HeidelbergCement Bangladesh seeks court approval for amalgamation

HeidelbergCement Bangladesh Ltd has updated Dhaka Stock Exchange last week about seeking court approval for amalgamation with Meghna Energy Ltd.

The company's notification says, "Refer to their earlier news disseminated by DSE on 18.07.2018 regarding amalgamation with Meghna Energy Ltd; the company has further informed that they have jointly presented an application under Sections 228 and 229 of the Companies Act, 1994, being Company Matter No 308 of 2019 seeking sanction of the Honourable High Court Division regarding merger of Meghna Energy Ltd (Transferor Company) with Heidelberg Cement Bangladesh Ltd (Transferee Company) through the scheme of amalgamation."

HeidelbergCement Bangladesh Ltd reportedly meets 13 per cent of the Bangladesh demand for cement from two plants located at Dhaka and Chittagong with 1.5Mta of cement production.

Further, the Board of Directors has re-appointed Tariq Sayeed Saigol as Chairman, being a Non-Executive Director and Sayeed Tariq Saigol as Chief Executive Officer for the next term of three years, effective 1 January 2020.