J.O Steel Holdings Ltd., a UK-based steel manufacturing holding company has announced that it has signed an agreement with GEM Global Yield LLC SCS (“GEM”), the Luxembourg-based private alternative investment group for €25m of funding.
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 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.
J.O Steel Holdings Ltd. plans to acquire further steel plants in Bangladesh and Africa in the coming three years, specifically eyeing high GDP-growth countries with significant demand-supply gap in steel.