Summit_Group

Summit Group

Summit Group

Bangladeshi conglomerate

Summit Group is one of the largest Bangladeshi conglomerates. The industries under this conglomerate include communication, trading, energy and power, shipping.[4][5]

Quick Facts Company type, Industry ...

History

Summit Power Limited was established on 30 March 1997 in Dhaka, Bangladesh.[6] Muhammed Aziz Khan is the founding chairman of Summit.[7] It is a subsidiary of Summit Power International based in Singapore.[6] On 7 June 2004, Summit Power was made into a public limited company.[6]

In September 2007, the Anti-Corruption Commission sued former Prime Minister Sheikh Hasina for allegedly taking a 30 million BDT bribe from Summit Group, Wärtsilä, and United Group in return for a 100 mW powerplant in Khulna.[8] The bribe was used to buy a property in Dhanmondi under the Bangabandhu Memorial Trust.[8] The other accused in the case were Abul Kalam Azad, Nooruddin Mahmud Kamal, Tawfiq-e-Elahi Chowdhury, Muhammed Aziz Khan, Hasan Mahmud Raja, and Farid Khan.[8]

Summit Communication received Nationwide Telecommunication Transmission Network license from Bangladesh Telecommunication Regulatory Commission in 2009,[9] and laid down the largest fibre optic cable network in Bangladesh.[10]

In January 2011, Summit Group signed an agreement with World Bank to finance the purchase of equipment from General Electric worth US$115 million for Bibiyana power plant.[11]

In November 2012, Summit Group signed an agreement with China Energy Group to cooperate in the energy sector.[12]

Taiyo Life Insurance purchased 12.6 percent of Meghnaghat power plant from Summit Group in 2013 for US$20.3 million.[13]

In July 2014, Summit Group received a US$190 million loan from Standard Chartered Bank for a powerplant in Narayanganj District to be built by its subsidiary Summit Meghnaghat Power Company Limited.[14]

In 2016, Summit Group formed Summit Technopolis, a joint venture with Indian company Infinity Infotech Parks Limited, to build a hi-tech park in Gazipur.[15] Summit Group merged Summit Purbanchol Power Company, Summit Narayanganj Power, and Summit Uttaranchal Power Company under Summit Power.[16] Aziz Khan was appointed the honorary counsel general of Finland in Bangladesh.[17]

In April 2017, Summit Group secured a loan from The City Bank for Summit Barisal Power Limited and Summit Narayanganj Power Unit II Limited.[18] It signed an agreement with Bangladesh Power Development Board to build 149MW power plant in Gazipur District.[19] Wärtsilä would supply the equipment for the Gazipur plant.[20] Faisal Khan was appointed additional managing director of Summit Group in July 2017.[21] It received permission to establish a liquefied natural gas terminal in Moheshkhali.[22] The group would invest 3 billion USD to build the terminal with Mitsubishi Corporation.[23] The terminal was given a 15 year tax exemption by the National Board of Revenue.[24]

In 2018, the chairman of Summit, Aziz Khan, was the 34th richest man in Singapore.[25] Summit Alliance Port East Gateway, a subsidiary of Summit Group, received contract for three river terminals in India from the Inland Waterways Authority of India.[26]

In April 2019, Summit Group started supplying the national grid with Liquefied natural gas.[27] In October 2019, JERA purchased a 22 percent of Summit Power International for US$330 million.[28] The company announced plans to invest five billion USD next five years with 60 percent of the investment coming from JERA.[29] It announced a US$500 million joint investment with JERA to build the Matarbari Power Plant.[30]

In May 2020, Summit Group received US$140 million from Clifford Capital Pte Ltd and Sumitomo Mitsui Banking Corporation for the Summit Gazipur II Power Plant.[31] Summit established the Hamiduzzaman Sculpture Park in its Gazipur powerplant.[32]

In 2022, the chairman of Summit, Aziz Khan, was the 42nd richest man in Singapore.[33] According to The Daily Star, Summit Group received the second highest capacity charge from the government of Bangladesh at 12.57 percent of capacity charge payments.[34]

