Arghakhanchi Cement Limited has called its 23rd AGM on Magh 05, i.e. January 19, 2022. The meeting will be held in the company’s office in Thapathali, Kathmandu, starting at 11 am that day.
These are the agendas of the AGM:
1) Endorsement of financial reports for the fiscal year 2077/78.
2) Endorsement of annual reports presented by the chairman.
3) Appointment of auditor for the fiscal year 2078/79 and approval of their compensation.
4) Formation of BOD.
There are also other special agendas, one of which is to issue an IPO via the book building method.
According to the company’s website, Arghakhanchi Cement Limited (ACL), previously Arghakhanchi Cement Pvt. Ltd. (ACPL) is one of the largest manufacturers of OPC and PPC cement through a single production plant in the entire country. The company came into existence with the objective of establishing as well as operating separate clinker and cement manufacturing units. The company has been producing high-quality clinkers through the use of ultra-modern Rotary Kiln technology for a decade. The use of high-quality limestone has been instrumental in ensuring super-fineness resulting in the best quality in every single particle of the products.
Based in Siyari Rural Municipality – 2 of Rupandehi district, the clinker production plant makes use of ultra-modern Danish Vertical Roller Mill (VRM) introduced by FLSmidth Company of Denmark. Consequently, the structures where Arghakhanchi Cement has been used stand stronger and lasting.
Sarbottam Cement, another cement manufacturer, had been preparing to issue its own IPO via the book building method. However, note that the procedure has been halted. According to the clause of SEBON, the capital market regulator, companies should at least have one operational fiscal year after being converted to a public limited company. This is why the IPO process can’t continue, for now, says Paras Mani Dhakal, CEO of issue manager Global IME Capital.
Furthermore, the IPO issuance of Sarbottam Cement has been controversial, as the heads of NEPSE and SEBON have had to resign/be fired for illicit obtaining of shares.