Turkey-based Arcelik, a home appliance manufacturing group, on Wednesday announced that it has completed acquisition of 57 per cent stake of Singer Bangladesh from Netherlands-based Retail Holdings group for $75 million.
Following the close of the transaction, Arçelik’s wholly-owned subsidiary Ardutch own Retail Holdings Bhold, the company that controls 57 percent of Singer Bangladesh Limited, a leading home appliance retailers and manufacturers in Bangladesh, said a press release.According to an earlier disclosure at the Dhaka Stock Exchange by Singer Bangladesh, Arçelik and Retail Holdings NV signed an agreement under which Ardutch BV—a wholly owned subsidiary of Arçelik—will acquire Retail Holdings BV, which owns 57 per cent of Singer Bangladesh shares. Arçelik is listed on Istanbul Stock Exchange.
Koç Holding Consumer Durables Group President and Singer Bangladesh Chairman Fatih Ebiçlioğlu said: “We have been intensively growing in Asia-Pacific in the last decade with investments in China, Thailand, Pakistan, and India in a bid to establish a trade corridor along the historical Silk Road. This acquisition is another significant step on our Silk Road strategy.”
Founded in 1905 and headquartered in Dhaka, Singer Bangladesh has an extensive product portfolio, ranging from refrigerators to washing machines, televisions to air conditioners. Singer Bangladesh has 1,507 employees and it reported 2018 revenues of $164 million.