Appollo Ispat Company Limited, a listed company under engineering category, organised its 20th Annual General meeting (AGM) at a hotel at Chaitabo, Panchdona in Narsingdhi on Sunday (December 21, 2014).
The shareholders at the AGM approved the declared 15 percent stock dividend for the year ended on June 2014.
Chairman of the Board of directors of the company Deen Mohammad chaired the AGM.
The financial statement of the company, the audited report and directors’ report were approved at the AGM.
Three retired directors of the company were reelected at the AGM. Besides, appointment of auditors of the company for the next year and their remuneration were also approved at the AGM.
Directors of the company MA Mazid, Md Rafiq, Managing Director Md Ansar Ali, Deputy Managing Director Abdur Rahman, Executive Director and Company Secretary SA Hasan were present at the AGM.
Speaking at the AGM, deen Mohammad said Appollo Ispat has been able to retain its growth during last year despite the political turmoil. The implementation of NOF project has made satisfactory progress by this time and it is expected that the work on the project will complete soon.
The company will be able to install machines at the end of January 2015 after completing civil work, he said adding, the company will start commercial production from the unit from May next year.
Hailing the shareholders for their confidence over the company, Chairman Deen Mohammad said, “We are impressed over the response that the investors shown over the Board and Management of the company.” “Hope, investors would continue their support in the future,” he added.
The company’s net income during the first quarter of the current fiscal (2014-15) rose by 36.83 percent as it earned net income worth Tk 13,52,65,000 during the said period, against Tk 9,88,57,769 in the same period last fiscal.
During the first quarter of this fiscal, the company’s EPS has stood at 0.54 when its number of shares was 25 crore. The EPS during the corresponding period last fiscal was 0.66 when the number of shares was 15 crore.