Summit Power Limited announcements
394 Dhaka Stock Exchange announcements for Summit Power Limited (SUMITPOWER) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2016 (27).
- Extension of contract with BPDB for next 5 years
The Company has informed that the extension of contract for 102 MW HFO based Narayanganj Power Plant for the next 5 years for supply of power has been executed with Bangladesh Power Development Board (BPDB) with effect from April 01, 2016.
- Emphasis of Matter
The auditor of the company has given the following 'Emphasis of Matter' paragraph in the audit report of the company prepared for six months ended on 30 June 2016. Emphasis of Matters: We draw users' attention to the following notes to the financial statements: Note 1.3: Management explains the amalgamation process of Summit Purbanchol Power Company Limited, Summit Uttaranchal Power Company Limited and Summit Narayanganj Power Limited with Summit Power Limited and the grounds for preparing merged financial statements for these companies as a single entity with retrospective effect from the appointed date. Note 1.4: Management discloses that the Legacy Power Purchase Agreement relating to Madanganj Power Plant (formerly under summit Narayanganj Power limited) with Bangladesh Power Development Board expired on 31 March 2016 and explains why it believes the agreement will be extended for another five years. Note 30.1: Management accounted for revenue from Madanganj Power Plant (formerly under Summit Narayanganj Power limited) for the period from April 2016 to June 2016 based on the estimated tariff rate as proposed by Bangladesh Power Development Board and Note 12.1: Management explains that the receivable from Bangladesh Rural Electrification Board is recoverable based on the outcome of recent arbitration. Our opinion is not qualified with regard to any of the above matters.
- Q1
Consolidated EPS (Diluted/restated) was Tk. 1.04 for July-September, 2016 as against Tk. 0.96 for July-September, 2015. Consolidated NOCFPS was Tk. 0.32 for July-September, 2016 as against Tk. 1.03 for July-September, 2015. Consolidated NAV per share was Tk. 27.44 as of September 30, 2016 and Tk. 26.48 as of June 30, 2016.
- Extending the current financial year for 18 months
The Company has informed that The Board of Directors has taken decision to extend the current financial year of the Company for 18 (eighteen) months from 1st January 2016 to 30th June 2017 with the approval of Register of Joint Stock Companies & Firms (RJSC&F) as per section 183 (4) of the Companies Act, 1994.
- 6 Months Audited Financials
Consolidated Basic EPS was Tk. 2.61 and Diluted EPS was Tk. 2.14 for Jan-June, 2016 which was Tk. 3.76 (Basic and Diluted) for Jan-December, 2015. Consolidated NOCFPS was Tk. 1.32 for Jan-June, 2016 which was Tk. 1.94 for Jan-December 2015. Consolidated NAV per share was Tk. 26.48 as of June 30, 2016 and Tk. 25.67 as on December 31, 2015.
- will raise Paid-up Capital
With reference to its earlier news disseminated by DSE on October 05, 2016 the Company has further updated the information that issuance of shares will be subject to a lock in of (a) 3 years in case of directors and those who hold 5% or more shares, and (b) 1 year in case of others from the date of issuance of such shares except the general shareholders of Summit Purbanchol Power Company Limited (SPPCL) who are entitled to get the shares of Summit Power Limited as per Scheme of Amalgamation.
- Crediting shares arising from the amalgamation
The Company has informed that it has credited the shares on October 09, 2016, arising from the amalgamation of Summit Power Limited with Summit Purbanchol Power Company Limited, Summit Uttaranchol Power Company Limited and Summit Narayanganj Power Company Limited.
- Resumption of trading of shares
Trading of shares of Summit Power Limited will be resumed from October 10, 2016.
- Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 10, 2016 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on September 30, 2016.
- Consent accorded by BSEC for raising Paid-up Capital
The Company has informed that Bangladesh Securities and Exchange Commission (BSEC) has given the consent for raising up the Paid-up Capital of the Company by 19,18,76,518 Ordinary Shares of Tk. 10.00 each at an exchange ratio of 1.309, 1.668 and 1.475 shares of Summit Power Limited for 1 share of Summit Purbachol Power Company Limited, Summit Uttaranchol Power Company Limited and Summit Narayanganj Power Limited respectively under Scheme of Amalgamation as per the order of the Hon'ble High Court Division of the Supreme Court of Bangladesh in the Company Matter No. 68 of 2016 subject to lock-in of 3 years in case of Directors and those who hold 5% or more shares and 1 year in case of others from the date of issuance of such shares.
