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Midland East Power Plant commences commercial operations

FE Online Report | Published: November 27, 2018 13:31:39 | Updated: December 04, 2018 12:42:52


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After successful testing and pre-commissioning, a 150-megawatt project of Midland East Power Plant started its commercial operations on Monday.

Situated at Ashugonj in Brahmanbaria, Midland East Power Plant, the heavy fuel oiled (HFO) fired power plant, is a subsidiary of Midland Power Company.

Shahjibazar Power, a listed company, holds 49 per cent stake in Midland Power Company, which eventually will have a prospective impact on the profitability of the company, said an official disclosure on Monday.

The plant is being operated on build, own, and operate (BOO) basis for a period of 15 years commencing on commercial operation date (COD).

This power plant is one of the fast track power projects awarded by the government earlier.

Each share of the Shahjibazar Power Company, which was listed on the Dhaka bourse in 2014, closed at Tk 90.30 on Monday.

The board of directors of the company has recommended 25 per cent cash and 3.0 per cent stock dividend for the year ended on June 30, 2018.

The company has also reported consolidated EPS of Tk 4.10, consolidated NAV per share of Tk 32.95 and Consolidated NOCFPS of Tk 2.53 for the year ended on June 30, 2018 as against Tk 5.50 (restated), Tk 34.49, and Tk. 13.61 respectively for the corresponding period of the previous year.

The company also disclosed first quarter (Q1) financial statements. As per the Q1 reports, consolidated EPS was Tk 1.30 for July-September 2018 as against Tk 1.20 for July-September 2017.

Consolidated NOCFPS was Tk 2.94 for July-September 2018 as against Tk 0.57 for July-September 2017. Consolidated NAV per share was Tk 34.25 as on September 30, 2018 and Tk 32.95 as on June 30, 2018.

The company disbursed 16 per cent cash and 14 per cent stock dividend for the year ended on June 30, 2017.

The company’s paid-up capital is Tk 1.61 billion and authorised capital is Tk 5.0 billion, while the number of securities is 161.02 million.

The sponsor-directors own 63.23 per cent stake in the company, while institutional investors own 16.40 per cent, and the general public 20.37 per cent as on October 31, 2018.

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