Help Desk -
9958816305, 9810335381
Email
Password

SS Steel to acquire Saleh Steel in Bangladesh

Steel News - Published on Wed, 05 Aug 2020

Image Source: SS Steel Saleh Steel
The Daily Star reported that newly listed company SS Steel plans to acquire Saleh Steel Industries with the view to staking a larger claim on the BDT 55,000 crore industries in Bangladesh. Steelmaker will invest a total BDT 158.75 crore in Saleh Steel. Of the sum, BDT 24.75 crore would be equity investment for its 99 percent stake. Another BDT 134 crore would be invested for the smooth operation of the company. Established in 1995, the capacity of the Saleh Steel Industries, which churns out a range of mild steel rods and coils, is about 84,000 tonne per year. Located in Tongi on the outskirts of Dhaka, SS Steel manufactures MS deformed bar of various grades, MS billet and ingot. It also produces MS Billets from scrap.

In the 2018-19 financial year, SS Steel's turnover was BDT 415 crore and profit BDT 51.91 crore, up 69.7 percent year-on-year. In the first half of the 2019-20 financial year, its profit stood at BDT 32.3 crore. The new investment alone is expected to increase SS Steel's turnover by about BDT 500 crore a year, which can potentially increase the profitability of the company substantially

SS Steel is yet to take consent from its shareholders and the related regulators. Sponsors hold 32.3 percent of SS Steel's shares, institutes 19.96 percent and public 47.71 percent.

Source :

Posted By : Yogender Pancholi on Wed, 05 Aug 2020
Related News from Steel segment