- 64% shares Acquisition of Ace Alliance Power Ltd. (Additional Info)
With reference to their earlier news disseminated by DSE on 21.09.2016, the company has further informed that the estimated project cost for 149 MW dual fuel fired power project would be Tk. 675.00 crore with 70 to 30 Debt/Equity ratio for funding. The source of funding is yet to be finalized. Summit Power Limited would bear 64% of that equity once the project implementation would start after signing the Power Purchase Agreement (PPA) and Implementation Agreement (IA) which is expected to be executed by the end of October, 2016. The implementation schedule period for the project is 15 months from the date of signing of PPA & IA with a hope that the date of commercial operation would be last quarter of 2017. The estimated Equity IRR (Internal Rate of Return) of the project would be 26.53% over the period of 15 years of PPA.
- Acquisition of 64% shares of Ace Alliance Power Ltd.
The Company has informed that the Company has acquired 64% shares of Ace Alliance Power Limited from Aitken Spence PLC of Sri Lanka and being the Lead and Operating Sponsor, Summit Power Limited has been entrusted with the responsibility for implementation of the 149 MW Dual Fuel (HFO/Gas) Fired Power Project at Kodda, Gazipur. Summit Power Limited 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 facility will be implemented on Build, Own and Operate (BOO) basis for a period of 15 years from the Commercial Operation Date (COD). Further information on the acquisition will be disseminated after getting information from the company.
- Suspension of trading of shares
Trading of shares of Summit Power Limited (SUMITPOWER) shall remain suspended from August 28, 2016 until further notice.
- Trade suspension and adjustment of Price and shares for amalgamation
Due to amalgamation of Summit Purbanchol Power Company Limited (SPPCL), Summit Uttaranchol Power Company Limited (SUPCL) and Summit Narayanganj Power Limited (SNPL) (collectively as Transferor companies) with Summit Power Limited (Transferee Company), the number of post amalgamation paid up shares of Summit Power Limited will be increased by 191,876,506 shares i.e. post amalgamation paid up shares of Summit Power Limited will be 1,067,877,227. It is mentionable here that, no share was issued to Summit Power Limited in accordance with clause No. C under PART III: "Re-organization of Capital" of the scheme of amalgamation. For smooth implementation of corporate action in connection with the adjustments of reference price and number of shares, trading of shares of Summit Power Limited shall remain suspended today i.e. 23.08.2016 and the normal trading of the shares of the company shall resume on 24.08.2016 with open adjusted price.
- Share transfer books closing Record
The Company has further informed that their Board of Directors has taken the following decisions: a) August 23, 2016 has been fixed as the Record Date for closing of share transfer book of Summit Purbanchol Power Company Limited (SPPCL), Summit Uttaranchol Power Company Limited (SUPCL) and Summit Narayanganj Power Limited (SNPL) and members whose names will appear in the Members' Register/Depository Register on the record date be eligible to get shares of Summit Power Limited in exchange pursuant to the Scheme of Amalgamation as approved by the Hon'ble High Court Division (HCD) of the Supreme Court of Bangladesh vide its order dated July 14, 2016; and b) That Subject to submission of the certified copy of the High Court Order approving the amalgamation and the report of share valuation to RJSC&F, the Scheme of Amalgamation shall, in terms of Clause-3(5) of the Part-I of the said scheme, become effective from August 24, 2016
- Court Order for Amalgamation Scheme of SPPCL, SUPCL and SNPL with SPL
With reference to their earlier news (disseminated by DSE on 29.03.2016), the company has further informed that the Honorable High Court Division of the Supreme Court of Bangladesh has passed the order in the Company matter no. 68 of 2016 approving the scheme of amalgamation of Summit Purbanchol Power Company Limited, Summit Uttaranchol Power Company Limited and Summit Narayanganj Power Limited (collectively as Transferor Companies) with Summit Power Limited (Transferee Company) for the purpose of Section 228 read with Section 229 of the Companies Act, 1994. Furthermore it has been ordered that the merger of Transferor and Transferee companies shall be deemed to be effective on the date a certified copy of this judgment and order i.e. on 26th July, 2016, and as decided by the board of directors of all the four companies, is delivered to RJSC&F for registration within 8 weeks of the receipt of this judgment and order with the independent valuation exercise being undertaken and completed within that time frame. Pursuant to the recommendation of the High Court Division as contained in its judgment dated 14th July, 2016 in the Company matter no. 68 of 2016, the board of directors of SPPCL, SUPCL, SNPL and SPL have resolved to appoint an independent valuer to undertake a valuation of the shares of all the companies under reference as on the 31st December, 2015, the appointed date of the merger, in accordance with the stipulations made in BSEC Notification dated 18th August, 2013 to the extent that this permits adoption and adaptation to the independent valuation of shares coupled with compliance of applicable provisions of relevant BFRS and BAS as set out by the ICAB in order to reach to a share exchange ratio of Transferee Company with that of the Transferor Companies.
