Published:  12:28 AM, 25 November 2019

Summit Power approves 35pc cash dividend

Summit Power approves 35pc cash dividend Summit Power Limited Chairman Muhammed Aziz Khan presiding over the 22nd annual general meeting (AGM) of the company at Krishibid Institution Bangladesh (KIB) Complex in the capital on Sunday.

Summit Power Limited has approved 35 percent cash dividend for the year ended on June 30, 2019.

In presence of the shareholders at the 22nd annual general meeting of Summit Power Limited, its Chairman Muhammed Aziz Khan said, after two consecutive years of offering 30 percent dividend, we are happy to announce 35 percent dividend this year.

He also added, "This year to ensure best maintenance of the power plants, Summit awarded Wärtsilä, 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."

Among others, the meeting was attended by Vice-Chairman Md Latif Khan, Directors Anjuman Aziz Khan, Jafer Ummeed Khan, Faisal Karim Khan, Azeeza Aziz Khan, Helal Uddin Ahmed, Arif Al Islam and Syed Fazlul Haque, Managing Director Lt Gen (Retd) Engr Abdul Wadud, Independent Director Faruq Ahmed Siddiqi and Financial Controller and Company Secretary Swapon Kumar Pal along with other senior officials.

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