Mir Akhter Hossain will form a subsidiary company-Mir Steel Mills- to meet the company's own demand for raw materials along with enhancing its profit through a new business wing.
The company's board of directors recently has taken the decision of forming the said subsidiary company, a disclosure said.
"Mir Akhter Hossain will hold the majority shares of the company," said the disclosure posted on the website of Dhaka Stock Exchange (DSE).
Asked, an official of Mir Akhter Hossain, one of the leading infrastructure companies, said their company is a top consumer of different raw materials such as rod and steel.
"Our company has to purchase raw materials from other companies. That's why, our board has decided to form a subsidiary company," the official said. He said the cost of raw materials, used in Mir Akhter Hossain, will be reduced and the company's profit will also be enhanced through another business of rod and steel.
