DHAKA: The Shareholders of GPH Ispat Ltd unanimously approved the recommendation of the Board of Directors to raise Company’s Authorized Capital from Tk 250-Crore to 1,000-Crore divided into 100-Core Ordinary Shares of Tk. 10 each.
The decision was taken in an Extra-ordinary General Meeting (EGM) of GPH Ispat Ltd, held at Tava Rendezvous Convention Center, Khulshi Mart, Chittagong on Wednesday, says a press release.
The meeting was attended by a large number of shareholders.
The Shareholders also unanimously approved the revision of Right Share Offer to raise Company’s Paid-up Capital by issuing more than 18.71 nos.
Right Share at the ratio of 03 [R]:02, [i.e. 03 (three) Right Shares for every 02 (two) Ordinary Shares held] at an issue price of Tk. 14.00 (including a share premium of Tk. 4.00 each) on Paid-up Capital subject to approval of Bangladesh Securities and Exchange Commission.
The Company will hereby raise Tk. 2,619.54 million by this Rights Issue.
GPH Ispat Chairman Md. Alamgir Kabir presided over the meeting while Additional Managing Director Md. Almas Shimul, Directors Md. Abdur Rouf, Md. Ashrafuzzaman, Independent Directors Professor Dr. Mohammad Saleh Jahur and Md. Velayet Hossain, Executive Director A B Siddique FCMA, CFO Kamrul Islam FCA and Company Secretary Arafat Kamal ACA attended the meeting.
Alamgir Kabir outlined the future plans of the company and described the purpose of revised Rights Issue.
He said the purpose of the Right Issue is for the enhancement of production capacity of MS Billet up to 1,008,000 M. Ton (per annum) and MS Rod/Section Product (Steel bim, Angle, channel, flat bar etc) up to 760,000 M. Ton (per annum).
Company’s current annual production capacity of MS Billet is 168,000 M. Ton and MS Rod is 120,000 M. Ton.
He further said steel is known as the backbone of the modern economy as well as widely used material in society due to its unique combination of strength, formability and versatility.
Economy of Bangladesh is progressing day by day. Industrialization and infrastructural development, multi-storied building, flyover, bridge etc are the main conditions of country’s development which requires steel products.
GPH has ensured highest quality in every phase of production at factory & committed to ensure environment friendly production by using latest technology in future. It ultimately will reduce cost and ensure Company’s strong presence in steel sector of the country.
Besides, being one of the partners of country’s development, GPH has its promise to produce materials for infrastructural development.
During the discussion the shareholders expressed their satisfaction to the performance of the company.
Finally, the Chairman thanked all the shareholders, Bangladesh Securities & Exchange Commission, Dhaka Stock Exchange Limited, Chittagong Stock Exchange Limited, different bankers and other well wishers for their kind support and sought their co-operation to ensure further progress.
BDST: 1739 HRS, SEP 30, 2015
SR/SMS
