Confidence Cement buys 51% stake in Zodiac Power

The Confidence Cement’s board of directors has approved the purchase of 51,00,000 ordinary shares (51%) worth Tk10.00 each of Zodiac Power and made it a subsidiary of the company

 

Publicly listed company Confidence Cement Limited has bought 51% shares in Zodiac Power Chittagong Limited.

The Confidence Cement’s board of directors has approved the purchase of 51,00,000 ordinary shares (51%) worth Tk10.00 each of Zodiac Power and made it a subsidiary of the company.

The information was made available on the Dhaka Stock Exchange (DSE) website yesterday.

It says Zodiac Power is an Independent Power Producer company having 54.363 MW Heavy Fuel Oil based Power Plant located at Patiya in Chittagong.

It also says that Confidence Cement also informed that upon successful testing and commissioning, Zodiac Power Chittagong has started commercial operation of its Heavy Fuel Oil based, net 54.363 MW Power Plant consisting of the Unit of MAN Engines supplied along with related auxiliaries by Germany with effect from August 30, 2019 to sell the whole production of electricity to the Bangladesh Power Development Board (BPDB).

Meanwhile, Confidence Power Holdings Limited, an associate company of Confidence Cement, has started commercial operation in Rangpur on August 12. 

The power plant has started commercial operation of its HFO based net 113MW power plant consisting Unit of Bergen Engines supplied along with related auxiliaries by Norway to sell the whole production of electricity to BPDB.

The company’s earnings per share (EPS) stood at Tk 4.47 in nine months for FY19 as against Tk5.09 for FY’18.

Confidence Cement, presently an “A” category company, was listed with stock exchanges in 1995. The company's sponsor-directors hold 29.88% shares, and general shareholders 44.39% as of Tuesday. The company's share price closed at Tk145.80 each yesterday on Dhaka Stock Exchange (DSE).