azimul
The group will take all the liabilities of the company and will also inject fresh funds as share capital for renovations, he said, adding that the funds would be converted into shares.
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 says a press briefing.