Summit Group Explained

Type:Public
Key People:Muhammed Aziz Khan (Chairman)
Industry:Communication, Trading, Energy & Power, Shipping
Revenue: US$1.2 billion (2019)
Net Income: US$100 million (2019)
Assets: US$2.5 billion (2019)[1]
Parent:JERA[2]
Location:Bangladesh HQ: Dhaka, BangladeshGlobal HQ: One Raffles Place, Singapore[3]
Homepage: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]

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. On 7 June 2004, Summit Power was made into a public limited company.

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. 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.

Summit Communication received a 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 the 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 power plant 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

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

See also

External links

Notes and References

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

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Summit Group".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2025, A B Cryer, All Rights Reserved. Cookie policy.