Home ›› 14 Dec 2021 ›› Stock
Saif Powertec Limited, the infrastructure-support service company, has decided to invest Tk 548 crore in energy and ICT-related projects.
The company’s board took the decision in a meeting, it said in a filing with the Dhaka Stock Exchange on Monday.
The company will invest Tk 473 crore in its Oil and Gas Operation unit and Tk 75 crore in 88 Innovations Engineering Ltd.
The energy unit is expected to generate Tk 516 crore in revenue and Tk 86 crore in net profit per year and its ICT unit to generate Tk 100 crore in revenue and Tk 24 in net profit per year.
Saif Powertec will invest 55 per cent of the total equity of the ICT unit that will carry on the business of all types of information technology and telecommunication projects, information technology-enabled services, facilities, services or works etc.
Other units of the group will invest in the remaining 45 per cent of the equity, which is equivalent to Tk 33.75 crore.
Its share price declined 2.25 per cent to Tk43.40 in DSE on Monday. Last one year, the price moved between Tk14.20 to Tk49.
Market capitalization of the company stood at Tk1,589 crore as of Monday and its paid-up capital is Tk 358 crore. The company has Tk 111 crore in surplus reserve.
The company also engaged in importing, trading, assembling and installing generators, sub-stations, electrical equipment and grid-lines, installation and erection of power plants as well as it acts as a berth/terminal operator for operation of Chittagong Container Terminal (CCT) and New Mooring Container Terminal (NCT) of Chittagong Port Authority (CPA).
The company has been producing batteries from its new unit situated at Pubail in Gazipur, which commenced in August 2017.
Earlier in October, Saif Powertec Limited signed an agreement to build and operate an inland container depot (ICD) in Chattogram on behalf of the Container Company of Bangladesh (CCBL) for 20 years.
The construction cost was estimated at Tk 308 crore. The ICD will be built in the Halishahar area on the outskirts of the port city on 21.29 acres of land owned by the Bangladesh Railway.
ICD facilitates quick clearance of full container load cargo by allowing un-stuffing and delivery from outside the port area.
The ICD is expected to generate Tk 3,482 crore in revenue and Tk 649 crore in net profit for 20 years, said an executive at Saif Powertec. The container depot will have the capacity to handle over one lakh containers a year and will create about 500 jobs, he said.
Saif Logistics Alliance (SLA)—the subsidiary of Saif Powertec—and the CCBL under the Bangladesh Railway signed the agreement in Dhaka.
