Bangladesh Export Import Company Ltd (Beximco Ltd) has purchased 3.50 crore shares of its sister concern Beximco Power Ltd for Tk35 crore from Beximco Holdings Ltd – another associate organisation of the business conglomerate.
With this purchase, Beximco's stake in Beximco Power is 75%, Beximco Ltd said in a statement.
The remaining shares in Beximco Power are held by ASF Rahman, Salman F Rahman, Nazmul Hasan and OK Chowdhury.
Beximco Power holds an 80% stake in Teesta Solar Limited and Korotoa Solar Ltd. The remaining shares in these companies are held by their Chinese technical partners.
Teesta Solar entered into a power purchase agreement in 2017 with the Bangladesh Power Development Board (BPDB) to supply 200MW of solar power from a plant to be set up in Gaibandha.
The company would supply electricity to the national grid at a rate of $0.15 kilowatt per hour – about Tk12 per unit – for 20 years under the agreement.
The BPDB has also signed a power purchase agreement with Korotoa Solar to set up a 30MW solar power plant in Tentulia, Panchagarh in 2020.
According to the agreement, BPDB will buy the electricity to be generated at the plant at 13.9 cents per unit for 20 years.
Beximco was listed on the stock exchanges in 1989.
In the last month, its share price has soared by 156% to Tk57 per share without any price sensitive information at the Dhaka Stock Exchange.
The sponsors and directors of the company have increased their stake to 30.55% from 20.15% to comply with the minimum holdings as per the securities regulator's direction.
As sponsors and directors are buying shares through the secondary market, general investors' holdings have come down to 46.59% from 51.10% in the last few months.