Karachi October 5 2021: Hub Power Company extend the term of the guarantee in the form of standby letter of credit for a maximum period of 3 years provided to the lenders of CPHGC for an aggregate amount of USD 150 million to guarantee an investment in the form of equity or subordinated debt, either directly or through HPHL.
This amount will be used to satisfy the funding shortfall, if any, in CPHGC to achieve completion of the Project to the satisfaction of the lenders; and repay all principal, interest, fees or any other amounts that may fall due by CPHGC under the finance documents to the finance parties.
Further resolved that, subject to Shareholders' approval, the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and the Company Secretary, acting jointly or severally are authorized to negotiate and to do all acts necessary to procure the guarantee (in the form of standby letter of credit) from banks/ financial institutions.
This resolutions passed by the Members at the 30th Annual General Meeting of The Hub Power Company Limited held today October 05, 2021.
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