Summit Powers share trading suspended for indefinite period
Staff Reporter
Both Dhaka and Chittagong Stock Exchange on Wednesday suspended share trading of Summit Power due to non-compliance with completion of the companys amalgamation process.
According to an announcement made by the Dhaka Stock Exchange (DSE), the suspension of share trading will come into effect from August 28 (Sunday) until further instruction.
The suspension came on Wednesday night as per the instructions of the Bangladesh Securities and Exchange Commission (BSEC).
The company has failed to transfer shares in due time and submit papers on the regulators consent for raising capital, according to stock exchanges.
The officials of the Chittagong Stock Exchange (CSE) said Summit Powers share trading would resume as soon as the issuer company resolves the complexities.
Summit Power has recently started the process of amalgamation with three other companies such as Summit Purbanchol Power Company Ltd (SPPCL), Summit Uttaranchol Power Company Ltd (SUPCL) and Summit Narayanganj Power Ltd (SNPL).
Among the companies, Summit Power and SPPCL are listed with the stock exchanges.
As part of the amalgamation process, Tuesday was the record date of SPPCL.
Stock market insiders told The Independent that Summit Uttaranchol Power Company Ltd (SUPCL) and Summit Narayanganj Power Ltd (SNPL) will be benefited for the decision. But the share holder of the listed company SPPCL will be cheated as the share value was not properly priced.
