Business Desk :
Shepherd Industries Ltd is going to amalgamate with its sister concern Shepherd Textile BD Ltd (STBL).
An amalgamation is a combination of two or more companies into a new entity.
In a filing on the Dhaka Stock Exchange on Tuesday, Shepherd Industries said its board has approved the decision of amalgamation.
Upon completion of the amalgamation, Shepherd Industries will be the surviving entity.
The decision is subject to approval by the banks, other creditors and shareholders of the company and other stakeholders and sanction of the scheme of amalgamation by the High Court Division, it said.
Established in 2000, Shepherd Industries is engaged in the dyeing of different counts of yarn and marketing of the processed yarn to various sweater industries in Bangladesh as a deemed exporter, according to its prospectus for the initial public offering. The company went public in 2017.
