The stock market-listed company Dominage Steel Building Systems Ltd. has released an official statement in response to recent media claims concerning the functioning of its factories and business strategy, as well as the Dhaka Stock Exchange (DSE) examination. Following the DSE’s inspection of its factory facilities in Ashulia, Dhaka, and Palash, Narsingdi, the company gave this statement.
Dominage Steel Building Systems Ltd. identified itself as a full-service engineering and construction firm with a primary focus on prefabricated steel structural elements. The corporation adamantly declared that it does not produce any everyday consumer goods and that its primary business strategy is not only reliant on uninterrupted manufacturing operations. The business clarified that there aren’t many factory activities.
In a letter signed by the company’s Managing Director, Engineer Mohammad Rafiqul Islam, it was claimed that some media outlets had been spreading misleading information about the factories from time to time. The company formally informed shareholders that both of its factories remain operational.
However, field-level information contradicts this official explanation from Dominage Steel. During their inspection, DSE officials found that while the company’s Ashulia factory was operational, the plant located in Palash, Narsingdi, was closed.
Not only DSE officials but also local residents told the media that the Narsingdi plant has been shut down for a long time. No one is seen entering or leaving the factory premises. Despite this, the company maintains that both factories are active. According to the company, it is standard practice that the factories may not operate every day, as it produces customized products based on specific customer orders, designs, and measurements.
However, the closure of one factory and local claims that it has been closed for an extended period have raised suspicions of partial inconsistencies in the company’s official explanation. Investors and analysts believe the company should disclose clearer information regarding its production activities and revenue sources to validate the truthfulness of its business model.
