The New Nation - Internet Edition

BUSINESS REPORT

Summit Power Limited has recommended 20 per cent stock dividend on 15,444,000 ordinary shares of Tk 100 each, for the year that ended on December 31, 2007.

The dividend was recommended at the board meeting of the company held at its corporate head office on Sunday.

The 11th annual general meeting (AGM) of the company will be held at 11.00 am on August 7 next at Bashundhara Convention Centre at Baridhara in the city.

Summit Power Director Md Latif Khan presided over the board meeting. It was attended by Managing Director Tauhidul Islam, Directors Ayesha Aziz Khan, Tapan Krishna Podder, Helal Uddin Ahmed, Abbas Uddin Ahmed, Financial Controller and Company Secretary Mahmud Hasan and other Directors of Summit Group.

Summit Power, the country's first independent power producer in the private sector, has successfully established three power plants with 11megawatt capacity each for sale of electricity to Rural Electrification Board (REB) on the build--own-operate (BOO) basis at Savar, Narsingdi and Comilla in 2001. The company has already expanded its total generation capacity to 105megawatt.

Summit Power is also going to set up another four power plants with a total a capacity of 110megawatt. Out of the four power plants, three will be of 33megawatt capacity each located at Jangalia, Rupganj, Maona and one with 11 megawatt, located at Ullapara, through its two subsidiaries Summit Uttaranchal Power Company Limited and Summit Purbanchal Power Company Limited.