The 12th annual general meeting (AGM) of GPH Ispat Ltd has approved 10 per cent stock dividend for the shareholders for the 2017-2018 fiscal year.
The approval of dividend came in the AGM held at Chittagong Club Ltd today with GPH Ispat Ltd's Chairman Md Alamgir Kabir in the chair.
Managing Director Mohammed Jahangir Alam, Additional Managing Director Md Almas Shimul, Director Md Ashrafuzzaman, Md Abdul Ahad, Md Azizul Haque, Independent Director MA Malek, Executive Director (Group) and Company Secretary Abu Bakar Siddiqui FCMA, ED (Plant) Engr Madani M Imtiaz Hossain, ED (F) Kamrul Islam FCA and Chief Finance Officer HM Ashraf Uz Zaman FCA were present.
Shareholders of the company were present in the AGM. The financial reports of the GPH Ispat completed by June 30, 2018, relevant audit reports and reports of the Board of Directors have been approved unanimously.
In his address Alamgir Kabir said GPH Ispat Lt6 believes in innovative concepts and always tries to make it effective. The company's vision is to enrich the steel sector of Bangladesh as a beacon of light and help in the development of the country's future infrastructure. GPH Ispat itself has institutional values of teamwork and entrepreneurial approach as well as promotion of social wellbeing, result orientation and emphasis on employees' self realization.
"With an aim to make the steel market competitive internationally the GPH Ispat is working on deepening its root in steel business and flourishing of steel related marginal business of the country through coordinating the steel sector," he said.
Mohammed Alam said GPH Ispat has been building state-of-the-art steel plant with ultramodern technology to meet the current and future demand of steel. The plant will go for production in the first half of 2019. Facing off different business circumstances and challenges, GPH Ispat has adopted policies of reducing cost, enriching product quality, saving electricity and providing customer services. As a result, GPH Ispat is executing integrate multi and inter-institutional research.
Through this initiative GPH Ispat will make easy the steel industry chain, supply chain and value chain of the country. Apart from that, the company will ensure its prosperity and growth gradually. GPH Ispat is committed to prompt environmental friendly green-industry and sustainable development.
He said the country's steel industry will see its place in new height. Under a single rooftop GPH Ispat is installing high technology steel plant for the first time. Many renowned engineers from home and abroad are monitoring the progress of work.
The shareholders of the company expressed their satisfaction and requested the company to maintain the consistency of its success as the company would provide more profit.
In his closing address Additional MD Md Almas Shimul expressed satisfaction at the support extended by the shareholders to the progress of the company.
At the end of the AGM the chairman of the company thanked the shareholders, Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange Ltd and Chittagong Stock Exchange Ltd, different financial institutions and well wishers.