High Court has approved the proposed amalgamation scheme of Keya Cosmetics Limited with its three other associate companies — Keya Cotton Mills Limited, Keya Spinning Mills Limited and Keya Knit Composite Limited, a DSE web site post said on Monday. The single bench of Justice Md Rezaul Hasan approved the amalgamation scheme on Sunday. As per the approved exchange ratio of shares, one ordinary share of Keya Cosmetics will be exchanged for 1.36842 ordinary share of Keya Knit Composite, 0.70270 ordinary share of Keya Cotton Mills and 0.63414 ordinary shares of Keya Spinning Mills.
As per the valuation of the four companies disclosed earlier, Keya Cosmetics’ share was valued at Tk 26, Keya Knit Composite’s share at Tk 19, Keya Cotton Mills’ at Tk 37 and Keya Spinning Mills’ at Tk 41 against their face value of Tk 10 each.
The boards of directors of Keya Cosmetics and three other companies have already set December 21 this year as the record date for the exchange of shares of the companies.
The board of directors of Keya Cosmetics on October 20 last year took the decision to merge the company with three of its affiliated companies.
In 2011, Keya Detergent merged with Keya Cosmetics by showing earning per share of Tk 4.39 of Keya Detergent. But, EPS of Keya Cosmetics fell to 1.55 the next year when the company issued rights shares.
-With New Age input
