Reportedly, ACI Ltd, the country’s prominent conglomerates have declared to sell its stakes in Tetley ACI Bangladesh Ltd (TABL) at 10.61 crores Tk to its joint venture partner Tata Consumer Products (TCP).
Tata Consumer Products offered to buy the entire shareholding of ACI (3,250,000 shares) in Tetley ACI Bangladesh Ltd at over Tk 32 each. According to the ACI filing on the Dhaka Stock Exchange, the TCP offered to buy ACI’s shares in the tea firm as part of its long-term business plan.
Tata reportedly intends to take over the full ownership of Tata ACI Bangladesh Ltd at a time when rising domestic consumption is trending in the tea market of Bangladesh.
ACI announced that both companies reached an amicable agreement, subject to finalizing a draft settlement agreement and signing the same. Due to this agreement, ACI will sell its entire shareholdings at Tk 10.61 crores Tk. Adding on, the company will receive variable earnings up to a maximum of Tk 3.38 crore.
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Reportedly, the ACI share price remained unchanged at 260.2 Tk on the DSE at 2.18 pm today. Together the ACI and TCP’s parent company Tata Consumer Products UK Group Ltd aim to finalize and sign the agreement shortly and complete the transfer of shares and enter into the transitional services agreements as soon as possible, said the filing.
Since 2003 TABL has been serving local consumers through its blended tea brands Tata Tea and Tetley. ACI and TCP Overseas Holdings Limited signed a 50:50 joint venture agreement in September 2002 to establish Tata ACI Bangladesh Ltd.
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