Summit Power approves 35pc cash dividend for shareholders

Summit Power Limited has approved 35 percent of dividend for its shareholders on the company's 22nd Annual General meeting (AGM).
The AGM was held on Sunday at the auditorium of Krishibid Institute of Bangladesh (KIB) Farmgate in the city with Chairman of Summit Group, Muhammed Aziz Khan in the chair.
While addressing Muhammed Aziz Khan said, “After two consecutive years of offering 30% dividend, we are happy to announce 35% dividend this year.”
He said 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”, he added.
The meeting was attended by 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 FCA, Managing Director Lt Gen (Retd) Engr. Abdul Wadud, Independent Director Faruq Ahmed Siddiqi, Director Helal Uddin Ahmed, Director Arif Al Islam and Financial Controller & Company Secretary Swapon Kumar Pal FCA along with other senior officials.
Summit Power Limited (SPL) is the leading independent power producer (IPP) of Bangladesh and a publicly listed AAA rated company. It is part of Summit Group that has combined 1,941 MW installed capacity and supplies electricity to the National Power Grid.
Summit Group has received five consecutive the best power plant awards from government of Bangladesh since 2013. Summit Power Limited has been consistent in issuing dividend since its enlistment in both the Dhaka and Chittagong Stock Exchanges in 2005.