Akij Resources Ltd is set to acquire a 26.01 per cent stake in Dominage Steel Building Systems Ltd as the steelmaker’s sponsors and directors prepare to transfer a combined 30.01 per cent of the company to Akij and two individual buyers.
Under transactions approved by the Bangladesh Securities and Exchange Commission and cleared by the Dhaka Stock Exchange, Akij Resources will receive about 2.67 crore shares, representing 26.01 per cent of Dominage Steel.
Another 4 per cent will be transferred to two individuals, taking the total stake changing hands to 30.01 per cent, or about 3.08 crore shares.
The transfers will be executed through matched transactions outside the exchange’s regular trading system at Dominage Steel’s 30 September closing price.
Dominage Steel Chairman Muhammad Shamsul Islam will transfer 1.20 crore shares, or 11.74 per cent of the company, to Akij Resources.
Managing Director Mohammad Rafiqul Islam will transfer another 1.20 crore shares, also representing 11.74 per cent.
Director Sujit Saha will transfer 24.32 lakh shares, or 2.37 per cent, while Director Abul Kalam Bhuyan and Director Rakibul Islam will each transfer 80,055 shares, or 0.08 per cent, to Akij Resources.
Those five transfers together give Akij Resources a 26.01 per cent stake.
Separately, Bhuyan will transfer 20.52 lakh shares, or 2 per cent, to Sheikh Jashim Uddin, while Rakibul Islam will transfer another 20.52 lakh shares, also representing 2 per cent, to Faria Hossain.
The two individual transactions account for the remaining 4 per cent of the overall 30.01 per cent stake being transferred.
Based on the disclosed percentages, Dominage Steel has about 10.255 crore shares outstanding.
The transfers are to be completed in dematerialised form by 4 October, subject to compliance with securities, depository, stock exchange and tax regulations.
The transactions follow a BSEC approval letter dated 27 August and are subject to the Depository (User) Regulations 2003, CDBL bye-laws, stock exchange listing regulations and the Income Tax Act 2023.
Dominage Steel shares, with a face value of Tk10 each, closed 0.45 per cent lower at Tk65.80 on the Dhaka Stock Exchange on Sunday.
