Saif Powertec purchases controlling 51% stake in Innovative Logistics & Shipping
With this acquisition, Saif Powertec is set to become the parent company, while Innovative Logistics & Shipping Limited (ILSL) will function as its subsidiary
Saif Powertec has acquired a majority stake of 51% in Innovative Logistics & Shipping Limited (ILSL), securing the position as the largest shareholder and gaining controlling interest.
The transaction, valued at Tk2.55 crore, was disclosed through a publication on the stock exchanges on Sunday (10 December).
With this acquisition, Saif Powertec is set to become the parent company, while Innovative Logistics & Shipping Limited (ILSL) will function as its subsidiary, owing to Saif Powertec's 51% stake in the subsidiary.
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According to the disclosure, Innovative Logistics & Shipping will engage in diverse operations, including logistics, shipping, inland transportation, cargo transport, port operation, inland logistics, storage for various food items and commodities, labour management, as well as acting as agents for export, import, manufacturing, distribution, and marketing for both Bangladeshi and foreign companies.
Additionally, the company will conduct various trading activities encompassing sugar, oils (such as soybean, mustard, coconut, tishi, sunflower, among others), oil cakes, dairy products, baby foods, fruits, vegetables, grains, spices, nuts, tea, coal, and more. Furthermore, it will be involved in farming cattle, pigeons, buffaloes, mushroom cultivation, container and cargo handling, and shipping agency services.
