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SUMITPOWER

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SUMITPOWER 05-Oct-2016

(continuation news of SUMITPOWER): under Scheme of Amalgamation as per the order of the Hon'ble High Court Division of the Supreme Court of Bangladesh in the Company Matter No. 68 of 2016 subject to lock-in of 3 years in case of Directors and those who hold 5% or more shares and 1 year in case of others from the date of issuance of such shares. (end)

SUMITPOWER 05-Oct-2016

The Company has informed that Bangladesh Securities and Exchange Commission (BSEC) has given the consent for raising up the Paid-up Capital of the Company by 19,18,76,518 Ordinary Shares of Tk. 10.00 each at an exchange ratio of 1.309, 1.668 and 1.475 shares of Summit Power Limited for 1 share of Summit Purbachol Power Company Limited, Summit Uttaranchol Power Company Limited and Summit Narayanganj Power Limited respectively (cont.)

SUMITPOWER 22-Sep-2016

(Continuation news of SUMITPOWER): Power Purchase Agreement (PPA) and Implementation Agreement (IA) which is expected to be executed by the end of October, 2016. The implementation schedule period for the project is 15 months from the date of signing of PPA & IA with a hope that the date of commercial operation would be last quarter of 2017. The estimated Equity IRR (Internal Rate of Return) of the project would be 26.53% over the period of 15 years of PPA. (end)

SUMITPOWER 22-Sep-2016

With reference to their earlier news disseminated by DSE on 21.09.2016, the company has further informed that the estimated project cost for 149 MW dual fuel fired power project would be Tk. 675.00 crore with 70 to 30 Debt/Equity ratio for funding. The source of funding is yet to be finalized. Summit Power Limited would bear 64% of that equity once the project implementation would start after signing the (cont.)

SUMITPOWER 21-Sep-2016

(Continuation news of SUMITPOWER): on September 08, 2016 from Bangladesh Power Development Board and Board of Directors of the Company has given consent to accept the same. The facility will be implemented on Build, Own and Operate (BOO) basis for a period of 15 years from the Commercial Operation Date (COD). Further information on the acquisition will be disseminated after getting information from the company. (end)

SUMITPOWER 21-Sep-2016

The Company has informed that the Company has acquired 64% shares of Ace Alliance Power Limited from Aitken Spence PLC of Sri Lanka and being the Lead and Operating Sponsor, Summit Power Limited has been entrusted with the responsibility for implementation of the 149 MW Dual Fuel (HFO/Gas) Fired Power Project at Kodda, Gazipur. Summit Power Limited has received Amendment of Letter of Intent (LOI) incorporating the changes of ownership (cont.)

SUMITPOWER 28-Aug-2016

Trading of shares of Summit Power Limited (SUMITPOWER) shall remain suspended from August 28, 2016 until further notice.

SUMITPOWER 23-Aug-2016

(Continuation news of SUMITPOWER): to Summit Power Limited in accordance with clause No. C under PART III: "Re-organization of Capital" of the scheme of amalgamation. For smooth implementation of corporate action in connection with the adjustments of reference price and number of shares, trading of shares of Summit Power Limited shall remain suspended today i.e. 23.08.2016 and the normal trading of the shares of the company shall resume on 24.08.2016 with open adjusted price (end).

SUMITPOWER 23-Aug-2016

Due to amalgamation of Summit Purbanchol Power Company Limited (SPPCL), Summit Uttaranchol Power Company Limited (SUPCL) and Summit Narayanganj Power Limited (SNPL) (collectively as Transferor companies) with Summit Power Limited (Transferee Company), the number of post amalgamation paid up shares of Summit Power Limited will be increased by 191,876,506 shares i.e. post amalgamation paid up shares of Summit Power Limited will be 1,067,877,227. It is mentionable here that, no share was issued (cont.)

SUMITPOWER 03-Aug-2016

(continuation news of SUMITPOWER): pursuant to the Scheme of Amalgamation as approved by the Hon'ble High Court Division (HCD) of the Supreme Court of Bangladesh vide its order dated July 14, 2016; and b) That Subject to submission of the certified copy of the High Court Order approving the amalgamation and the report of share valuation to RJSC&F, the Scheme of Amalgamation shall, in terms of Clause-3(5) of the Part-I of the said scheme, become effective from August 24, 2016 (end).

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