Bangladesh-based SS Steel plans to acquire Saleh Steel with an investment of Tk1.58bn ($18.74mn) indicating a gradual recovery of the Bangladesh economy after the COVID-19 pandemic, cited media reports.
Of the total investment, Tk247mn would be utilised for equity investment for its 99pc stake. Additionally, SS Steel would invest Tk1.3bn for the smooth operations of the company.
Saleh Steel is engaged in the manufacturing of mild steel (MS) rods and coils and has an annual production capacity of 84,000mt.
With this new investment, SS Steel expects to increase its turnover to Tk5bn per year.
($1= Tk84.70)