Karachi November 23 2022: An encashment notice has been served today by CPHGC, under the Standby Letter of Credit of USD 150 million, on the issuing bank provided by Hub Power Company, according to company filing to the exchange.
Hub Power Company Limited share price drop PKR 1.18 or 1.71 percent in today’s trading at Pakistan Stock Exchange.
Hubco as a joint venture partner and Pakistani sponsor of China Power Hub Generation Company limited (CPHGC) provided security in the form of a Standby Letter of Credit of US $ 150 million in favour of CPHGC expiring on November 23, 2022.
“As the first and largest independent power producer in Pakistan, Hubco remains committed to providing the country affordable and uninterrupted energy and taking any and all necessary actions to protect the best interests of its shareholders” says Chief Executive Officer Kamran Kamal.
