Abul Kashem, chairman of Bangladesh’s largest industrial conglomerate Abul Khair Group, has expanded business in the food and commodities sector under his company Smile Food Products Limited – at a time when confidence is low for new investments.
In recent months, according to industry insiders, Kashem has acquired Abdul Monem Sugar Refinery Limited and the edible oil division of Globe Pharmaceuticals, in deals worth approximately Tk4,000 crore.
As part of the acquisitions, Kashem paid at least Tk1,700 crore for Abdul Monem Sugar Refinery, widely known as Igloo Sugar, and more than Tk2,000 crore for Globe Edible Oil Limited, which includes several acres of land in Dhaka’s Tejgaon industrial area.