Arçelik A.Ş acquires 57% of Singer ?? Bangladesh for $75 Million

The Turkish consumer electronics manufacturer Arçelik has completed Majority acquisition of Bangladesh Top Electronics Retailers singer . Singer is Publicly traded company in Bangladesh . Under the agreement, Ardutch BV, a wholly owned subsidiary of Arçelik, would acquire a 57 percent stake in Singer Bangladesh’s majority shareholder from Retail Holdings Bhold BV, remaining 43% is in Dhaka stock Exchange .

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Its stock was falling after March 20 but rose 1.80 percent after the News . Its previous owner was a Netherlands Based Company . The first operation of Singer Bangladesh began in British colonial era in former Bengal Presidency , 1905 Later, in 1920, two shops were set up in Dhaka and Chittagong . Singer Bangladesh have 1,507 employees and it reported 2018 revenues of $164 million.

SINGER Bangladesh registered as an operating company, with 80% of the share held by Singer Sewing Machine Company (SSMC), USA, and 20% by local shareholders. In 1983 the company was listed with Dhaka Stock Exchange (DSE)

Arçelik A.Ş is subsidary of Koç Holding   A fortune 500 Company ,Arçelik have 13 international subsidiaries , operates 15 production plants in Turkey, Romania, Russia, China, South Africa and Thailand . Arçelik has been ranked “Number One in the Private Sector” for the 14th time in 19 years in Turkey .

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