Japan's JERA buys $330 mln stake in Singapore power unit of Bangladesh's Summit

Credit: REUTERS/ISSEI KATO

Japan's JERA Co has acquired a 22% stake in Summit Power International, a Singapore-based unit of Bangladesh's Summit Group, for $330 million, both companies said in a joint statement on Monday.

SINGAPORE, Oct 7 (Reuters) - Japan's JERA Co has acquired a 22% stake in Summit Power International, a Singapore-based unit of Bangladesh's Summit Group, for $330 million, both companies said in a joint statement on Monday.

The unit is a holding company of all power assets of Summit Group.

The investment was finalised four months after a memorandum of understanding was signed between JERA and Summit in Tokyo, according to the statement.

(Reporting by Jessica Jaganathan; Editing by Muralikumar Anantharaman)

((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net; Twitter: https://twitter.com/j3ssi3))

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