Appollo Ispat Complex Ltd’s authorities on Saturday said that the company was in operation and it was producing Rani-brand corrugated iron sheet.
They alleged that some quarters, ahead of the company’s initial public offering, were trying to confuse people by saying that the factory was closed.They alleged that such activities were being done to shatter the image of the company by providing wrong information.
‘The company is complying with all the government orders but some people under different banners are saying that even its production is stopped though we are producing 1,20,000 tonnes of CI sheet a year,’ said Abdur Rahman, deputy managing director of Appollo Ispat, at a press briefing at its factory office at Siddirganj of Narayanganj on Saturday.
He said that the Bangladesh Securities and Exchange Commission on December 13, 2012 gave approval to Appollo Ispat to raise Tk 220 crore by issuing 100 crore share at Tk 22 each including a premium of Tk 12.
Rahman said they were planning to introduce non oxidizing furnace technology to product CI sheet in addition with the technology of cold roll coil, continuous galvanizing.
He said Appollo Ispat made profit of Tk 60 crore in 2012 and they were supplying 20 per cent of CI sheet in the country.
He said, ‘Appollo Ispat is an environment friendly plant as we have set up an acid regeneration plant and effluent treatment plant.’
The officials also showed visiting reporters the production process.
-With New Age input
