FE Report
Appollo has started the project implementation work of its new Radiant Tube Furnace (RTF) facilitated Non Oxidized Furnace based new Continuous Galvanizing Plant (CGL), company sources said.
Appollo already have two Wet-flux Technology based Continuous Galvanizing Plants with backward linkage facility for manufacturing Cold Rolled Coil (CR Coil) as well as various Auxiliary Facilities for supportive manufacturing and environmental management system which includes Acid Regeneration Plant and Effluent Treatment Plants.
The new RTF facilitated NOF based CGL is more environmental-friendly and expected to start commercial production in early 2014.
The new project was intended to be financed from IPO funding which was supposed to be started from 3rd of March 2013 but upon a 'false allegation' from Mr. Md. Sirajul Haque - a former Director of Appollo Ispat Complex Ltd (AICL) the Finance Minister on 6th February advised Bangladesh Securities and Exchange Commission (BSEC) to temporarily suspend I.P.O. Subscription and make investigation to the allegations on tax default, defalcation of bank fund through local LC and non-operation of factory. Upon the advice of Finance Minister, BSEC on 12th February temporarily suspended the I.P.O and carried out the investigations.
Meanwhile, a top level delegation from Appollo met the Finance Minister and explained the real status and picture of AICL after which the Finance Minister through letter advised BSEC to withdraw suspension on I.P.O. and to act according to their judgment
Appollo has started the project implementation work of its new Radiant Tube Furnace (RTF) facilitated Non Oxidized Furnace based new Continuous Galvanizing Plant (CGL), company sources said.
Appollo already have two Wet-flux Technology based Continuous Galvanizing Plants with backward linkage facility for manufacturing Cold Rolled Coil (CR Coil) as well as various Auxiliary Facilities for supportive manufacturing and environmental management system which includes Acid Regeneration Plant and Effluent Treatment Plants.
The new RTF facilitated NOF based CGL is more environmental-friendly and expected to start commercial production in early 2014.
The new project was intended to be financed from IPO funding which was supposed to be started from 3rd of March 2013 but upon a 'false allegation' from Mr. Md. Sirajul Haque - a former Director of Appollo Ispat Complex Ltd (AICL) the Finance Minister on 6th February advised Bangladesh Securities and Exchange Commission (BSEC) to temporarily suspend I.P.O. Subscription and make investigation to the allegations on tax default, defalcation of bank fund through local LC and non-operation of factory. Upon the advice of Finance Minister, BSEC on 12th February temporarily suspended the I.P.O and carried out the investigations.
Meanwhile, a top level delegation from Appollo met the Finance Minister and explained the real status and picture of AICL after which the Finance Minister through letter advised BSEC to withdraw suspension on I.P.O. and to act according to their judgment
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