List of companies

  • Summit Industrial & Mercantile Corporation (Pvt.) Ltd.[35]
  • Cosmopolitan Communications Limited.[36]
  • Cosmopolitan Traders (Pvt.) Ltd.[37]
  • Cosmopolitan Finance Ltd.[38]
  • Summit Power Limited.[39]
  • Summit Turbine Division.[40]
  • Summit Shipping Ltd.[41]
  • Summit Communications Ltd.[42]
  • Summit Alliance Port Limited
  • United Summit Coastal Oil Ltd.
  • Summit Asia Pacific Pte. Ltd.
  • Resources & Solutions Ltd.
  • Summit Developers Ltd.
  • Summit Towers Ltd.
  • Summit Technopolis[15]
  • Khulna Power Company Limited (associated company)[43]

Projects

  • Summit LNG Terminal[43]
  • Summit Meghnaghat Power Company Limited[43]
  • Summit Bibiyana Power Company Limited[43]
  • Summit Gazipur II Power Limited (Summit Gazipur II Power Plant)[43]
  • Summit Gazipur I Power Limited (Summit Gazipur I Power Plant)[43]
  • Summit Barisal Power Limited (Summit Barisal Power Plant)[43]
  • Summit Narayanganj Power Unit II Limited[43]
  • Ashulia Power Plant II[43]
  • Narayanganj Power Plant I[43]
  • Maona Power Plant[43]
  • Madhabdi Power Plant II[43]
  • Jangalia Power Plant[43]
  • Chandina Power Plant II[43]
  • Rupganj Power Plant[43]
  • Ullapara Power Plant[43]
  • Ashulia Power Plant I[43]
  • Chandina Power Plant I[43]
  • Madhabdi Power Plant I[43]
  • Khulna Power Company Limited Power Plant I[43]
  • Khulna Power Company Limited Power Plant II[43]
  • Khulna Power Company Limited Power Plant III[43]

Board of directors

More information Name, Position ...

