VOL NO REGD NO DA 1589

Thursday, February 16, 2006

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COMPANY & FINANCE
 
Proposed Tata Steel Mill 'won't affect S Alam steel mill'
Raihan M Chowdhury back from Chittagong
2/16/2006
 

          The proposed Tata Steel Mill in Bangladesh will not at all affect the business of S Alam Cold Rolled Steels Ltd (SACRSL).
"Rather we feel the Tata plant which will manufacture 'flat product' will help our local industry in getting the raw materials cheaper and easier," Director (technical) of S Alam Group Shahidul Alam told reporters dispelling the fear of local producers of CR coils and sheets about Tata's proposed plants.
The S Alam Group director was talking to reporters recently during a visit to the SACRSL factory at Patiya of Chittagong.
Presently no Bangladeshi factory manufactures flat product which is a raw material of hot-rolled coil, plates and sheets.
Negotiations between the Tata and Bangladesh government were, however, stalled on February 8 as both sides failed to reach a decision on the price of natural gas to be used in the proposed $ 2.5 billion Tata projects in steel, fertiliser and power plants.
SACRSL is going to float 1.2 million shares worth Tk 120 million (face value Tk 100 each) for general investors.
Subscriptions of the company shares will begin on February 19 and close on February 26.
The subscription for non-resident Bangladeshis will close on March 7.
"We have decided to go public to bring more accountability and transparency in our company affairs and more companies under our Group will float primary shares within next few years," the S Alam Group director said.
Apart from SACRSL, the other companies of S Alam Group are S Alam Steels Ltd, S Alam Cement Ltd, S Alam Hatchery Ltd, S Alam Vegetable Oil Ltd, S Alam Super Edible Oil Ltd, S Alam Bag Manufacturing Mills Ltd and S Alam Luxury Chair Coach Services Ltd.
"We are also expanding our business to power and sugar," another executive of the Group said.
The major competitors of S Alam in CR coil/sheet manufacturing are PHP Cold-Rolled Steels Ltd, Abul Khair Steel Products Ltd, KYCR Coil Industries Ltd, Karnaphuly Steels Ltd (T K Group) and Apollo Ispat Complex Ltd.
Located on 14.43 acres of land at Kalarpool under Shikalbaha of Patiya upazila, the SACRSL started its commercial production on February 16 of 2004 with an annual production capacity of 120,000 tonnes CR steel strip.
"We have already achieved 85 per cent production capacity and the rest will be completed very soon," said S V Kulkarni, an Indian engineer working in the SACRSL.
The SACRSL officials said they are hopeful of getting good response from the general investors as the new company in manufacturing sector is going to float shares.
After Berger Paints, Lafarge Cement and Keya Detergent, SACRSL is going to be the fourth company in the manufacturing sector in the country's stock market.
Lafarge is, however, scheduled to begin commercial production by the end of this year.
Selected branches of Rupali Bank, Investment Corporation of Bangladesh, Exim Bank Ltd, Standard Bank Ltd, First Security Bank Ltd, National Bank Ltd, Southeast Bank Ltd, Islami Bank Bangladesh Ltd, City Bank Ltd, National Credit and Commerce Bank Ltd and AB Bank Ltd are the bankers to the issue of S Alam's IPO.
Union Capital Ltd and ICB Capital Management Ltd are the joint managers to the issue of S Alam.
Reputed chartered accountants Rahman Rahman Huq is the auditors.

 

 
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