Singer hold BV of the Netherlands, the majority stakeholders of Singer Bangladesh, has cancelled an agreement for selling 55 per cent shares of Singer Bangladesh to a consortium including Beximco and Unique groups.
Singer Bangladesh in a notice posted on the Dhaka Stock Exchange website on Wednesday said Singer Bhold BV had terminated an agreement inked on November 4 to sell 12,34,124 shares of its total holding of 16,82,731 shares in Singer Bangladesh.
The agreement has been terminated as Singer failed to take Bangladesh Bank's approval in time for selling the shares, Beximco Group vice chairman Salman F Rahman told New Age on Wednesday.
'There was a timeframe for Singer to take approval from the BB. But they could not get the approval in time and the agreement has been terminated. We are not pursuing the matter any more,' he said.
An official of Singer Bangladesh said they would make no further comment on the issue.
Apart from Beximco, Unique Group and some industrialists of Chittagong were in the consortium that signed the deal with Singer Bhold BV.
The board of directors of Singer Bangladesh, meanwhile, recommended a 600 per cent cash dividend and 75 per cent stock dividend for 2010.
The company also has reported an earning per share of Tk 879.63 and a net asset value per share of Tk 1,399.60.
The company's share price on the DSE rose by a whopping Tk 1,877.25, or 32.42 per cent, to Tk 7,675 following its corporate declaration on Wednesday.
News Source: The New Age