Shakib with his associates to buy 48% shares of Al-Amin Chemical

Cricketer Shakib Al Hasan’s two companies — Monarch Mart and Monarch Express — and his five associates are acquiring a 48.18-percent stake in Al-Amin Chemical Industries in the over-the-counter (OTC) market.

The acquisition was approved by the Bangladesh Securities and Exchange Commission (BSEC) on Monday.

According to BSEC officials, Al-Amin Chemical Chairman Syed Ashiq will sell 18.40 percent, Managing Director Syed Atika 15.98 percent and Director Tajakka Tanzim 13.80 percent shares to the two companies and five individuals.

Monarch Mart will own 2.40 percent and Monarch Express 4.80 percent of the 48 percent stake in Al-Amin Chemical.

Besides, Aminul Islam Sikder and Md Khairul will jointly buy 14.40 percent, AFM Rafiquzzaman 10 percent, Mashuk Alam 6 percent, Md Humayun Kabir 2.40 percent and Munshi Shafiuddin will buy 8.18 percent shares.

However, in case of acquisition of this ownership, the BSEC has given some conditions. Of this, the entrepreneur-directors of the company collectively have to hold a minimum of 30 percent shares.

The company will form a board of directors consisting of new shareholders, each holding a minimum of 2 percent or more shares in the company.

The company’s capital cannot be increased until the board of directors is reconstituted.

Buyers of the proposed shares will start production of the company. And will regulate deferrals, including banking activities, within three months of the acquisition’s completion. 

Proposed buyer-shareholders will invest new funds in the company to manage the company’s activities.

Separate bank accounts and the provision of capital against them will be subject to the approval of the Commission and all the shares of the company have to be converted into electronic shares immediately after the transfer.