Runner Lube plans to acquire an 8.81% stake in Runner Auto
Runner Auto board has approved the planned purchase, which is subject to further approval from the BSEC
Runner Lube and Energy Limited is planning to acquire one-third of Runner Automobile shares being divested by private equity investor Brummer Frontier PE II (Mauritius) Ltd.
Runner Lube will acquire one crore shares of its sister concern from the private equity fund, which is equivalent to 8.81% of Runner Auto shares.
Brummer Frontier, which was holding one-fourth of Runner Automobiles shares, is divesting its entire stake after a decade of equity injection into the country's two-wheeler manufacturing pioneer that also expanded its business in commercial vehicle and three-wheeler segments.
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Runner Auto board has approved the plan and it would be subject to further approval from the Bangladesh Securities and Exchange Commission (BSEC), the listed company stated in their public disclosure.
The price Runner Lube is going to pay for each Runner Auto share has remained undisclosed.
Following the announcement, Runner Auto shares having a face value of Tk10 each jumped 5.5% to Tk54 at the Dhaka Stock Exchange on Wednesday.
