SS Metal can make foray into ceramics

The news despatched SS Steel’s inventory selling price soaring about 9.1% on Thursday prior to closing at Tk 22.8, up 3.6 per cent from the former investing session

SS Steel on Thursday declared its program to enter the ceramic enterprise by buying a 75 for each cent stake in Southeast Union Ceramic Industries for Tk 200 crore. 

This would be the second acquisition by the 19-12 months-outdated steel maker in six months.

Before in August, the firm announced its system to purchase Saleh Steel Industries for Tk 158.75 crore with the watch to staking a larger declare on the Tk 55,000 crore-market. Of the sum, Tk 24.75 crore was equity investment decision for 99 for every cent stake. A further Tk 134 crore would be invested for the smooth operation of the firm.

The China-Bangladesh joint enterprise ceramic producer has a ceramic tiles manufacturing factory located at Katakhali, Bagerhat in Khulna with a yearly output capacity of approximately 9.6 crore square toes. 

Southeast Union Ceramic has a compensated-up capital of Tk 10 crore and a yearly turnover of approximately Tk 400 crore, according to Md Mostafizur Rahman, business secretary of SS Steel.

A share order settlement will be signed with the organization immediately after shareholders give their approval in an amazing standard assembly.

The particulars of the amazing normal meeting will be delivered at a later on date, he extra.

The information despatched SS Steel’s inventory selling price soaring about 9.1 for each cent yesterday just before closing at Tk 22.8, up 3.6 per cent from the earlier trading session.

Stated in 2019, SS Steel’s stock price has been on an ascent considering the fact that November 18. Since then, it gained 72.7 for each cent.

Between July and September past calendar year, the enterprise logged in Tk 18.6 crore as financial gain, down 3.6 for every cent calendar year-on-calendar year.