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ACN Newswire

Revolutionize Your Business Plan: How Ai is Making Entrepreneurship Easier

Dhaka, Bangladesh, Dec 23, 2024 - (ACN Newswire via SeaPRwire.com) - Summit Group, Bangladesh’s largest private sector power generation company, has issued clarifications in response to a recent draft of a government White Paper, and said it welcomes transparency and remains committed to the highest levels of corporate governance and corporate social responsibility (“CSR”) in the country.Bangladesh media have reported widely on a draft of the ‘White Paper on the State of the Bangladesh Economy’ released in recent weeks by the interim government led by the Honourable Chief Adviser Dr. Muhammad Yunus. The document said Bangladesh’s power and energy sector faced challenges such as excess capacity, dependence on imports of gas and under-development of domestic natural gas resources.Summit Power International Limited (“SPIL”), the Singapore-registered parent of Summit Corporation Limited (“SCL”) – the leading foreign direct investor in Bangladesh’s power sector – has responded to statements in White Paper which referred to SCL’s assets or subsidiaries.1) The draft White Paper referred to Summit Group as being one of the “selected large conglomerates” which enjoyed “exemptions on project income” and “exemption on income arising from power generation”.SPIL said these exemptions cited were part of a broader policy initiative that applied to the entire power and energy sector in the country. “The policy, i.e. Private Sector Power Generation Policy framed in 1996, designed to attract investment and meet Bangladesh’s critical energy needs, encompassed approximately 104 projects. These exemptions were not exclusive to Summit Group but were reflective of a sector-wide strategy to enhance Bangladesh’s energy capacity to ensure sustainable development,” SPIL said.2) The “Other Common Malpractice” section in the White Paper alleged that contract conditions were changed after it was awarded, and singled out the Summit Meghnaghat 335 dual fuel power plant for switching from heavy fuel oil (“HFO”) to high-speed diesel (“HSD”) without changing capacity payment or heat rate as an example.The Bangladesh Petroleum Corporation, the supplier of energy oil, was unable to provide the specified oil under the original agreement and instead reached an understanding with the Bangladesh Power Development Board to supply alternative oil, SPIL said.“In order to maintain operations and fulfil its commitments, Summit Meghnaghat was obliged to accept this change but remains prepared to accept oil in accordance with the original tender conditions,” SPIL said.Through SCL, the Summit Group operates 18 power plants with a combined generation capacity of 2,255MW or approximately 17% of the total installed private power generation capacity in the country of 173 million people.3) The White Paper listed Summit Power Limited among 83 companies listed on the Dhaka Stock Exchange that had been “unfairly excluded” from certain regulatory activities, and said market rigging was endemic in the domestic equity market.“Summit Power Limited has always conducted its affairs with the highest levels of corporate governance. Its Board of Directors comprises eminent and well-respected corporate figures. At no time has the company ever engaged in market rigging,” SPIL said.4) Regarding Bangladesh’s second Floating Storage and Regasification Unit (“FSRU”), which Summit Group operates, the White Paper alleged public funds were misused because Summit supplied LNG at a premium while natural gas reserves were available with the Bangladesh Oil, Gas and Mineral Corporation (“Petrobangla”).SPIL said that Summit’s FSRU was not responsible for the supply of gas and, accordingly, has not imported or supplied any gas to date. The long-term supply contract signed between Summit Oil and Shipping Company Limited and Petrobangla was at the lowest price of all contracts awarded at the time, including for OQ Trading and Excelerate Energy (“Excelerate”). In any event, Summit has not yet imported any gas under the long-term supply contract.Further, Summit’s FSRU did not receive any special exemptions, and its daily tariff/charter rate is lower than that of the Moheshkhali Floating LNG owned by Excelerate, the only other FSRU in Bangladesh. The incentives referenced were part of an industry-wide framework that applies to both Excelerate and Summit’s FSRU projects.“As a responsible corporation with a track record of providing energy and power to Bangladesh, Summit Group has always respected and adhered to the laws of both Bangladesh, where SCL operates, as well as Singapore, where SPIL is domiciled,” SPIL said. “We are dedicated to contributing meaningfully to Bangladesh’s growth and prosperity. Our operations in Bangladesh have consistently adhered to all regulations, and we take pride in upholding the highest standards of integrity and governance,” SPIL said.“Being a dependable partner in nation building, we remain open to dialogue with all stakeholders,” it added. “We invite committee members preparing the White Paper to engage and seek clarification where needed. As a substantial foreign direct investor, the Summit Group has always conducted its affairs in a transparent manner while striving to support the long-term development of Bangladesh,” it added.About Summit Power International Limited (“SPIL”)SPIL is the largest Independent Power Producer (IPP) in Bangladesh, reflecting 17% of the country's total private installed capacity and 7% of the country’s total installed capacity. Summit owns and operates a total of 18 power plants with a combined generation capacity of 2,255MW. It also operates Bangladesh’s second Floating Storage and Regasification Unit (FSRU) and LNG import terminal with daily regasification capacity of 500 million cubic feet.SPIL is a privately-held Singapore-registered company that is 78%-owned by the family of Mr Muhammed Aziz Khan. In 2016 SPIL acquired Bangladesh-registered Summit Corporation Ltd (SCL) in a transaction that was financed primarily by International Finance Corporation, the World Bank’s private sector arm. SCL holds various infrastructure assets in Bangladesh. In 2019, JERA Co., Inc., Japan’s largest power generation company, acquired a 22%-stake in SPIL and remains its second largest shareholder to date.Learn more at: www.summitpowerinternational.com Media ContactWeR1 Consultants Pte LtdWhatsApp (Text): (+65) 9748 0688Email: summit@wer1.net Copyright 2024 ACN Newswire via SeaPRwire.com.

