German cement manufacturer HeidelbergCement Bangladesh Ltd has acquired two companies from UltraTech Cement Middle East Investments Ltd at a total cost of Tk182.58 crore.
The companies are Emirates Cement Bangladesh Limited, engaged in cement production, and Emirates Power Company Limited, engaged in electricity generation and supply.
From now on, the two companies will run as subsidiaries of HeidelbergCement, which manufactures cement under its popular brands - Scan Cement and Ruby Cement.
The amalgamation has come just days after a High Court order in this regard. Earlier, both the parties jointly filed a petition with the court seeking its decision on the merger.
On 13 November 2019, HeidelbergCement signed an agreement with the authorities of the two companies to acquire their 100% shares.
HeidelbergCement Bangladesh Limited, which got listed on Bangladesh's stock exchanges in 1989, is a member of the HeidelbergCement Group, Germany.
HeidelbergCement, which posted profits for years, incurred a loss of Tk18.66 crore in 2019.
In the first three quarters of 2020, the company reported a loss of Tk17.07 crore.