ACI to raise Tk 84cr from foreign sources to increase production

Advanced Chemical Industries (ACI) will raise nearly Tk 84 crore from foreign investors to expand the existing facilities.

In a filing with the Dhaka Stock Exchange (DSE) on Monday, the company said that its board of directors approved to raise Tk 83.99 crore through the issuance of 15,55,555 convertible non-cumulative preference shares of its subsidiary ACI Motors Limited.

The offer value of each share has been fixed at Tk 540, including the face value of Tk 100 and the premium of Tk 440.

The shares will be issued to Bangladesh Managed Account CV, a limited partnership between CDC (Commonwealth Development Corporation) and Norfund.

The second tranche of foreign direct investment by CDC and Norfund in ACI Motors Ltd. displays the continued trust and confidence of the foreign investors in the ACI name.

The proceeds of the investment will be used for business growth as well as for the expansion of the existing manufacturing facilities of ACI Motors Ltd.

This new investment will dilute the company’s shareholding in ACI Motors Limited from 52.70 percent to 46.80 percent.