Talks on to sell retailer Agora to Meena Bazar owner Gemcon

Negotiations are ongoing for the sale of Agora, Bangladesh’s first retail chain launched by Rahimafrooz Ltd, to Gemcon Group.

Agora and Gemcon’s Meena Bazar will be merged if the discussions see a successful outcome.

Gemcon opened Meena Bazar in 2002, a year after the launch of the first Agora outlet in Dhaka.

The number of Agora’s outlets in Dhaka, Chattogram and Sylhet stands at 17 now while Meena Bazar has 18.

Niaz Rahim, one of the directors of Agora, confirmed to bdnews24.com Wednesday that talks with Gemcon were on. No comment from the Meena Bazar authorities was available.

“Discussions are advancing over the transfer of ownership with the Meena Bazar authorities,” Rahim said.

Directors Khalid Quadir and Muallem Choudhury are representing Agora in the talks, according to Rahim. 

“But the time to reveal the details has not come yet,” he added.

Kazi Enam Ahmed, a director of Gemcon, did not respond to bdnews24.com calls for comment.

The discussions are “not for profits or loss, but the wish of the authorities”, one of the Agora directors involved in the talks told bdnews24.com.   

“Our foreign partners have also agreed [to the sale],” he added, referring to Swedish firm Brummer and Partners, which had partnered with Rahimafrooz to run Agora.

The talks had started several months ago, the Agora director said.

“And it would take several more months for the talks to end as the transfer of a company’s ownership is a very complex process,” he added, requesting anonymity.