Summit Power Limited (SPL) approved 20 per cent stock dividend for its shareholders for the year that ended on December 31, 2008.

The dividend was approved at its 12th annual general meeting (AGM) held at Bangladesh-China Friendship Conference Centre in the city Thursday.

Summit Power Chairman Muhammed Aziz Khan presided over the meeting, said a press release.

Vice Chairman Md Farid Khan, Managing Director Tauhidul Islam, directors Anjuman Aziz Khan, Md Latif Khan, Ayesha Aziz Khan, Jafer Ummeed Khan, Syed Fazlul Haque, Abbas Uddin Ahmed, Helal Uddin Ahmed and Faisal Karim Khan, Financial Controller and Company Secretary Mahmud Hasan and other senior officials of the company were present at the meeting.

More than 8000 shareholders of the company attended the meeting.

Summit Power Limited, a concern of Summit Group, is the first local Independent Power Producer (IPP) in Bangladesh. To date, it is the only local public limited company in the power generation sector to provide electricity.

SPL was successfully established in 2001 commissioning three power plants at Savar, Comilla and Narsingdi, each with a capacity of 11MW, supplying electricity to the Rural Electrification Board (REB) under 'build-own-operate' basis.

SPL has already expanded its total generation capacity to 105 MW. The power company has also implemented another four power plants with a combined capacity of 110 MW through its two subsidiary companies -- Summit Uttaranchal Power Company Limited (SUPCL) and Summit Purbanchal Power Company Limited (SPPCL).

Out of these four power plants, two 33 MW plants located at Jangalia and Rupganj were established through SUPCL and another 33 MW and 11MW power plants, located at Maona and Ullapara respectively, by SPPCL.

On commissioning the four new plants, the total power generation capacity of the company has reached to 215 MW.

Considering the immense opportunities, SPL strives to successfully bid for more small power plants ranging from 10 MW to 50 MW across the country as well as the larger power projects such as 330 MW or 450 MW plants. The fast growing company has set out a mission to expand its generation capacity to the tune of 1000 MW, which is a modest 20 per cent of the electricity requirement in Bangladesh.