Lafarge Surma Cement has approved the acquisition of Holcim Bangladesh for over Tk 504.81 crore, a price set by the Bangladesh Bank, according to a Dhaka Stock Exchange (DSE), reports BSS.

The company has further informed that it has given its Chief Executive Officer power to complete the deal process, said the DSE news.

Bangladesh Bank approved the acquisition for Tk 5,047,819,940.00 on September 17, 2017.

On December 15, 2016 the Board of Directors of Lafarge Surma Cement Ltd approved its December 14, 2016 meeting for the acquisition of 100 percent shares of Holcim Bangladesh from the LafargeHolcim Group.

When the news spread share price of Lafarge Surma went up on DSE. The share of Lafarge Surma rose by 9.94 per cent by midday to trade at Tk 59.70 at DSE, according to DSE web news.