Karachi January 16 2024: The Board of Directors of The Hub Power Company Limited (the “Company”) has authorized the Company to enter into negotiations and execute definitive agreements for the proposed acquisition of shares of Sindh Engro Coal Mining Company Limited held by a potential seller.
The completion of the Proposed Transaction is subject to the necessary corporate and regulatory approvals and consents, and execution of definitive documents. The Company shall keep the PSX informed in respect of material developments in this respect, if any.
Hub Power already holds 8% shareholding in Sindh Engro Coal Mining Company Limited (SECMC), a joint venture between HUBCO, Engro, Thal Limited, HBL, CMEC and Government of Sindh, which has developed a coal mine at Thar, the seventh largest reserve of coal in the World. SECMC achieved Commercial Operations for Phase I of the Project on July 10, 2019 and for Phase II on October 1 2022. The mining capacity now stands at 7.6 Mt/annum with Phase II catering for our two power plants in Thar of 330MW each.
The Hub Power Company Limited was incorporated in Pakistan on August 1, 1991 as a public limited company. The principal activities of the Company are to develop, own, operate and maintain power stations. The Company owns an oil-fired power station of 1,200 MW (net) in Balochistan (Hub plant).
