Summit Power to issue rights shares
Sunday, 30 September 2007
FE Report
Summit Power Limited, first independent power company in public sector of the country, announced Saturday to issue rights shares as part of the company's plan to venture into new power plants and increase capacity of existing ones.
The shareholders of the company at the extra-ordinary general meeting (EGM) at a convention centre in the city okayed the rights shares plan at a rate of four rights shares for every five shares subject to approval of the regulatory authorities.
Presided over by Summit Chairman Syed Fazlul Haque, the meeting was also attended by Managing Director Tauhidul Islam, Directors Md Latif Khan and Tapan Krishna Podder and Financial Controller and Company Secretary Mahmud Hasan.
The company has already started expanding its Savar power plants by an additional capacity of 33.75MW. With this implementation the total capacity will be 44.75 MW at Savar, 35.30 MW at Narsingdi and 24.50 MW at Comilla totalling approximately 105 MW.
The record date for availing this opportunity of the rights shares, each valuing Tk 145 including a premium of Tk 45, will be disseminated within three days on getting permission from the Securities and Exchange Commission. The proceeds from the issuance of rights share will be utilised as equity participation for implementing another four power plants totalling a capacity of 110 MW. Out of the four power plants, three will be 33 MW each located at Jangalia in Comilla, Rupganj in Narayanganj, Maona in Gazipur and one 11 MW at Ullapara in Sirajganj.
The shareholders at the meeting also approved to increase authorised capital of the company from Tk 1.0 billion (100 crore) to Tk 3.0 billion. The Memorandum of Association and Articles of Association of the company will be amended as per the decision regarding the raise of authorised capital.
Summit Power Ltd, an ISO 9001:2000-certified company, established three power plants for sale of electricity to Rural Electrification Board (REB) under 'Build, Own and Operate' basis at Savar, Narsingdi and Comilla and started generating electricity in 2001 from three power plants each with a capacity of 11 MW and the entire generated electricity is sold to REB.
Considering the immense opportunities, the company is striving to establish more small power plants ranging 10MW to 50MW around the country. The fast-growing company has set a mission to expand it power generation capacity to the tune of 1000 MW, which is a modest 20 per cent of the electricity requirement in the country.
Summit Power Limited, first independent power company in public sector of the country, announced Saturday to issue rights shares as part of the company's plan to venture into new power plants and increase capacity of existing ones.
The shareholders of the company at the extra-ordinary general meeting (EGM) at a convention centre in the city okayed the rights shares plan at a rate of four rights shares for every five shares subject to approval of the regulatory authorities.
Presided over by Summit Chairman Syed Fazlul Haque, the meeting was also attended by Managing Director Tauhidul Islam, Directors Md Latif Khan and Tapan Krishna Podder and Financial Controller and Company Secretary Mahmud Hasan.
The company has already started expanding its Savar power plants by an additional capacity of 33.75MW. With this implementation the total capacity will be 44.75 MW at Savar, 35.30 MW at Narsingdi and 24.50 MW at Comilla totalling approximately 105 MW.
The record date for availing this opportunity of the rights shares, each valuing Tk 145 including a premium of Tk 45, will be disseminated within three days on getting permission from the Securities and Exchange Commission. The proceeds from the issuance of rights share will be utilised as equity participation for implementing another four power plants totalling a capacity of 110 MW. Out of the four power plants, three will be 33 MW each located at Jangalia in Comilla, Rupganj in Narayanganj, Maona in Gazipur and one 11 MW at Ullapara in Sirajganj.
The shareholders at the meeting also approved to increase authorised capital of the company from Tk 1.0 billion (100 crore) to Tk 3.0 billion. The Memorandum of Association and Articles of Association of the company will be amended as per the decision regarding the raise of authorised capital.
Summit Power Ltd, an ISO 9001:2000-certified company, established three power plants for sale of electricity to Rural Electrification Board (REB) under 'Build, Own and Operate' basis at Savar, Narsingdi and Comilla and started generating electricity in 2001 from three power plants each with a capacity of 11 MW and the entire generated electricity is sold to REB.
Considering the immense opportunities, the company is striving to establish more small power plants ranging 10MW to 50MW around the country. The fast-growing company has set a mission to expand it power generation capacity to the tune of 1000 MW, which is a modest 20 per cent of the electricity requirement in the country.