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SUMITPOWER

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SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): judgement of granting leave to appeal in favour of BREB was received on 31 January 2019. BREB was directed to submit concise statements within 8 weeks from the date of receipt of the order, and SPL shall then file its concise within 6 weeks thereafter to make all the appeals ready for expeditions hearing. After submission of concise statements by both parties, the case was heard in the Court of Chamber Judge on 25 July 2019. (cont.6)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): on 8 September 2016. On 17 August 2017 the Honorable High Court Division of Supreme Court of Bangladesh was pleased to pass a judgement discharging the rule Issued in the writ petitions. BREB then submitted civil petitions to the Appellate Division of Supreme Court of Bangladesh against the judgement of the High Court Division. The Appellate Division has granted leave to appeal to BREB on 31 October 2018. The formal (cont.5)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): per KwH. In order to resolve the above matter, the Company went for arbitration in Bangladesh Energy Regulatory Commission (BERC) and a verdict was given in favour of the Company. Later on, due to application by BREB, the verdict was reviewed by BERC and the reviewed verdict was also in favour of the Company. After this, BREB submitted a writ petition in the High Court Division of Supreme Court of Bangladesh (cont.4)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): has been raising invoices at the rate of Taka 3.1141 per KwH from December 2011 to January 2012, for February 2012 at the rate of Taka 3.3741, from March to August 2012 at the rate of Taka 3.6216 per KwH, from September 2012 to August 2015 at the rate of Taka 4.2316 per KwH and September 2015 onward at the rate of Taka 4.4791 per KWH due to rise in BST (Bulk Supply Tariff). BREB has been paying at the rate 2.8333(cont.3)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): Honorable Supreme Court. Our opinion is not modified in respect of this matter. Note-12.1: Out of total receivables from BREB, invoices amounting to 5,498,786,122 raised by the Company, pertaining to the three Expansion Power Plants, have yet not been accepted by BREB due to using different unit rate in calculating revenue. As per contracts for supply of electricity and Government's gazette notification, the Company (cont.2)

SUMITPOWER 25-Oct-2020

The auditor of Summit Power Limited has given the following Emphasis of Matter in the audit report of the Company prepared for the year ended on 30 June, 2020. Emphasis of Matter: We draw users? attention to the following notes to the financial statements: Note 12.1 wherein Management has explained that the receivables from Bangladesh Rural Electrification Board (BREB) is recoverable based on the outcome of writ petition filed with the High Court Division of the (cont.1)

SUMITPOWER 08-Oct-2020

(Continuation news of SUMITPOWER): along with the name of the contact person in this connection to the Company's share office (Summit Centre, 9th Floor, 18, Karwan Bazar C/A, Dhaka-1215) on or before December 10, 2020. The brokerage houses are also requested to provide their bank account name and number, routing number etc. (end)

SUMITPOWER 08-Oct-2020

The Company has also requested the brokerage houses to provide a statement with the details (shareholders name, BO ID number, client-wise shareholding position, gross dividend receivable, applicable tax rate and net dividend receivable) of their margin loan holders who hold the shares of the Company, as on the record date, (cont.)

SUMITPOWER 08-Oct-2020

There will be no price limit on the trading of the shares of the Company today (08.10.2020) following its corporate declaration, however, as per the BSEC Order No. BSEC/CMRRCD/2001-07/04 dated March 19, 2020, the floor price shall be applicable accordingly.

SUMITPOWER 08-Oct-2020

(Continuation news of SUMITPOWER): The Company has also reported Consolidated EPS of Tk. 5.17, Consolidated NAV per share of Tk. 31.50 and Consolidated NOCFPS of Tk. 9.42 for the year ended on June 30, 2020 as against Tk. 4.78, Tk. 32.40 and Tk. 5.67 respectively for the same period of the previous year. (end)

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