Ifad Autos to buy shares of Gulf Oil Bangladesh

Ifad Autos will spend about Tk 13 crore to buy shares of the local subsidiary of Gulf Oil – a move that could give the auto salesman Tk 4.36 crore in profits next year.

Ifad will buy 49 percent of the shares of Gulf Oil Bangladesh for $ 1.68 million, he said in a publication on the Dhaka Stock Exchange website yesterday.

Gulf Oil Bangladesh is engaged in importing and selling lubricants, grease and car care products.

The course of action of Ifad Autos has fallen Tk 3 following the announcement of the investment to close at 13:30 on the 13th.

The company's share price has seen an upward trend in four consecutive days of last week, reaching the top of Tk 137.40 on Wednesday. Ifad Autos made another investment of Tk 43 crore in February to build a 9-storey office building in the Tejgaon industrial area in Dhaka, according to the company.

Of the amount invested, Tk 30 crore came in the form of a bank loan and the remaining equity of the company.

The company made a profit of Tk 59.51 crore last year, up 62 percent year on year.

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