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GPH Ispat has planned to list on the Hong Kong Stock Exchange (HKEX) as part of its strategic move to expand its footprint in the global market.
The steel manufacturer has already appointed PricewaterhouseCoopers Ltd, Hong Kong; and Price Waterhouse & Co. Chartered Accountants LLP, India, for advisory services, according to a press release issued on Monday.
A high-level delegation of GPH Ispat, led by Mohammed Jahangir Alam, chairman of GPH Group, is on a visit to Hong Kong SAR, China from February 4 to February 6.
The delegation will hold discussions with key stakeholders, including officials from the stock exchange of Hong Kong, Altus Capital (Merchant Bank/Issue Manager for capital raising), and Lego Corporate Finance (Underwriter).
"This strategic move aligns with GPH Ispat's vision to expand its footprint and enhance its corporate presence on a global scale," reads the press release.
A potential listing on the HKEX will not only strengthen the company's position in the international financial market but also open a new avenue for growth and investment by expanding the export basket of Bangladesh, said the statement.
Despite the news, the stock dropped 0.48 per cent to Tk 20.7 per share on Monday on the prime bourse.
Financial Performance
Leading steel manufacturer GPH Ispat registered an impressive 104 per cent year-on-year growth in profit in the first half of FY25 to Tk 314 million.
The improved profitability is largely driven by higher revenue and increased finance income, said the company.
The Chittagong-based manufacturer has reported earnings per share (EPS) of Tk 0.65 for July-December last year, more than doubled from the same period a year earlier.
Its sales revenue also grew 2.32 per cent year-on-year to Tk 28.15 billion in the first six months of FY25 through December last year.
The company's finance income soared 91 per cent year-on-year to Tk 141 million in July-December last year.