Dhaka, Bangladesh (BBN)-Bangladesh Steel Re-rolling Mills Ltd (BSRM), a Chittagong-based steel manufacturing conglomerate, promoted to ‘A’ category from existing ‘N’ category with effect from today (Thursday), officials said.
“The company will be placed in ‘A’ category from existing ‘N’ category as the company has reported disbursement of 10 per cent cash dividend for the year ended on 31 December 2014,” said a Dhaka Stock Exchange (DSE) web post on Wednesday.
Bangladesh Steel Re-Rolling Mills made share trading debut on April 27 this year under ‘N’ category in the ‘engineering’ sector, which accounted for around 5.0 per cent of the total market capitalisation of the DSE.
The steel manufacturer floated 17.5 million ordinary shares at an offer price BDT, including a premium of BDT 25 for each ten taka share and raised a fund worth above BDT 612.5 million from the public.
Each share prices of the company closed at Tk 84.6 on Wednesday, registering a decline of 0.83 per cent over the previous day’s price despite of its category change news.
Of the total shares- sponsor/directors held by 57.11 per cent, intuitions 3.25 per cent, foreign investors held by 30.55 per cent while public held by 9.09 per cent, according to DSE website.
The securities regulator – Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Bangladesh Steel Re-Rolling Mills on December 9, last year.
The company has reported net profit after tax from Jan’15-June’15 BDT 185.19 million with EPS of BDT 1.08 as against BDT 31.87 million and BDT 0.20 respectively for the same period of the previous year.
The BSRM started its journey in 1952, maintaining the leadership position in the steel industry by producing the best quality steel products, continuously enhancing customer satisfaction and becoming a reliable business partner of the customers and suppliers, according to the company’s website.