Oimex Electrode Limited announced the transfer of the entire stake of its three directors out of five to SS Steel Limited as the latter is expected to acquire the former.
According to a filing posted on the website of the Dhaka Stock Exchange (DSE) Wednesday, Oimex Electrode Chairman Khairun Nesa Lucky is set to transfer her 29,56,269 shares to JO Holdings Limited and 13,41,696 shares to Opgenhaffen Holdings Limited, two directors of SS Steel Limited.
Besides, Oimex Managing Director MA Maleque is slated to transfer his total stake of 1.45 million shares to JO Holdings Limited.
Furthermore, Oimex Electrode Director Nawshin Tasnim expressed her intention to transfer 233 shares to JO Holdings Limited and 13,41,696 shares to NJ Holdings Limited.
Once the transfers are completed, no shares would be left to these three Oimex Electrode directors.
Earlier In June this year, securities regulator the Bangladesh Securities and Exchange Commission approved the share transfer issue of Oimex Electrode Limited.
Once the process is done, representatives of SS Steel Limited will jointly hold a 30.01 per cent stake on the board of Oimex Electrode Limited.
Oimex Electrode, a publicly traded company, is involved in the manufacturing of welding electrodes, galvanised iron wire, copper-coated welding wire, and iron nails.
On the other hand, SS Steel Limited is a manufacturer of reinforcement bars from small rolling mills.
Incorporated in 2001, the Dhaka-based listed company also acquired a 99 per cent stake in Saleh Steel Industries Limited in 2020.