See also

References

  1. [1]
    "Summit Power International Limited, Summit Group, Summit Power, Summit Power Bangladesh, Summit Power Singapore". 24 August 2017.
  2. [2]
    "Summit to invest $5b in infrastructure in 5 years". 30 October 2019.
  3. [3]
    "Japan's JERA invests $330m to buy 22% stake in Summit". 7 October 2019.
  4. [4]
    "Summit inks energy deal with Chinese company". The Daily Star. 2012-11-22. Retrieved 2016-10-29.
  5. [5]
    "Summit Power buys 64% stake in Ace Alliance Power | Dhaka Tribune". Dhaka Tribune. 2016-09-22. Retrieved 2016-10-29.
  6. [6]
    "Summit Power International Limited, Summit Group, Summit Power, Summit Power Bangladesh, Summit Power Singapore". Summit Power International. 2017-11-24. Retrieved 2023-04-18.
  7. [7]
    Report, Star Digital (2022-09-06). "Summit supports migrant workers in Singapore". The Daily Star. Retrieved 2023-04-18.
  8. [8]
    Staff Correspondent (2007-09-03). "Tk 3cr graft case against Hasina". The Daily Star. Retrieved 2023-04-18.
  9. [9]
    "Summit gets NTTN licence". The Daily Star. 2009-12-22. Retrieved 2023-04-18.
  10. [10]
    Hasan, Mahmudul (2022-12-08). "Summit: a major player in ICT infrastructure". The Daily Star. Retrieved 2023-04-18.
  11. [11]
    "Summit strikes deals to finance three power projects". The Daily Star. 2011-01-30. Retrieved 2023-04-18.
  12. [12]
    "Summit inks energy deal with Chinese company". The Daily Star. 2012-11-22. Retrieved 2023-04-18.
  13. [13]
    "Japanese life insurer partners with Summit". The Daily Star. 2013-06-11. Retrieved 2023-04-18.
  14. [14]
    Rahman, Md Fazlur (2014-07-16). "StanChart raises $190m for Summit power plant". The Daily Star. Retrieved 2023-04-18.
  15. [15]
    "Summit Technopolis begins building hi-tech park". The Daily Star. 2016-02-29. Retrieved 2023-04-18.
  16. [16]
    Chowdhury, Sarwar A. (2016-03-17). "Summit merges power subsidiaries". The Daily Star. Retrieved 2023-04-18.
  17. [17]
    "Summit's Aziz Khan becomes Finland's honorary consul general". The Daily Star. 2016-06-02. Retrieved 2023-04-18.
  18. [18]
    "City Bank arranges debt financing for two power plants of Summit Group". The Daily Star. 2017-04-23. Retrieved 2023-04-18.
  19. [19]
    "Summit Group signs 149MW power deals". The Daily Star. 2017-04-13. Retrieved 2023-04-18.
  20. [20]
    "Wärtsilä to supply equipment for Summit's 300MW power plant". The Daily Star. 2017-08-20. Retrieved 2023-04-18.
  21. [21]
    "Summit Group appoints new additional managing director". The Daily Star. 2017-07-17. Retrieved 2023-04-18.
  22. [22]
    Byron, Rejaul Karim (2017-04-04). "Summit Group to get nod for LNG terminal this week". The Daily Star. Retrieved 2023-04-18.
  23. [23]
    "Summit Power to develop $3 billion LNG-to-power Bangladesh project with Japan firms". Reuters. 2018-03-13. Retrieved 2023-04-18.
  24. [24]
    "Summit LNG gets 15-yr tax break". The Daily Star. 2018-11-01. Retrieved 2023-04-18.
  25. [25]
    "Summit's Aziz 34th richest in Singapore: Forbes". The Daily Star. 2018-08-16. Retrieved 2023-04-18.
  26. [26]
    "Summit to operate three river terminals in India". The Daily Star. 2018-11-06. Retrieved 2023-04-18.
  27. [27]
    "Summit Group starts supply of LNG". The Daily Star. 2019-04-30. Retrieved 2023-04-18.
  28. [28]
    "Japan's JERA acquires 22pc stake of Summit Power for $330m". The Daily Star. 2019-10-08. Retrieved 2023-04-18.
  29. [29]
    Rahman, Sajjadur (2019-10-30). "Summit to invest $5b in infrastructure in 5 years". The Daily Star. Retrieved 2023-04-18.
  30. [30]
    "Summit, JERA Asia team up for $500m energy project". The Daily Star. 2019-05-30. Retrieved 2023-04-18.
  31. [31]
    Report, Star Online (2020-05-15). "Summit secures $140 million in financing from Clifford Capital, Japan's SMBC". The Daily Star. Retrieved 2023-04-18.
  32. [32]
    Alom, Zahangir (2020-02-02). "Summit's 'Hamiduzzaman Sculpture Park' in the making". The Daily Star. Retrieved 2023-04-18.
  33. [33]
    "Summit's Aziz Khan 42nd richest in Singapore: Forbes". The Business Standard. 2022-09-08. Retrieved 2023-04-18.
  34. [34]
    Islam, Zyma (2022-08-31). "Capacity payments for power plants: One third goes to three firms". The Daily Star. Retrieved 2023-04-18.
  35. [35]
    "Hi-tech park nears reality". The Daily Star. 2015-06-26. Retrieved 2016-10-29.
  36. [36]
    "Summit: a major player in ICT infrastructure". The Daily Star. 2022-12-08. Retrieved 2023-03-07.
  37. [37]
    "Cosmopolitan Traders (Pvt.) Ltd.: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-10-29.
  38. [38]
    "Cosmopolitan Finance Limited: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-10-29.
  39. [39]
    "Summit Wins ICMAB Best Corporate Award 2015 - Energy Bangla". Energy Bangla. 2016-10-27. Retrieved 2016-10-29.
  40. [40]
    "Summit powers up project with foreign funds". The Daily Star. 2015-06-04. Retrieved 2016-10-29.
  41. [41]
    "Summit's new vice-chairman". The Daily Star. 2010-02-14. Retrieved 2016-10-29.
  42. [42]
    "Summit Communications Limited - Membership". Membership. 2015-11-09. Retrieved 2016-10-29.
  43. [43]
    "Summit Power International Limited, Summit Group, Summit Power, Summit Power Bangladesh, Summit Power Singapore". Summit Power International. 2017-08-24. Retrieved 2023-04-18.
  44. [44]
    "Summit Power International Limited, Summit Group, Summit Power, Summit Power Bangladesh, Summit Power Singapore". Summit Power International. 2017-08-22. Retrieved 2023-04-18.
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