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Aziz Khan At Singapore’s Top Rich List

Aziz Khan At Singapore's Top Rich List
Photo Source: Collected

Bangladesh Summit Group Chairman Muhammad Aziz Khan has appeared in the list of the top 50 richest people in Singapore. He is at number 34 on this list. His and his family’s net worth in Singapore is $910 million. The American magazine Forbes recently released this list of the top richest people based in Singapore. However, according to Summit, the Forbes account of assets is only for Summit’s electricity business. Business assets of other sectors are not included here. So, Aziz Khan At Singapore’s Top Rich List.

Regarding the list of Forbes, Muhammad Aziz Khan said, “All our investments are in Bangladesh.” Forbes takes into account the investment value of the Summit in Bangladesh. We have planned to invest another 24 thousand crore BDT in Bangladesh by 2022. This investment will be used to generate electricity and import, store, and supply LNG in the country.

Number 1 in the Forbes list is the country’s housing sector businessmen, Robert, and Philip Ng brothers. Their combined wealth is $1190cr. In second place is Facebook co-founder Edward Severin. His current wealth is worth $1180cr. He took Singapore citizenship in 2012. The country’s dye business Go Cheng Liang is in third place on the list, with assets worth $790cr billion.

Meanwhile, Indian-origin businessman Arvind Tiku is at number 13 on the list with a wealth of 230 million dollars. He has oil, gas, housing, and other businesses. On the other hand, Ho Qian Guan is at number 50 on the list. Also, the businessman owns assets of 53 crores and 50 dollars and has business in the oil, housing, and services sectors.

According to Forbes, 63-year-old Aziz Khan has been a permanent resident of Singapore for more than a decade. Summit Group has business in Bangladesh’s power, port, fiber optics, and infrastructure sector. Recently the group company Summit Power International started listing on the Singapore Stock Exchange (SGX). Summit plans to raise funds from SGX for significant investments in various Asian countries, including Bangladesh. In this regard, Aziz Khan told Reuters last February, “Bangladesh’s capital market is tiny. So we need much more money to invest. Moreover, Singapore is becoming a global economic hub. As a result, it is an excellent place to be listed in the stock market.

Aziz Khan’s daughter Ayesha Aziz Khan is the managing director and CEO of Summit Power International Singapore. Summit started as a trading company. Later, the company entered the power generation business in the private sector and did well. They progressed rapidly in the power sector business. Summit’s first power plant went into production in 1998. According to the latest information from Summit, their 17 power plants have a total production capacity of 1,941 MW. Summit Corporation recently announced an investment of nearly $3 billion in a power plant project with a generating capacity of 2,400 MW, over Tk 25,000 crore in Bangladeshi currency (at Tk 84 per dollar). Mitsubishi Corporation of Japan and General Electric (GE) of the United States are partners in this Summit project of Summit.

Summit claims that this is the largest private sector project in the country so far. The power plant will be built at Matarbari in Maheshkhali Upazila of Cox’s Bazar district. In addition, a liquefied natural gas (LNG) and a fuel oil terminal will also be built there under the same project. Apart from this, another 300 MW power plant is also planned to be constructed. A settlement agreement was reached between Summit, Mitsubishi, and GE last July. According to Summit, their ownership in this project is 55 percent. In addition, Mitsubishi will own 25 percent and General Electric 20 percent. The project’s construction will start next year, and the implementation will be completed in 2023. This will double the total power generation capacity of Summit.

It should be noted that the annual income of Summit Group is about 5 thousand crore rupees. All three companies Summit owns are listed on the country’s stock market. The companies are Summit Power, Summit Port Alliance, and Khulna Power Company Limited (KPCL). Summit started operations in Singapore in July 2016.

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