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The Extraordinary General Meeting (EGM) of the shareholders of GPH Ispat Limited was held virtually on Sunday.
The meeting was presided over by Chairman of GPH Ispat Mohammad Alamgir Kabir.
The meeting unanimously passed a resolution to issue one rights share for every three ordinary shares at an issue price of Tk 15, which includes a Tk 5 premium, subject to approval from the Bangladesh Securities and Exchange Commission.
This right share issuance is expected to raise Tk 2,419.41 million in capital, which will be used to install a new furnace at the company's expanded plant.
Speaking the necessity of the right share issuance, Mohammed Jahangir Alam, Chairman of GPH Group and Managing Director of GPH Ispat, emphasised the importance of this move for the company's growth.
Additional Managing Director Mohammed Almas Shimul, Directors Mohammad Ashrafuzzaman, Md. Abdul Ahad, and Md. Azizul Hoque, along with Independent Directors Safiul Alam Khan Chowdhury and Mukhtar Ahmed attended the meeting.
A large number of shareholders joined the meeting.