The Financial Express

Dominage Steel to make debut on Wednesday

The company declares 10pc dividend

| Updated: December 06, 2020 16:14:46

Dominage Steel to make debut on Wednesday

Dominage Steel Building Systems will make its shares trading debut on Wednesday on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under ‘N’ category.

The board of directors of the newly listed company has recommended 2.0 per cent cash and 8.0 per cent stock dividend for the year ended on June 30, 2020, according to an official disclosure on Monday.

The board has also decided to increase authorised capital from Tk 1.0 billion to Tk 1.50 billion by amending Clause V of the Memorandum of Association and Article 6 of the Articles of Association of the company subject to approval of the shareholders in the EGM.

The extraordinary general meeting (EGM) and annual general meeting (AGM) will be held on December 31 through digital platform. The record date for EGM and AGM is on December 15.

The company has also reported earnings per share (EPS) of Tk. 1.42, net asset value (NAV) per share of Tk. 21.23 and net operating cash flow per share (NOCFPS) of Tk. 4.78 for the year ended on June 30, 2020 as against Tk. 1.83, Tk. 19.81 and Tk. 5.40 respectively for the same period of the previous year.

The stock market regulator -- Bangladesh Securities and Exchange Commission (BSEC) on August 26 approved the company’s IPO proposal to raise Tk 300 million from the capital market through initial public offering.

As per the regulatory approval, the Dominage Steel issued 30 million ordinary shares with an offer price of Tk 10 each using the fixed price method.

The company will utilise the IPO proceeds for acquisition of new plant & machinery (55.77 per cent), building and other construction (30.14 per cent), electrical installation (7.56 per cent) and bearing the IPO related expenses (6.53 per cent).

The company targets to complete these tasks within 24 months after receiving IPO funds, according to the company’s prospectus.

Shahjalal Equity Management is working as the issuer manager of the company’s IPO processes.

Incorporated in 2007, Dominage Steel is engaged in manufacturing of various pre-engineered steel buildings according to the designs and providing full-fledged architectural and consultancy services.

The company’s principal activities are building pre-engineered steel buildings like factories, warehouses, convention centers, workshops, commercial showrooms, distribution centers, restaurants, CNG stations, multi storied buildings and so on, according to the company’s website.

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