United Power Generation & Distribution Company, a listed firm, plans to buy a 99 per cent stake in two of its sister concerns -- United Anwara Power and United Jamalpur Power.
The acquisitions will be completed at net asset value (NAV) based on the two's financial statements as of June 30, 2020 and both will be effective from July 1 this year.
However, the acquisitions are subject to the compliance of all related regulatory requirements, including approval from shareholders.
United Power, which debuted on the Dhaka Stock Exchange (DSE) in 2015 and has paid-up capital of Tk 526 crore, shared this information through a disclosure on the DSE website recently.
Both Anwara Power and United Power are combined cycle, modular power plants that are heavy fuel oil-fired and equipped with state-of-the-art engines that have environment friendly co-generation facilities.
The 300-megawatt Anwara Power, situated in Chattogram, started commercial operation on June of 22 in 2019 while the 115-megawatt United Jamalpur stepped into the field on February 21 of 2019.
