Arçelik will pay $75 million for a majority stake of the company currently owned by Netherlands-based Retail HoldingsTurkey's leading appliance maker Arçelik is to buy 57% stake in the Singer Bangladesh Limited, a leading home appliance manufacturer and retailer in Bangladesh. Singer Bangladesh posted an official disclosure at the Dhaka Stock Exchange (DSE) yesterday. Singer Bangladesh has 1,507 employees and reported revenues of $164 million in 2018, and their net profits after taxes were approximately $11 million. Furthermore, Singer Bangladesh is the largest retailer of consumer durables, with 385 stores and 720 wholesale dealers in the country. Currently in competition with local player Walton for market leadership, Singer Bangladesh aims to get a boost from Arçelik's production technology and know-how.

Source: Dhaka Tribune March 24, 2019 16:30 UTC