Summit Power approves 35pc cash dividend

Business Desk

25 November, 2019 12:00 AM printer

Summit Power approves 35pc cash dividend

Summit Power Chairman Muhammed Aziz Khan presides 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.

The board of directors of Summit Power Limited on Sunday approved the dividend at its 22nd annual general meeting held at the Krishibid Institution Bangladesh (KIB) Complex in the capital, 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.