Confidence Cement PLC, a listed company in the cement sector, has decided to sell its entire shareholding in its subsidiary, Confidence Batteries Limited, for Tk 11.34 crore.

According to sources at the Dhaka Stock Exchange (DSE), the cement manufacturer will sell its 10,314,500 shares in Confidence Batteries to Confidence Infrastructure PLC.

The total sale value has been fixed at Tk 113,459,500, with a face value of Tk 10 per share.

The decision was approved at a meeting of the company’s board of directors held on October 29.

According to the company, the share sale is intended to achieve strategic objectives and meet immediate financial obligations.

The transaction will be completed in accordance with the terms and conditions of a share purchase agreement signed between the two companies.

However, the proposed sale and transfer of shares require approval from Confidence Cement’s shareholders at a general meeting. The company will proceed with the remaining formalities after obtaining the necessary approval.