Summit Power acquires 64pc shares of Lankan company

Dhaka,  Monday,   2016-09-21
Published : 21 Sep 2016, 21:42:25

Summit Power acquires 64pc shares of Lankan company

FE Report

The Summit Power, a listed company, has acquired 64 per cent shares of Ace Alliance Power from Aitken Spence of Sri Lanka, according to Dhaka Stock Exchange (DSE).

Summit Power acquires 64pc shares of Lankan companyThe DSE sources said being the lead and operating sponsor, the Summit Power has been entrusted with the responsibility for implementation of 149 MW Dual Fuel (HFO/Gas) Fired Power Project at Kodda, Gazipur.

"Summit Power has received Amendment of Letter of Intent (LOI) incorporating the changes of ownership on September 08, 2016 from Bangladesh Power Development Board and Board of Directors of the Company has given consent to accept the same," the DSE said.

The DSE also said the facility will be implemented on Build, Own and Operate (BOO) basis for a period of 15 years from the commercial operation date (COD).

The country's both the bourses suspended the share trading of the Summit Power on August 24 last and the suspension came into effect from August 28 over some complexities of completing amalgamation with Summit Purbanchol Power Company Ltd (SPPCL), Summit Uttaranchol Power Company Ltd (SUPCL) and Summit Narayanganj Power Ltd (SNPL).

The suspension was imposed as the share holders of the SPPC, another listed company, received no shares before the record date.

According to the premier bourse, the suspension of the share trading of Summit Power will continue until further instruction.

A source of the securities' regulator said a probe body formed by the securities' regulator Wednesday submitted its report on the complexities of amalgamation of the Summit Power.

"All parties were found responsible more or less for the complexities created while completing the amalgamation process of the Summit Power," said an official of the securities regulator.

He said the commission would take next decision.
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