SS Steel to place investment decision on Saleh Steel for approval on Sept 28

SS Steel Ltd will place its decision to invest in Saleh Steel Industries Ltd for general shareholders' approval on the EGM (extraordinary general meeting) slated for September 28.

The AGM will take place at 11am at Digital Platform. The record date is September 3.

The board of directors of SS Steel Ltd decided to increase of authorized capital of the company from Tk 300 crore to Tk 500 crore by amending Clause-V of the Memorandum of Association (MOA) and Clause-5 of the Articles of Association (AoA).

Earlier on August 4, the newly listed steelmaker company announced its plans to acquire Saleh Steel Industries aiming to put a greater claim on the Tk 55,000 crore-industry. It announced to invest a total of Tk 158.75 crore in Saleh Steel, of which Tk 24.75 crore will be equity investment for its 99 per cent stake and the remaining amount will be expended to operate the company efficiently.

sik/teb