Summit Group

Last updated
Summit Group
Company type Public
IndustryCommunication, Trading, Energy & Power, Shipping
HeadquartersBangladesh HQ: Dhaka, Bangladesh Global HQ: One Raffles Place, Singapore [1]
Key people
 Muhammed Aziz Khan (Chairman)
RevenueIncrease2.svg US$1.2 billion (2019)
Increase2.svg US$100 million (2019)
Total assets Increase2.svg US$2.5 billion (2019) [2]
Owner
Parent JERA [3]
Website www.summitpowerinternational.com

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

Contents

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

Projects

Board of directors

NamePositionReference
Muhammed Aziz KhanChairman [44]
Ayesha Aziz KhanManaging Director [44]
Toshiro KudamaDirector [44]
Takeshi TakahashiDirector [44]
Latif KhanDirector [44]
Faisal Karim KhanDirector [44]
Adeeba Aziz KhanDirector [44]
Azeeza Aziz KhanDirector [44]
Suresh Prabhakar PrabhuDirector [44]
Tang Kin FeiDirector [44]

See also

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References

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