United Power to acquire two local power plants
The board of directors of United Power Generation and Distribution Company Ltd has decided to acquire two power plants for the United Group.
Under the decision the company will acquire 99 per cent shares of United Anwara Power Ltd (UAnPL), a 300 MW HFO fired power plant located at Anwara, Chattogram, effective on July 1, 2020 at net asset value (NAV) based on the financial statements as on June 30, 2020 of UAnPL.
United Power has also decided to acquire 99 per cent shares of United Jamalpur Power Ltd. (UJPL), a 115 MW HFO fired power plant located at Jamalpur, also effective on July 1, 2020 at net asset value (NAV) based on the financial statements as on 30th June 2020 of UJPL.
These acquisitions are subject to compliance of all related regulatory requirements, including approval of the shareholders, according to an official disclosure on Wednesday.
The extraordinary general meeting (EGM) will be held on October 28 at 11:00am through a digital platform for taking shareholders' approval. The record date for EGM is October 6.
Each share of the power generation company closed at Tk 321.10 on Tuesday at the Dhaka bourse.
United Power, which was listed on the Dhaka bourse in 2015 under the book building method, disbursed 130 per cent cash and 10 per cent stock dividend for the year ended on June 30, 2019.
The company's paid-up capital is 5.26 billion, authorised capital is Tk 8.0 billion and the total number of securities is 526.99 million.
Sponsor-directors own 90 per cent stake in the company while institutional investors 7.14 per cent, foreign investors 0.04 per cent and the general public 2.82 per cent as on July 31, 2020.
The United Power's consolidated earnings per share (EPS) stood at Tk 8.94 for July 2019-March 2020 which was Tk 11.71 for July 2018-March 2019.
The consolidated net operating cash flow per share (NOCFPS) was Tk 11.09 for July 2019-March 2020 which was Tk 9.57 for July 2018-March 2019.
The consolidated net asset value (NAV) per share was Tk 54.26 as on March 31, 2020 and Tk 57.09 as on June 30, 2019.