BSEC moves to resume share trading of Summit Power

Mohammad Mufazzal | Published: September 23, 2016 00:00:00 | Updated: February 01, 2018 00:00:00

The securities regulator has moved to resume share trading of the Summit Power by solving the complexities created during completion of the company's amalgamation process.
The share trading of the Summit Power was suspended on August 24 last as the company did not disburse shares to the accounts of the shareholders of another listed company by the record date.
An inquiry committee of the securities' regulator Thursday submitted its report by probing anomalies that occurred while completing amalgamation process of the Summit Power.
Another body of the premier bourse is also working to submit its report.
"Our first target is to resume the share trading of the Summit Power. After resumption of trading, next course of actions will be taken as per the probe report," said a senior official of the Bangladesh Securities and Exchange Commission (BSEC). Â
As per amalgamation scheme, Summit Purbanchol Power Company Ltd (SPPCL), Summit Uttaranchol Power Company Ltd (SUPCL) and Summit Narayanganj Power Ltd (SNPL) were supposed to be amalgamated with the Summit Power.
The SPPCL was also listed with both the bourses.
As part of its move, the securities' regulator is trying to give consent to the proposal of raising capital by the Summit Power.
"After suspension of share trading, the Summit Power sought the regulatory consent to raise capital as part of amalgamation process. After getting reply to the deficiency letter, the BSEC will give consent to the proposal of raising capital," said another senior official of the securities regulator.
He said the Summit Power would be able to disburse shares into the accounts of the shareholders of SPPCL just after getting the regulatory consent.
"On the next day of transferring shares, the share trading of the Summit Power will be resumed on both the bourses," the BSEC officials said.
"The regulatory action is taken after completing the hearing of accused ones. The probe report has been submitted just now and the enforcement actions may be taken after completing the hearing," the BSEC official said.
The first target of the securities regulator is to pave the way of resuming the share trading of the Summit Power, the BSEC added.
Meanwhile, the Summit Power has acquired 64 per cent shares of Ace Alliance Power from Aitken Spence of Sri Lanka.
The Summit Power has been entrusted with the responsibility for implementation of 149 MW dual fuel (HFO/Gas) fired power project at Kodda, Gazipur.
mufazzal.fe@gmail.com