STAR BUSINESS REPORT

Dominage Steel Building Systems (DSBSL) has decided to sell 30 percent of its shares to a buyer group led by Akij Resources.

DSBSL board approved the transfer of 3.07 crore shares at a negotiated price through an off-market transaction at its meeting on April 25.

A sale agreement will be executed with the buyers -- Akij Resources, Sheikh Jasim Uddin, and Faria Hossain -- pending approval from the Bangladesh Securities and Exchange Commission (BSEC), according to a disclosure issued on the Dhaka Stock Exchange (DSE) website yesterday.

Upon receiving BSEC clearance, a new board of directors will assume management and operations of DSBSL.

The existing board said the acquisition would help the company fully resume and optimise production, citing recent operational challenges.

It added that the synergy with Akij’s existing steel infrastructure would create long-term value for shareholders.

Akij Resources holds a significant presence in the steel and construction sectors through its subsidiaries. Officially established in April 2020, it builds on the heritage of the Akij Group, one of Bangladesh’s largest conglomerates.

DSBSL, established in 2007 as a private limited company, manufactures pre-engineered steel buildings.

The company operates two factories, at Fulbaria, Palash, Narsingdi and at Aukpara, Ashulia, Savar, with a combined monthly production capacity of 550 tonnes. It sources raw materials from manufacturers in Japan, China, and Taiwan.