Karachi February 27 2023: The Hub Power Company Limited (HUBC) share price drop as the company announced below expected payout, according to company filing to the Pakistan Stock Exchange.
HUBC announced cash payout of PKR 5.75 per share for the quarter ended December 31 2022, this is in addition to PKR 15.5 per share already announced.
HUBC expected to give a big dividend as China Hub Power Generation company achieves project completion on 23rd February.
Hub Power inform that China Power Hub Generation Company (Private) Limited’ s (CPHGC) 2×660 MW power plant has been declared “Project Complete” by CPHGC’ s lenders on 23rd February 2023 (Project Completion Date or PCD). CPHGC was formed in September 2015 by the Hub Power Company (Hubco) and its Chinese partner, China Power International Holdings Limited to develop, construct and operate a 2×660 MW coal fired power plant at the Hub Plant Site in Balochistan. The Project successfully achieved its Commercial Operations Date (COD) effective August, 2019. Hubco through its wholly owned subsidiary, Hub Power Holdings Limited owns 47.5% of the shares of CPHGC. The project is recognized as one of the priority projects under the China Pakistan Economic Corridor.
“The declaration of PCD is a monumental occasion for Hubco as it releases the company from its obligation to maintain a USD 150 million standby letter of credit. This will also enable CPHGC to pay dividend to its shareholders subject to availability of distributable profits.” Says Company Chief Executive Officer Kamran Kamal.
