Summit Power Limited (Bangladesh)

The principal activity of the Company is to generate and supply electricity in Bangladesh.
The Company has 12 operating natural gas power plants at Ashulia Power Plant, Madhabdi Power Plant, Chandina Power Plant, Rupganj Power Plant, Jangalia Power Plant, Maona Power Plant, Ullapara Power Plant, Madanganj Power Plant, Gazipur Power Plant, Rupatoli Power Plant, Madanganj Power Plant, and Chittagong Power Plant.
Plants are natural gas based, except Madanganj power plant, Rupatoli Power Plant and Madanganj Power Plant-II, which are based on furnace oil (HFO).
Formerly, Rupganj Power Plant, Narayanganj and Jangalia Power Plant, Comilla were owned, operated and maintained by Summit Purbanchol Power Company Limited. Maona Power Plant, Gazipur and Ullapara Power Plant, Sirajganj were owned, operated and maintained by Summit Uttaranchol Power Company Limited and Madanganj Power Plant, Narayanganj was owned, operated and maintained by Summit Narayanganj Power Limited. After the amalgamation of all these companies with Summit Power Limited (SPL) effective from 01 January 2016, electricity is now being generated at these plants under the management of SPL
HISTORY
1997 : The Company was incorporated in Bangladesh 30 March 1997 as a private limited company under the Companies Act 1994 under registration no. C 32630(1751)/97 .
2004 : The Company was converted to Public Limited Company under the Companies Act 1994 on 7 June 2004.
2005 : The Company was approved for listing by Dhaka and Chittagong Stock Exchanges during October-November 2005
2007 : The Company took majority interest of Summit Purbanchol Power Company Limited (SPPCL) and of Summit Uttaranchol Power Company Limited (SUPCL)
2010 : The Company took majority interest of Summit Narayanganj Power Limited (SNPL)
2015 : The Company also took a majority interest of Ace Alliance Power Limited (AAPL) in 2016. SPPCL, SUPCL and SNPL have been amalgamated with their parent company Summit Power Limited
2016 : The Company amalgamated with Summit Purbanchol Power Company Limited and changed it s year end from 31 December to 30 June .
For financial reporting purposes, the recording of assets and liabilities on an amalgamated basis is deemed to be retroactive from 31 December 2015 which is the appointed date. External legal opinion has been obtained confirming that it is from the appointed date that all the assets and liabilities of the Transferor Companies are vested in the Transferee Company.
The financial statements of Summit Power Limited have been prepared considering the impact of merger. The audited financial statements of the Transferor Companies as at 31 December 2015 will be used to account for the assets and liabilities of the Transferor Companies in the books of the Transferee Company.
The Transferor Companies will not continue as separate entities as a result of the amalgamation, rather all the undertakings will entirely be transferred to the Transferee Company at its continuing value. The consideration to be paid to the minority shareholders of the Transferor Companies has already been fixed based on the net asset value per share as per audited financial statements of the Transferor Companie as at 31 December 2015.