SS Steel yesterday announced that it would spend about Tk 200 crore to buy a 75 per cent stake in Southeast Union Ceramic Industries in an effort to expand its product base in the construction sector.
"Ceramic is a construction related product and since we already provide steel, buying a stake in the ceramic tiles producer will strengthen our foothold," said Javed Opgenhaffen, chairman of SS Steel.
Southeast Union Ceramic sells its products under the brand name of SEUCL and FONDI.
SS Steel, which was listed with the country's bourses back in 2019, saw its stock price to rise 3.84 per cent to Tk 22.80 yesterday.
Located on the outskirts of Dhaka in Tongi, the company manufactures mild steel (MS) deformed bars of various grades comprising MS billets and ingots. It also produces MS billets from scrap.
