The board of directors of United Power Generation & Distribution Company has decided to acquire 99 per cent stake of United Energy, a sister concern of the United Group.
United Power will acquire the said amount of stake at face value, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website Wednesday.
United Energy is also a power generation company established under the private sector power generation policy of Bangladesh.
United Energy is operating two power plants -- 53 MW at Ashuganj and 28 MW at Sylhet respectively, said the disclosure.
United Energy also has equity (92.41 per cent) investment in the United Ashuganj Energy (UAEL), a company having generation capacity of 195 MW power (Gas Based) located at Ashuganj in Brahmanbaria.
United Ashuganj Energy is a PPP (Public Private Partnership) project having a fixed term of 15 years from the date of commercial operation on May 08, 2015.
These are subject to necessary regulatory and contractual clearances, if any, said the disclosure.
The company has also stated that this is in replacement of their earlier price sensitive information (PSI) news disseminated on June 28 this year.
Following the news, the power generation company's share price surged 7.36 per cent to close at Tk 320.60 on Wednesday over the previous session.
United Power also topped the day's turnover chart with 1.51 million shares worth Tk 477 million changing hands.
In the last one year, the company's share traded between Tk 149.70 and Tk 375 on the prime bourse.
United Power, which was listed on the Dhaka bourse in 2015 under book building method, disbursed 90 per cent cash and 20 per cent stock dividend for the year ended on June 30, 2018.
The company has also reported earnings per share (EPS) of Tk 11.51, net asset value (NAV) per share of Tk 40.80 and net operating cash flow per share (NOCFPS) of Tk 10.81 for the year ended on June 30, 2018 as against Tk 10.46, Tk 37.47 and Tk 10 respectively for the same period of the previous year.
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