Summit Power Limited, will pay a 35% cash dividend – 15% interim and 20% final – to its shareholders for the year that ended on 30 June 2020.
The dividend was approved in the presence of the company's shareholders at its Annual General Meeting (AGM) on Monday, reads a press release.
Muhammed Aziz Khan, chairman of Summit Power, said, "170 million people already have access to electricity in Bangladesh. But for us to provide uninterrupted quality power supply to industries, we need to further develop our transmission and distribution networks.
"We urge the government to also privatise the transmission and distribution of electricity."
Presided over by Aziz Khan, Vice Chairman Md Latif Khan, Director Anjuman Aziz Khan, Director Md Farid Khan, Director Finance Ayesha Aziz Khan, Director Faisal Karim Khan, Director Azeeza Aziz Khan, Managing Director Lt Gen (retd) Engr Abdul Wadud attended the virtual meeting.
Independent Director Faruq Ahmed Siddiqi, Director Helal Uddin Ahmed, Director Arif Al Islam, Independent Director Junayed Ahmed Chowdhury and Financial Controller and Company Secretary Swapon Kumar Pal FCA also participated in the AGM along with other senior officials.
Summit Power Limited is the leading independent power producer (IPP) of Bangladesh and a publicly listed AAA-rated company.
Summit Power Limited, a part of Summit Group, has combined 1,941 MW installed capacity and supplies electricity to the National Power Grid.
Summit Power Limited has been consistent in issuing dividends since its enlistment in both the Dhaka and Chittagong stock exchanges in 2005.
Summit has received five consecutive best power plant awards from the government of Bangladesh since 2013.