B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has directed the transfer of 3.078 million shares held by the sponsors and directors of Dominage Steel Building Systems Limited to new owners within seven days.

The securities regulator has instructed the Dhaka Stock Exchange (DSE) to implement the order, clearing the way for a long-pending change in the company’s ownership.

In a letter sent to the DSE on September 28, the BSEC clarified that the share transfer would not face any legal obstacles, despite the ongoing prohibitory period. The commission noted that the new owners would acquire the entire shareholdings of the existing transferors and assume responsibility for the company’s operations and management.

The BSEC also confirmed that the transferred shares would remain subject to a lock-in period, ensuring that the transaction would not adversely affect the interests of general investors.

Earlier, the DSE had sought clarification from the BSEC regarding restrictions on insider transactions under the Securities and Exchange Ordinance, 1969, as uncertainty remained over the approval of the proposed transfer. In response to the DSE’s letter dated September 15, the commission clarified that the restrictions could be relaxed for this special transaction.

On August 27, the BSEC granted conditional preliminary approval for the transfer of approximately 30 percent, or 30.78 million shares, of Dominage Steel to Akij Resources Limited, Sheikh Jasim Uddin and Faria Hossain.

The proposed transaction will be completed through an off-market negotiated transfer under Bye-law 11.6 of the Central Depository Bangladesh Limited (CDBL). The company’s board of directors approved the share sale proposal on April 25 this year.

Dominage Steel has been struggling with financial and operational challenges for an extended period. During July–December of the 2025–26 fiscal year, the company’s revenue fell by 54 percent year-on-year to Tk 5.75 crore.

During the same period, the company incurred a net loss of Tk 94 lakh, resulting in earnings per share (EPS) of negative Tk 0.09.

The company’s factory operations have also come under scrutiny. In late 2025, an inspection team from the DSE found the company’s factory in Narsingdi closed.

However, the company claimed that its Savar unit remained operational, adding that its project-based business model did not require all factories to maintain continuous production.

With the latest BSEC directive, the ownership transfer process, which had remained stalled for months, is now set to move forward. Market observers will be watching how the new owners take charge and whether their management initiatives can help restore the financially distressed company to profitability.