The securities regulator has allowed transaction of more than 70.23 million shares of Summit Power Limited held by Summit Holdings Limited through block trading facilities of the stock exchanges.
To facilitate the transaction, Bangladesh Securities and Exchange Commission (BSEC) waived the companies from complying with the relevant securities rules. The decision was taken at a meeting at the BSEC office Tuesday.
Summit Corporation will purchase the shares at a negotiated price of Tk 37 each.
On March 6, Summit Power informed that the board of directors of the company had approved the transfer of the shares held by Summit Holdings to Summit Corporation on terms mutually agreed by the transferor the transferee subject to approval by the securities regulator.
The sponsor-directors of Summit Power, listed with the stock exchanges in 2005, hold 56.60 per cent shares, while institutes, foreign shareholders and general shareholders hold 25.15 per cent, 3.65 per cent and 14.60 per cent respectively as on February 28, 2018.
