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Confidence Power Holdings Limited (CPHL), an associate company of the listed company Confidence Cement, has joined together in a consortium formed for the development of 660 MW (net) power plant at Mirsarai, Chittagong.
In a disclosure, the Confidence Cement said the consortium has received a letter of intent (LOI) from Bangladesh Power Development Board (BPDB) to develop the said power plant.
The remaining three companies of the consortium are GE Capital US Holdings Inc., Confidence Power and Electropac Industries.
The Confidence Cement has 36 per cent stake in the equity capital of the CPHL.
The disclosure posted on the website of Dhaka Stock Exchange (DSE) said the consortium has received the LOI for the development of Gas/R-LNG-based combined cycle power generation facility of 660 MW (Net) capacity at Mirsarai, on Build-Own-Operate (BOO) basis.
The period of the agreement is 22 years from the date of commencement of commercial operation of the plant.
The sponsors and initial shareholding positions of the consortium are CPHL with 62 per cent, GE Capital US Holdings Inc. 20 per cent, Confidence Power 9.0 per cent and Electropac Industries 9.0 per cent.
Confidence Cement, presently an 'A' category company, was listed with the stock exchange in 1995.
The company's sponsor-directors hold 30.03 per cent shares, institutes 37.44 per cent and general shareholders 32.53 per cent as on December 31, 2021.
The company's share price closed at Tk 127.50 each on Thursday with a rise of 5.90 per cent on the premier bourse DSE.