BSS-43 Summit Power approves 35pc cash dividend





Summit Power approves 35pc cash dividend

DHAKA, Nov 24, 2019 (BSS)- Summit Power Limited has approved 35 percent cash dividend for the year ended on June 30, 2019.

The board of directors of Summit Power Limited today approved the dividend at its 22nd annual general meeting held at the Krishibid Institution Bangladesh (KIB) Complex here, said a press release.

Chairman of Summit Power Limited Muhammed Aziz Khan presided over the meeting while Vice Chairman Md Latif Khan, Director Anjuman Aziz Khan, Director Jafer Ummeed Khan, Director Faisal Karim Khan, Director Azeeza Aziz Khan, Director Syed Fazlul Haque, Managing Director Lt Gen (Retd) Engineer Abdul Wadud and Independent Director Faruq Ahmed Siddiqi, among others, were present.

Muhammed Aziz Khan said after two consecutive years of offering 30 percent dividend, Summit Power is happy to announce 35 percent dividend this year.

“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,” he added.

For project financing of Ace Alliance Power Limited (AAPL), he said, Summit Power raised capital through issuance of Preference Shares worth Taka 805 million and US$ 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, he said, adding: “We entered into Interest Rate Swap (IRS) deals. We have also implemented Enterprise Resource Planning (ERP) suite for better accountability and transparency.”

Summit Power Limited has been consistent in issuing dividend since its enlistment in both Dhaka and Chittagong Stock Exchanges in 2005.