C&A Textiles, a 100% export-oriented knit composite company, was involved in the weaving, dyeing, printing, and production of a variety of garments for export to Italy, America, Germany, Canada, the United Kingdom, and other parts of Europe.
But it has been obsolete for more than four years. It will currently be acquired by business organization Alif Group.
Recently, the Bangladesh Securities and Exchange Commission (BSEC) has accepted the acquisition proposal in this regard, which has a strong presence in the textile, clothing, financial services and real estate sectors.
In the same vein, while issuing seven guidelines for Alif Group, it was said that necessary steps should be taken to bring C & A back to textile production after the acquisition.
To this end, Alif Group’s two companies, Alif Manufacturing Company Limited (formerly known as CMC Kamal Textile Mill Limited) and Alif Industries, listed on the local stock exchange, will also cover and meet the bank liabilities, gas and utility bills of C&A textiles.
C&A Textiles was incorporated in 2001 and started commercial operations in 2003.
However, in June 2017, it announced a sudden shutdown of production for renovation work, and its offices have remained closed since then even as in February 2021.
The BSEC has restructured the underperforming company’s board, appointing seven Directors while in March 2021, police, reportedly, arrested C&A Textiles’ Managing Director Rukshana Morshed, in a case filed related to money laundering.