J.O Steel Holdings secure €25m funding
UK-based steel manufacturing holding company, J.O Steel Holdings Ltd has reached an agreement with a private alternative investment group for €25million of funding.
Luxembourg-based GEM Global Yield LLC SCS provide the holding company with the money over three years following a public listing of common stock.
J.O Steel Holdings will use the funds to part-finance further acquisitions of steel plants in Bangladesh, South Asia, and Africa, eyeing emerging market countries with substantial GDP growth and infrastructure requirements.
The initial €25million will be in the form of a capital commitment that allows J.O Steel Holdings to draw down funds during the three-year term by issuing shares of common stock.
The firm is specifically a steel manufacturing holding company currently owning assets and factories in South Asia.
Its primary sponsor is Javed Opgenhaffen, an industrialist whose business enterprises include textile and garment factories, steel industries, an ethanol refinery, ceramic tiles factories, and real estate directly employing over 20,000 people.
He also owns significant stakes in Bangladesh-based insurance companies and banks.
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