Confidence Cement has purchased 51 percent stakes in Zodiac Power Chittagong Ltd at a cost of Tk 5.1 crore and made it a subsidiary with effect from August 6.

Confidence bought 51 lakh ordinary shares of Zodiac that has a 54.363 MW heavy fuel oil-based power plant in Chattogram.

Zodiac started commercial operation on August 30 this year to sell power directly to Bangladesh Power Development Board.

The share of Confidence Cement hit Tk 145.80 yesterday, a rise of 0.21 percent from the previous day.  The company’s earnings per share fell 12.18 percent year-on-year to Tk 4.47 in nine months to March 2019.

Its net asset value per share was Tk 66.71 as on March 31 this year and Tk 76 on June 30 last year.