GPH Ispat declares 10% dividends

GPH Ispat Limited has declared 5% cash and 5% stock dividend for its shareholders for the fiscal year 2019-20.

The announcement came on Monday at the 14th Annual General Meeting (AGM) held virtually. Md Alamgir Kabir, chairman of GPH Ispat, presided over the meeting.

The meeting approved the financial report, the relevant audit report and the report of the board of directors of the company for the year that ended on 30 June 2020, said a press release.

Alamgir Kabir said in the face of various challenges and adversities, GPH Ispat has been continuously facilitating the marketing supply and value chains.

Due to an intense competition within the industry, GPH Ispat is putting special emphasis on its institutional capabilities, strategy and innovation of new products, he told in the meeting.

The GPH Ispat chairman also sought government incentives in all areas, including exports, to overcome the pandemic situation.

Mohammad Jahangir Alam, chairman of GPH Group and managing director of GPH Ispat Limited, mentioned that amid the challenges posed by the ongoing Covid-19 pandemic the company has launched commercial production using the world's most advanced Quantum Electric Arc Furnace technology following an experimental run.

"During this period, GPH systematic solutions have been adopted which have strengthened the ecosystem in the industry."

"The management continues to work together to achieve sustainable growth for the company. In order to strengthen its position as a leader in the shrinking market, market-oriented technology, quality innovation and maintaining profitability in the business are being given priority."

He also spoke about their approach to protect the human resources working in GPH amid Covid-19.

With the help of the district administrations and civil surgeons, GPH Ispat delivered 1,000 refillable oxygen cylinders to upazila levels, including field hospitals and government hospitals, he added.

Mohammad Almas Shimul, additional managing director of GPH Ispat, said they are working round the clock with an international-standard team. "We have taken Bangladesh to a unique height by exporting billets to countries like China."

He expressed his gratitude and appreciation to the ministries and regulatory bodies concerned and to the print and electronic media.

Managing Director Mohammed Jahangir Alam replied to various questions of the company's shareholders during a question and answer session at the event moderated by Kamrul Islam, executive director of the company.

Other high officials of GPH Ispat and a large number of its shareholders also attended the virtual AGM of the company.