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SS Steel Limited, a listed engineering sector company, called extraordinary general meeting (EGM) for an approval to invest in Al-Falah Steel and Re-Rolling Mills and revision of the plan to unutilised IPO proceeds.
SS Steel Company announced to invest in the Company on 27 April, 2022. At that period the company said that it would invest Tk 87.46 crore to subscribe to around 99 per cent stake of its existing equity shares and a further Tk 96.68 crore for the smooth operation of the company.
The EGM is scheduled for September 3, 2022.
“The Board of Directors has decided to hold the EGM due to proposed revision of utilisation plan of unutilised IPO Proceeds; to pay outstanding Time Loan/Short Term Loan and equity investment in Al-Falah Steel and Re-Rolling Mills Limited,” it said in a filing with the Dhaka Stock Exchange on Tuesday.
Al-Falah Steel and Re-Rolling Mills Limited is a steel industry engaged in the production and selling steel by its renowned brand name and capacity of the Al-Falah Steel and Re-Rolling Mills Limited, a non-listed company located in Narayangonj. Its present production capacity is around 64,800 metric tonnes per annum.
SS Steel will finance the investment from the company’s retained earnings and partly from the bank and financial institutions. Its share price unchanged to Tk 17.70 on the DSE on the day.
In 2020, SS Steel acquired 99 per cent shares of Saleh Steel Industries Limited to capture the market in the uncovered geographical areas of Bangladesh.
SS Steel Limited started its operation in 2001 dedicated solely to producing reinforcement bars from small rolling mills.
