United Power to acquire 2 power plants in Ctg, Jamalpur

The board of directors of United Power Generation & Distribution Company Ltd has decided to acquire two power plants of United Group -- United Anwara Power Lt (UAnPL) and United Jamalpur Power Ltd (UJPL).

The information was confirmed on the website of the Dhaka Stock Exchange (DSE) Wednesday.

The company also has decided to acquire 99 per cent shares of United Anwara Power Lt (UAnPL), a 300-MW HFO fired power plant located at Anwara, Chattogram, effective from July 1, 2020, at net asset value (NAV) based on the financial statements of UAnPL as on June 30, 2020.

Besides, the company also will acquire 99 per cent shares of United Jamalpur Power Ltd (UJPL), a 115-MW HFO fired power plant located in Jamalpur, effective from July 1, 2020, at net asset value (NAV) based on the financial statements of UJPL as on June 30, 2020.

The acquisitions are subject to compliance of all related regulatory requirements, including approval of the shareholders.

However, the company has fixed October 28 for its extraordinary general meeting (EGM). The meeting will be held at 11am through a digital platform. The record date is October 10.