GPH Ispat’s Sitakunda plant opens on Jan 8
GPH Ispat, a steel manufacturer, is all set to start production in its newly built plant in Sitakunda on January 8.
The company has invested around Tk 2,400 crore for the expansion project and the fund has been arranged from the owners’ equity and loans.
GPH Ispat’s Managing Director Mohammed Jahangir Alam shared the information at the company’s 13th annual general meeting held at a convention centre in the port city yesterday.
The company has used quantum electric arc furnace technology for the first time in the country as well as in Asia, he said.
GPH Chairman Md Alamgir Kabir hoped the advanced technology would help the company manufacture high quality steel products. The company’s profit increased 21.04 percent year-on-year to Tk 80.62 crore in 2018-19.
The board of directors of the company approved 5 percent cash and 5 percent stock dividends for the shareholders for 2018-19.
GPH started its operations on May 17, 2006 and got listed with stock exchanges on April 19, 2012.
Additional Managing Director Md Almas Shimul, Directors Mohammad Abdur Rouf, Mohammad Ashrafuzzaman, Mohammad Abdul Ahad and Independent Director Mukhtar Ahmad were also present at the meeting.
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