Confidence Power Bogra starts commercial operation

FE Online Report | Published: November 25, 2019 11:53:14 | Updated: November 27, 2019 11:09:54

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Confidence Power Bogra Limited, a 99 per cent subsidiary of Confidence Power Holdings Limited, has started commercial operation upon successful testing and commissioning.

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, according to an official disclosure on Monday.

According to the disclosure, the Confidence Power Bogra has started commercial operation of its heavy fuel oil (HFO)-based, net 113 MW power plant situated at Nator-Bogura Highway at Birgram, Bogura, consisting of Unit of MAN Diesel & Turbo SE (Engine) supplied By Germany, XD (Sub-station) by China, MAN (Turbine) and ME ( Boiler) by India.

The whole production of electricity will be sold to the Bangladesh Power Development Board (BPDB).

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

The Confidence Power Bogra Unit-2, also a 99 per cent subsidiary of Confidence Power Holdings, started commercial operation on March 30, this year. Confidence Power Rangpur also started commercial operation on August 2, this year.

Each share of the Confidence Cement, which was listed on the Dhaka bourse in 1995, closed at Tk 111.10 on Sunday.

The company’s consolidated earnings per share (EPS) stood at Tk 2.51 for July-September 2019 as against Tk 1.81 (solo) for July-September 2018.

The consolidated NOCFPS was negative Tk 2.74 for July-September 2019 as against Tk. 0.41 (Solo) for July-September 2018. Consolidated NAV per share was Tk. 70.82 as on September 30, 2019 and Tk. 67.24 (Solo) as on June 30, 2019.

The board of directors of the company has recommended 15 per cent cash and 15 per cent stock dividend for the year ended on June 30, 2019.  The AGM will be held on December 22.

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 authorised capital is Tk 1.0 billion, while the total number of securities is 64.79 million.

The sponsor-directors own 30.03 per cent stake of the company, while institutional investors own 25.69 per cent, and the general public 44.28 per cent as on October 31, 2019, the DSE data shows.


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