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Thai Picnic buys 90pc of Bangladesh LPG Co for $1.0m
10/13/2005
BANGKOK, Oct 12 (Dow Jones): Thailand's Picnic Corp. (PICNI.TH), a cooking gas distributor, said
Wednesday it has invested $1.0 million to acquire a 90 per cent stake in Summit Surma Petroleum Co. Ltd.,
a liquefied petroleum gas distributor in Bangladesh.
Picnic used its working capital to fund the investment as it plans to expand its LPG distribution business in
the region, it said in a statement.
The Stock Exchange of Thailand halted trading in Picnic shares earlier Wednesday, asking the company to
officially inform the bourse about the investment.
Shares of Picnic ended Tuesday at THB2.40, up 5.3% from the previous close.
Marico arm buys
toilet soap brand
Another website report, datelined Mumbai: October 12, said Marico Ltd has informed the BSE that Marico
Bangladesh Ltd (MBL), the Bangladesh-based wholly owned subsidiary, has acquired the toilet soap brand
"Aromatic" from Aromatic Cosmetics Ltd, another Bangladeshi personal care product company, for an
undisclosed amount.
"The transaction included the signing of a suitable non-compete agreement between MBL and Aromatic
Cosmetics as well as the purchase of some equipments and IPR," the company said in the statement to the
bourse.
Aromatic brand has an aggregate turnover of about Taka 300 million with a market share of around 5.0 per
cent.
"Aromatic's brand equity owes its strength to the quality of the soap and its positioning based on the 'halal'
concept, which has a strong recall among consumers," the company said.
Shares of Marico moved up to Indian Rs 295 from the previous close of Rs 287.20 on the Bombay Stock
Exchange (BSE).
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