ACN Newswire

Huatai Securities Achieves MSCI ESG AAA Rating, the Highest Rating among Global Investment Banks

12/23/2024

HONG KONG, Dec 20, 2024 - (ACN Newswire via SeaPRwire.com) - Leading international index provider, MSCI, recently announced the updated ESG ratings for Huatai Securities Co., Ltd. (the "Company"; stock codes: 601688.SH, 6886.HK, HTSC.L). Due to its exemplary ESG practices, Huatai Securities' MSCI ESG rating has been upgraded from AA to AAA. This marks the second consecutive year of improvement, earning the Company the highest rating in the global investment banking industry.The rating report underscores Huatai Securities' industry-leading performance in five key areas: Corporate Governance, Financing Environmental Impact, Responsible Investment, Human Capital Development, and Corporate Behavior. This demonstrates the Company's robust ESG governance capabilities and its strong commitment to stakeholders.In recent years, Huatai Securities has fully adopted new development philosophies, incorporating sustainable development into its operations and management. The Company continues to make significant progress in aligning its business practices with global ESG standards.In Corporate Governance, Huatai Securities' Board of Directors and ESG Committee have adopted a global perspective while remaining deeply attuned to local realities. By closely monitoring societal and economic developments, the Company has identified core ESG issues that align with current priorities, positioning itself as a market leader in corporate citizenship and responsibility.In terms of the Financing Environmental Impact, Huatai Securities has integrated ESG principles into its due diligence processes for investment and financing activities. The Company has established guidelines for investments in environmentally sensitive industries, actively expanded its green finance product portfolio, and extended its carbon finance services. Initiatives such as the "One Yangtze River" ecological protection project have supported biodiversity mainstreaming and contributed to the green transformation of economic and social development.In Responsible Investment, Huatai Securities has consistently elevated the importance of ESG factors in its investment decision-making processes. By leveraging its industry-leading digital capabilities, the Company has integrated ESG data across its research and investment platforms to generate actionable insights. Furthermore, Huatai has embraced its role as an active shareholder, promoting sustainable development values across a wide range of companies and industries.In Human Capital Development, Huatai Securities has established platforms to empower employees and promote their comprehensive professional growth. The Company has prioritized enhancing employees' technical expertise and strengthening training in financial ethics and professional conduct, fostering a culture of innovation and collaboration among its workforce.In Corporate Behavior, Huatai Securities has established robust systems for anti-bribery, anti-corruption, professional integrity, and whistleblower protection. The Company has prioritized strengthening corporate ethics and upholding principles of integrity, thereby laying a solid foundation for sustainable growth.Through years of consistent effort, the principles of ESG and sustainable development have become deeply embedded in the ethos and behavior of Huatai Securities' workforce. This collective commitment has been a driving force behind the Company's ongoing progress. Looking ahead, Huatai Securities remains steadfast in its dedication to ESG principles, establishing a strong foundation to build a world-class investment bank with both local strengths and global influence. The Company is determined to contribute to high-quality, sustainable economic and social development, delivering greater value and impact for the future.About Huatai SecuritiesIncorporated in April 1991, Huatai Securities is a leading technology-driven securities group in China, with a highly collaborative business model, a cutting-edge digital platform and an extensive and engaging customer base. It provides comprehensive financial services to individual and institutional clients, including wealth management, investment banking, sales and trading, investment management, etc., with a substantial international presence.For enquiries, please contact:Citigate Dewe RogersonBenny Liu Linda PuiTel: +86 10 6567 5056 Tel: +852 3103 0118Email: HTSC@citigatedewerogerson.com Copyright 2024 ACN Newswire via SeaPRwire.com.

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