Alif Group to transfer management control to foreign firm
The move remains subject to compliance with applicable laws, regulations, and approvals from relevant authorities.
Two listed companies of Alif Group—Alif Industries Limited and Alif Manufacturing Limited—have taken a preliminary decision to transfer their business management operations to US-based JIT International Inc.
According to disclosures made on the Dhaka Stock Exchange (DSE) on Tuesday (28 April), the decisions were made at board meetings held at the companies' registered offices.
The move remains subject to compliance with applicable laws, regulations, and approvals from relevant authorities.
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Following the announcement, trading of both companies' shares was halted on the Dhaka Stock Exchange today (29 April).
The companies stated that JIT International Inc., located at 45 Lockatong Road, Stockton, Stockton, New Jersey, USA, has expressed its interest in acquiring strategic control and management of the two Alif Group firms.
To facilitate the process, the boards have authorised Managing Director Md Azimul Islam to initiate and complete the necessary formalities for the proposed transaction.
At the same meetings, both companies appointed Mir Hasan Ali and Ziaul Abedin as independent directors. Mir Hasan Ali was elected chairman of the board while Ziaul Abedin was appointed vice chairman.
Md Tuhin Reza has also been appointed chief executive officer (CEO) of both companies with immediate effect. Additionally, Md Kamal Hossain has been appointed Company Secretary of Alif Industries Limited.
Alif Manufacturing Limited also approved similar decisions regarding the transfer of strategic control to JIT International Inc., with Md Azimul Islam assigned to lead and coordinate the process and complete all required formalities.
The Board further directed that the CEO coordinate with all relevant stakeholders—including regulatory authorities, banks, financial institutions, and others—to implement the proposed transaction.
The company has not yet disclosed details regarding management fees or whether JIT International Inc will subsequently acquire shares or ownership in the companies. The timeline for completing the process has also not been specified.
Managing Director Md Azimul could not be reached for comment despite multiple attempts via phone. He also did not respond to text messages.
A company official, speaking on condition of anonymity, said the decision is still at a preliminary stage and that further details will be disclosed in due course.
The official added that the move comes as the current management has faced challenges in efficiently operating the businesses.
Limited information is available about JIT International Inc. However, unofficial sources suggest that it is a US-based company associated with buying-house operations, which may potentially source garments from Alif Group.
