Dhaka, Nov 24, 2019 (PR) – Summit Power Limited approved 35 percent cash dividend to its shareholders for the year ended on June 30, 2019. The dividend was approved in presence of the Company’s shareholder at its 22nd Annual General Meeting (AGM) held at Dhaka on 24th of November 2019.
Chairman of Summit Power Limited Muhammed Aziz Khan said, “After two consecutive years of offering 30% dividend, we are happy to announce 35% dividend this year.”
He also added, "This year to ensure best maintenance of the power plants, Summit awarded Wartsila, the Finnish technology group biggest ever signed service deal, in terms of MW generation, in the Bangladesh's power and energy sector. For project financing of Ace Alliance Power Limited (AAPL), we raised capital through issuance of Preference Shares worth BDT 805 Million and USD 68.60 Million long term loan from IDCOL, ICD and OFID. Also for securing the Company from exposure in London Inter-bank Offered Rate (LIBOR) against Company's foreign currency borrowing, we entered into Interest Rate Swap (IRS) deals. We have also implemented Enterprise Resource Planning (ERP) suite for better accountability and transparency."
Presided over by Chairman of Summit Power Limited Muhammed Aziz Khan, the meeting was attended by Vice Chairman Md Latif Khan, Director Anjuman Aziz Khan, Director Jafer Ummeed Khan, Director Faisal Karim Khan, Director Azeeza Aziz Khan, Director Syed Fazlul Hague FCA, Managing Director Lt Gen (Retd) Engr. Abdul Wadud, Independent Director Faruq Ahmed Siddiqi, Director Helal Uddin Ahmed, Director Arif Al Islam, Independent Director Mustafizur Rahman Khan and Financial Controller & Company Secretary Swapon Kumar Pal FCA along with other senior officials.
About Summit Power Limited: Summit Power Limited (SPL) is the leading independent power producer (IPP) of Bangladesh and a publicly listed AAA rated company. It is part of Summit Group that has combined 1,941 MW installed capacity and supplies electricity to the National Power Grid. Summit Group has received five consecutive the best power plant awards from government of Bangladesh since 2013. Summit Power Limited has been consistent in issuing dividend since its enlistment in both the Dhaka and Chittagong Stock Exchanges in 2005.