City Bank Capital closes preferential share for Summit LNG Terminal

The closing ceremony of preferential share worth Tk1.02 billion for Summit LNG Terminal Co Pvt Ltd was held at InterContinental Dhaka on Monday organised by City Bank Capital Resources Ltd, a leading investment bank in Bangladesh and Summit Corporation Ltd, one of the largest conglomerates in Bangladesh.

Summit LNG Terminal, a Summit and Mitsubishi joint venture, received a concession from the state-owned Petrobangla in 2017 to develop a floating LNG terminal facility comprising storage and a regasification unit. 

This project is part of Summit Power International's $1 billion investment programme by 2020 to deliver power and gas to Bangladesh.

City Bank Capital, the arranger and agent for the transaction, proudly announced the closure of preference share worth Tk1.02 billion for Summit LNG Terminal Co Pvt Ltd.

The investors of the aforementioned facility are Infrastructure Development Company Ltd, IPDC Finance Ltd, Bank Asia Ltd, Community Bank Ltd and Modhumoti Bank Ltd. 

Bank Asia Ltd is also the account and custodian bank for this undertaking.

ANM Tariqur Rashid, managing director, Summit LNG Terminal Co Pvt Ltd and Ershad Hossain, managing director and CEO, City Bank Capital expressed gratitude to the investors.

"To restore depleting gas supplies, the government has decided to set up Bangladesh's first LNG import terminals, located offshore near Maheshkhali Island in the Bay of Bengal. The floating terminals will provide crucial infrastructure required to access natural gas from global markets which will mainly be used in power sector, said Ershad Hossain.

This will help not only the Government of Bangladesh to achieve its goal of providing power to all its citizens by 2021, it will also offer citizens of Bangladesh the opportunity to participate in the robust economic growth, he added.

Managing directors and senior management team from the participating financial institutions were also present on the occasion.