Business Desk :
Softlogic Holdings PLC is in talks with Agora to acquire the full operation of Bangladesh’s oldest supermarket chain, said the Sri Lankan conglomerate and people familiar with the matter.
A subsidiary, Softlogic Retail Holdings (private), inked an agreement on Friday to acquire Agora, said the group in a disclosure at Colombo Stock Exchange (CSE).
Softlogic, which has interests in ICT, healthcare, retail and financial services, said the deal would take place through “a series of transactions, subject to terms and conditions set out therein and receipt of regulatory approvals”.
An official in Dhaka with knowledge of the matter confirmed the development but did not share the takeover amount under negotiation.
Agora began discussions with the Sri Lankan conglomerate after its talks with Gemcon Group, owner of Meena Bazar, another leading supermarket chain in the country, fell through by the end of last year.
Agora and Softlogic have been in discussions for the past couple of months, according to the official.
With some 72.5 per cent owned by Frontier Fund-managed Swedish hedge fund Brummer & Partners and the rest by Rahimafrooz, Agora started its journey in 2001 as the country’s first supermarket chain.
Known for its automotive batteries, Rahimafrooz opened its first Agora supermarket outlet to attract shoppers with the convenience of an alternative to unorganised wet markets for purchasing groceries and other daily essentials.
In 2009, Brummer & Partners formed a joint venture with Rahimafrooz to grow its footprint and improve services.
Now Agora has 17 outlets — 14 in Dhaka and the rest in Chattogram and Sylhet.
With Agora’s ones, there are around 300 superstore outlets, including 208 of Shwapno, the largest retail chain in the country, said sector insiders.
