Linde Bangladesh has sold its welding electrode business to ESAB Group, an American-Swedish industrial company, said the company yesterday.
It said its board noted and recorded the transfer of 13.82 crore shares to EASB Group Middle East FZE and one equity share held by Abu Mohammad Nisar, its nominee shareholder, to Exelvia International Holdings BV.
“From henceforth, Linde Industries Pvt Ltd is no longer a subsidiary of Linde Bangladesh Ltd,” said the company in an advertisement in the newspapers.
The company did not disclose the value of the deal.
Shares of Linde Bangladesh fell 2.95 percent to Tk 1,208.9 on Dhaka Stock Exchange yesterday.
Linde announced its decision to sell its welding electrode business at the end of May this year.
Electrodes were the biggest contributor to its revenue and its longstanding business. It accounted for 53.3 percent of Linde’s income originating from the segment in 2021-22.
Linde’s profit dipped 40 percent year-on-year to Tk 52.56 crore in the year 2023 ending on December 31, from Tk 88.33 crore a year ago.
As such, its earnings per share declined to Tk 34.54 last year from Tk 58.04 a year ago.
Linde has been a key player in Bangladesh’s industrial gas sector for more than 50 years, operating through 18 sales centres.
Its products include liquid and gaseous oxygen and nitrogen, argon, acetylene, carbon dioxide, dry ice, refrigerant gases, lamp gas, and medical oxygen.
On June 20, the board of Linde declared a 1,540 percent interim dividend, or Tk 154 per share.