Akij Resources, new investors to take over Dominage Steel as DSE approves 30% stake transfer
3.078 crore sponsor-director-held shares were transferred to the incoming investors at the 30 September closing price, with the entire matched transaction completed today.
The Dhaka Stock Exchange (DSE) has approved the transfer of a 30.01% stake in Dominage Steel Building Systems Limited outside the regular trading system, paving the way for a change in ownership, management and operational control by Akij Resources Limited and two individual investors.
According to a disclosure published on the premier bourse, the exchange approved the off-market transaction following a Bangladesh Securities and Exchange Commission (BSEC) directive issued on 27 August and subsequent instructions on 28 September.
Under the arrangement, 3.078 crore shares held by the company's sponsor-directors will be transferred to the incoming investors as a "Matched Transaction" in demat form at the closing price on 30 September 2026. The entire transaction was completed today (4 October).
Akij Resources acquired the largest portion, taking 1.20 crore shares (11.74%) each from Sponsor-Director and Chairman Muhammad Shamsul Islam and Sponsor-Director and Managing Director Mohammad Rafiqul Islam. Director Sujit Saha transferred 24.31 lakh shares (2.37%) to Akij Resources.
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Director Abul Kalam Bhuyan and Director Rakibul Islam each transferred 80,055 shares (0.08%) to Akij Resources. They also transferred 20.52 lakh shares (2%) each to Sheikh Jashim Uddin and Faria Hossain, respectively.
The regulator allowed the off-market transfer under CDBL Bye-Laws as a special case, as the incoming investors will acquire the entire shareholding of the outgoing sponsor-directors and take charge of operating the steel structure manufacturer.
To maintain market stability, the regulator has also imposed a lock-in period on the transferred shares.
The Dominage Steel board initially approved the proposed share sale in April, after which the company sought regulatory clearance. The takeover comes as the company faces severe operational and financial distress.
During July-December of FY26, the company reported a 54% year-on-year decline in revenue to Tk5.75 crore and a net loss of Tk0.94 crore, with a loss per share of Tk0.09.
The company also came under regulatory scrutiny after a DSE inspection team found its main factory in Narsingdi shut during an unannounced visit in late 2025.
The entry of Akij Resources and the resulting management change is expected to help reactivate the manufacturing facility and restore shareholder value.
