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United Power Generation to acquire two more plants

  • Published at 08:34 pm September 16th, 2020

Earlier in June 2018, United Power Generation acquired two power plants of United Group

The board of directors of United Power Generation & Distribution Company, a publicly traded company, has decided to acquire 99% share in two other power plants of the United Group.

United Group is the parent company of United Power Generation & Distribution Company Limited.  

According to an official disclosure posted by the companies concerned on Dhaka Stock Exchange website on Wednesday, the publicly traded company has taken a decision to acquire 99% shares of United Anwara Power Ltd (UAnPL), a 300 MW HFO fired power plant located at Anwara in Chattogram, effective from July 1, 2020 at net asset value (NAV) based on the financial statements as on June 30, 2020 of UAnPL.

The power company also decided to acquire 99% shares of United Jamalpur Power Limited (UJPL), a 115 MW HFO fired power plant located at Jamalpur, also effective on July 1, 2020 at NAV based on the financial statements as of June 30, 2020.

Earlier in June 2018, United Power Generation acquired two power plants of United Group. 

United Power acquired majority shares (92.41%) at face value, in principal, in the United Ashuganj Energy Ltd. (UAEL), a company having generation capacity of 195 MW power (Gas Based) located at Ashuganj, Brahmanbaria-3402.

United Ashuganj Energy was a PPP (Public Private Partnership) project with the Ashuganj Power Station Company Limited (APSCL) and has a fixed term of 15 years from the date of commercial operations since May 8, 2015.

According to the disclosure, UanPL and UJPL acquisitions are subject to compliance of all related regulatory requirements, including approval of the shareholders.

United Power's extraordinary general meeting (EGM) will be held on October 28 virtually, where the shareholders' approval will be sought. The record date for EGM is October 6.

Each share of the power generation company closed at Tk317.90 on Wednesday at the DSE.

United Power’s consolidated earnings per share (EPS) stood at Tk8.94 for July 2019-March 2020, which was Tk11.71 for July 2018-March 2019.

The company was listed on the Dhaka Stock Exchange in 2015. There, it belongs to the “A” category. 

Their paid-up capital is Tk526 crore.

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