GPH Ispat Ltd holds EGM

The Extra-ordinary General Meeting (EGM) of GPH Ispat Ltd was held at Ichamoti Hall, Hotel Agrabad, Chittagong on May 05, 2015 Tuesday at 11.30 am. 

The meeting was attended by a large number of shareholders. In the meeting the Shareholders unanimously approved the recommendation of the Board of Directors to raise Company’s Paid-up Capital by issuing 124,740,000 nos. Right Share at the ratio of 01(One) [R]:01(One), [i.e. 01 (one) right share for every 01 (One) existing Ordinary share held] at an issue price of Tk. 20.00 (including share premium of Tk. 10.00 each) subject to approval of Bangladesh Securities and Exchange Commission.

The meeting was presided over by Mr. Md. Alamgir Kabir, Chairman of the Company while Managing Director Mr. Mohammed Jahangir Alam, Additional Managing Director Mr. Md. Almas Shimul,  Director Mr. Md. Ashrafuzzaman, Director Mr. Md. Abdul Ahad, Independent Directors Professor Dr. Mohammad Saleh Jahur and Mr. Md. Velayet Hossain, Executive Director Mr. A B Siddique FCMA, CFO Mr. Kamrul Islam FCA and Company Secretary Mr. Arafat Kamal ACA attended the meeting.

Mr. Mohammed Jahangir Alam, Managing Director outlined the future plans of the company and described the purpose of 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 up to 760,000 M. Ton (per annum). It is to be noted that, at present the annual production capacity of MS Billet is 168,000 M. Ton and MS Rod is 120,000 M. Ton.

During the discussion the shareholders expressed their satisfaction to the performance of the company.

Finally the Chairman of the meeting Mr. Md. Alamgir Kabir thanked all the honorable 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. (Source: press release)