Saif Powertec to acquire Saif Maritime LLC

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Saif Powertec Ltd, a listed company, has decided to take over 100% of the capital of Saif Maritime LLC at a cost of Tk 12.69 million.

Saif Powertec’s board made the decision at a board meeting held on Thursday, according to price-sensitive information posted on the company’s website.

Saif Powertec will acquire Saif Maritime LLC at a cost of Tk 12.69 million equivalent to 500,000 UAE Dirhams (1.00 UAE Dirham = 25.38 Tk), the company said.

Saif Maritime LLC is incorporated in the United Arab Emirates and run by a team of qualified shipping professionals. It is a subsidiary of the Saif Power group.

Saif Maritime offers complete shipping solutions including ocean transport, transshipment, barge and coastal transport using state-of-the-art operating methodology.

Saif Maritime LLC will be engaged in the business of heavy truck and light truck cargo transportation, cargo and passenger shipping lines.

It will also perform ocean freight and passenger chartering, customs brokerage, cargo loading and unloading services, ocean freight services, ocean container loading and unloading services, shipping line agents, freight brokers, etc., the company said.

After acquiring the company, the estimated total annual revenue and net profit will be Tk 259.80 million and Tk 38.90 million respectively, said Saif Powertec.

Each share of Saif Powertec, which was listed on the DSE in 2014, closed at 34.60 Tk on Thursday, up 9.15% from the previous day.

The company’s consolidated earnings per share (EPS) stood at Tk 1.12 for July 2021-March 2022 compared to Tk 0.71 for July 2020-March 2021.

The paid-up capital of the company is Tk 3.79 billion and the authorized capital is Tk 5.0 billion, while the total number of shares is 379.33 million.

Managing sponsors hold 40.06% of the company’s equity, while institutional investors hold 17.99% and the general public 41.95% as of May 31, 2022, according to DSE data.

Incorporated in 1995, Saif Powertec handles export and import containers at Chattogram Container Terminal and the new Mooring Container Terminal at the Port of Chattogram.

It is also constructing a multimodal container depot at the Bangladesh Railway (BR) land at Halishahar in the port city and a multi-purpose jetty at Mongla Port.

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