Alif Industries Ltd (AIL), a publicly traded company, said it plans to take over an export-oriented denim plant and a dredging company.

The company said its board authorised Managing Director Md Azimul Islam to initiate the takeover process of Royal Denim Ltd, a 100 percent export-oriented denim maker with a current capacity of 750,000 yards per month.

The factory is located at the Cumilla Export Processing Zone, AIL said today in a filing to the Dhaka Stock Exchange.

The company's board has directed the MD to begin the takeover after proper due diligence that complies with the relevant laws.

Similarly, the AIL board has authorised the company MD to initiate the takeover process of Diamond Dredging Ltd.

"The board has further directed Md Azimul Islam to submit all relevant documents along with the detailed feasibility report, estimated cost of purchase and mode of financing within 30 working days to the board for further decision," AIL said in the filing.

The company didn't disclose the amounts of both deals.

Shares of AIL increased 0.86 percent to Tk 93.90 as of 11.40 am today.

AIL's Company Secretary Mahfuzur Rahman could not be reached over the phone for comment.