Business Report :
Doreen Power has decided to close its Feni 22 megawatt (MW) power plant and its non-current assets.
“The decision follows delays in the extension of the Power Purchase Agreement (PPA) with the Bangladesh Power Development Board,” said the company in a disclosure on the Dhaka Stock Exchange (DSE) on Monday.
Doreen Power also cited the prolonged uncertainty surrounding the PPA extension as the main factor behind its decision to sell the Feni plant’s assets.
The company’s board has also approved a vendor agreement with Trust Marine Services to sell the plant’s engines, alternators, substation equipment, building, and steel structures for Tk 10.05 crore.
“The land, however, will be sold separately at a competitive market price at a later date.”
Shares of Doreen were up 0.92 percent to Tk 22 on the DSE as of 12:08 pm on Monday.