3 United Power entities to amalgamate with parent company

Three power generation companies will amalgamate with their parent company United Power  Generation & Distribution Co Ltd (UPGDCL).  

An amalgamation is a combination of two or more companies into a new entity.

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In a filing on the Dhaka Stock Exchange yesterday, UPGDCL said the board had approved the scheme of amalgamation.

The three power generation companies are United Anwara Power Ltd, United Energy Ltd, and United Jamalpur Power Ltd.

After the amalgamation, UPGDCL will be the surviving entity, said the filing. The approval is subject to the sanction of the High Court and the consent of banks and other creditors.

United Energy Ltd in Sylhet has an installed power generation capacity of 28 megawatts while United Jamalpur has a capacity of 115 MW and United Anwara Power of 300 MW, according to UPGDCL. 

Shares of UPGDCL closed 2.65 per cent higher on the DSE yesterday.