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Confidence Power Rangpur starts commercial operation

FE Online Report | Published: August 20, 2019 12:40:23 | Updated: August 22, 2019 15:02:02


- Collected

The Confidence Power Rangpur Ltd, a 99 per cent subsidiary of Confidence Power Holdings Ltd, has started commercial operation from August 12, said an official disclosure on Tuesday.

The Confidence Power Holdings is an associate company of Confidence Cement Ltd.  The Confidence Cement, a listed company, has 41 per cent stake in Confidence Power Holdings.

The board of directors of Confidence Cement has agreed with the decision taken by the board of directors of Confidence Power Holdings that its subsidiary has started commercial operation from August 12.

The Confidence Power Rangpur has started commercial operation of its HFO based net 113MW Power Plant consisting of Unit of Bergen Engines supplied along with related auxiliaries by Norway with effect from August 12, 2019 to sell the whole production of electricity to the Bangladesh Power Development Board (BPDB), said the disclosure.

In January, 2018, the board of directors of Confidence Cement agreed to invest in the new power plant projects located at Bogra, Rangpur and Chattogram under Confidence Power Holdings.

The Confidence Power Bogra Unit-2, a 99 per cent subsidiary of Confidence Power Holdings, also started commercial operation from March 30, 2019.

Each share of the Confidence Cement, which was listed on the Dhaka bourse in 1995, closed at Tk 150.20 on Monday at Dhaka Stock Exchange (DSE).

The company’s earnings per share (EPS) stood at Tk 4.47 in nine months for July 2018-March 2019 as against Tk 5.09 for July 2017-March 2018.

The net operating cash flow per share (NOCFPS) was negative Tk 1.39 for July 2018-March 2019 as against negative Tk 1.31 for July 2017-March 2018.

The net asset value (NAV) per share was Tk 66.71 as on March 31, 2019 and Tk 76.00 as on June 30, 2018.

The company disbursed 15 per cent cash and 20 per cent stock dividend for the year ended on June 30, 2018.

The company's paid-up capital is Tk 647.91 million and authorized capital is Tk 1.0 billion, while the total number of securities is 64.79 million.

The sponsor-directors own 29.88 per cent stake in company, while institutional investors own 25.89 per cent, and the general public 44.23 per cent as on June 30, 2019, the DSE data shows.

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