ACI to invest Tk50cr in joint venture with Colgate
Advance Chemical Industries (ACI) has decided to invest Tk50 crore over a period of the next three years in a joint venture company with Colgate-Palmolive (Asia) Pte.
As per the decision, ACI's board has approved the signing a joint venture agreement and to establish joint venture company with Colgate-Palmolive.
According to a regulatory disclosure, the proposed name of the joint venture company is Colgate-Palmolive ACI Bangladesh Pvt. Limited.
Keep updated, follow The Business Standard's Google news channel
ACI will hold 24% of the proposed company, and against the stake it will invest Tk50 crore.
On Thursday, the information was published on the stock exchanges website, where ACI said, "The agreement with Colgate is subject to the usual condition precedents and other regulatory formalities."
Colgate-Palmolive (Asia) Pte, incorporated in Singapore and a part of Colgate Palmolive, is engaged in oral and personal care.
Advanced Chemical Industries (ACI), a legacy of British Imperial Chemical, has emerged as one of the largest conglomerates in Bangladesh under local ownership and management.
It operates across the country through its four diversified strategic business units such as ACI Pharmaceuticals, ACI Consumer Brands, ACI Agribusinesses and ACI Retail Chain.
In 2021-22 fiscal, ACI's consolidated profit increased to Tk89.30 crore, and it paid 50% cash and 5% stock dividend to its shareholders.
On Thursday, its shares were stuck on the floor price at Tk260.20 each.
