Summit Power approves 35% cash dividend

Summit Power Limited has approved 35% cash dividend for the year ended on June 30, 2019.

The board of directors of Summit Power Limited on Monday approved the dividend at its 22nd annual general meeting held at the Krishibid Institution Bangladesh (KIB) Complex, 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% dividend, Summit Power is happy to announce 35% 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 Tk805 million and $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.