Summit Group Chairman Muhammed Aziz Khan has ranked 42nd on the list of Singapore’s 50 wealthiest individuals.
A tycoon in Bangladesh’s power sector business, Aziz is a permanent resident of Singapore.
According to Forbes' Singapore's 50 Richest (2022), the 67-year-old’s net worth was stated to be $1 billion. He had a business capital of $990 million in 2021.
A Bangladeshi by birth, Aziz ventured into businesses in 1973, at a time when there was hardly any track record of the country producing successful entrepreneurs.
He is one of the pioneers in the country’s power industry with more than four decades of experience.
Aziz has been leading the Summit Group, one of the largest conglomerates in Bangladesh, whose power projects generate nearly 20 per cent of electricity in the country.
Other industries under this conglomerate include communication, trading, energy and power, shipping, ports, real estate, etc.
Summit set up the first independent power plant, Khulna Power Company Limited (KPCL), in 1998.
Summit Power International (SPI) established Bangladesh’s first independent power plant in 1997 and is now the largest independent power producer in the country, according to SPI.
Aziz is also the chairman of the SPI, now listed on the Singapore exchange.
SPI owns and runs a total of 18 power plants in operation or under development with a total capacity of 2,255MW, a further 277MW through its associate company Khulna Power Company Limited (KPCL).
The company also operates Bangladesh’s second floating storage and regasification unit and LNG import terminal with a capacity of 500mmcf/d.
In 2019, Aziz sold a 22 per cent stake in SPI to Japan's JERA for $330 million, which valued the company at $1.5 billion, Forbes said.