- Cash Dividend Disbursement
The Company has informed that the cash dividend for the year 2015 has been disbursed to the respective shareholders' Bank Accounts through BEFTN System. NRB accounts holders and the Shareholders whose specific Branch/Bank accounts have not been found by the Company are requested to contact with Registered Office of the Company from 01.06.2016 to 15.06.2016 at 18, Kawran bazar (9th floor) Dhaka along with the Bank Account details.
- Q1 Financials
Consolidated EPS was Tk. 1.03 for January-March, 2016 as against Tk. 0.93 for January-March, 2015. Consolidated NOCFPS was Tk. 0.37 for January-March, 2016 as against Tk. 1.14 for January-March, 2015. Consolidated NAV per share was Tk. 29.49 as of March 31, 2016 and Tk. 28.73 as of December 31, 2015.
- Stock Dividend Disbursement
The Company has informed that it has credited bonus shares for the year ended on December 31, 2015 to the respective shareholders' BO Accounts on May 09, 2016.
- Board Meeting
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on May 14, 2016 at 12:30 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on March 31, 2016.
- Resumption after Record
Normal trading of the shares of the Company will resume on 06.04.2016 after record date for AGM & EGM.
- Suspension for Record date for AGM & EGM
Trading of the shares of the Company will remain suspended on record date i.e., 05.04.2016 for AGM & EGM.
- Spot for AGM & EGM
Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per spot settlement cycle with cum benefit from 03.04.2016 to 04.04.2016. Trading of the shares of the Company will remain suspended on record date i.e., 05.04.2016 for AGM & EGM.
- EGM for Amalgamation purpose
The Company has decided to hold an EGM on April 27, 2016 at 5:00 PM at Krishibid Institute Complex Bd. (KIB), Krishi Khamar Sarak, (Khamarbari) Farmgate, Dhaka-1215 to consider and, if thought fit, to pass the following resolution as special resolution with or without modification in accordance with Court Order: "Resolved that draft scheme of Amalgamation of Summit Purbanchol Power Company Limited, Summit Uttranchol Power Company Limited andSummit Narayanganj Power Limited (collectively Transferor Companies) with Summit Power Limited (Transferee Company) ("the Scheme") be and is hereby approved and subject to sanction of the Scheme by the High Court Division of the Supreme Court of Bangladesh in accordance with the provisions of Sections 228 and 229 of the Companies Act, 1994,and approval of the same Scheme by the Members of Summit Purbanchol Power Company Limited, Summit Uttranchol Power Company Limited and Summit Narayanganj Power Limited in the similar manner, let the Transferor Companies be amalgamated with the Transferee Company in terms of the Scheme." Record Date for the EGM: 05.04.2016.
- Dividend Declaration
The Board of Directors has recommended 12% cash and 6% stock dividend for the year ended on December 31, 2015. Date of AGM: 27.04.2016, Time: 10:30 AM, Venue: Krisibid Institute Complex BD. (KIB), Krishi Khamar Sarak (Khamarbari) Farmgate, Dhaka-1215. Record Date: 05.04.2016. The Company has also reported EPS of Tk. 3.76, NAV per share of Tk. 28.73 and NOCFPS of Tk. 4.46 for the year ended on December 31, 2015.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (16.03.2016) following its corporate declaration.
- Board Meeting
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on March 15, 2016 at 3:30 PM to consider, among others, audited financial statements of the Company for the year ended on December 31, 2015.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.