GPH Ispat Limited, a listed company, is planning to list on the Hong Kong Stock Exchange to raise capital for business expansion.
The company’s board of directors has recently reviewed the plan and is preparing for listing on the Hong Kong Stock Exchange.
PricewaterhouseCoopers Private Limited and Hong Kong Pricewaterhouse & Co. Chartered Accountants India have been appointed as consultants to implement the plan.
It is learnt that a delegation from GPH Ispat will visit Hong Kong from February 4 to 6 to hold discussions with the Hong Kong Stock Exchange. The delegation will be led by GPH Group Chairman Mohammad Jahangir Alam and the other members of the team are Salehin Musfiq Sadaf, Director of the Group’s Strategy and Transformation Department, HM Ashraf-uz-Zaman, Group CFO, and Kamrul Islam, Executive Director of the Finance and Business Development Department.
During the visit, they will hold meetings with various key stakeholders including the Hong Kong Stock Exchange, Altus Capital Limited and Lego Corporate Finance Limited.
In this regard, Mohammad Jahangir Alam told the media that their current production capacity is 1 million tons. To increase production by another 500,000 tons, they need a capital of $185 million to build a new unit. Instead of taking a bank loan, they plan to raise equity from the stock market.
He said that there is a plan to raise $150 million from the Hong Kong Stock Exchange and the remaining $35 million will be collected from the company’s retained earnings.
