Hub Power Company (Hubco), the oldest independent power producer in Pakistan, has announced that it has completed the acquisition of a 37 percent stake in ThalNova Power Thar (Pvt) Limited on December 10, 2018.
Hub Power Holdings Limited, a ‘wholly owned subsidiary’ of Hub Power Company Limited (Hubco), has acquired 37 percent of the total shareholding of ThalNova Power Thar (Private) Limited (ThalNova) on December 10, 2018.
In a notification sent to the Pakistan Stock Exchange, the company revealed that it had received all required corporate and regulatory approvals for the transaction.
In October, Hubco had shown its intention to commence a limited acquisition of ThalNova Power Thar Private Limited, acquiring no less than 37% of the total shareholding.
In a separate notification sent to the PSX, ThalNova said, “Subject to completion of this transaction, Thal Power (Private) Limited shall possess 26 percent shareholding in ThalNova.”
ThaI Power (private) Limited is a wholly-owned subsidiary of ThaI Limited. It diluted its shareholding of Thal Nova Power Thar (Private) Limited on December 10, 2018, in favor of Hub Power Holdings Limited, a wholly owned subsidiary of The Hub Power Company Limited.
Following the dilution, the Company now owns 31.5 percent shareholding in ThalNova. The shareholding of the Company in ThalNova by the time of financial close was envisaged to be 26 percent.
ThalNova is a China-Pakistan Economic Corridor (CPEC) power project based on Thar lignite coal and is located at the power park site in Tharparkar district, Sindh.
ThalNova is expected to supply electricity to the national grid for a period of 30 years. Hub Power Company Limited operates as an independent power producer in Pakistan.
The company operates in two segments, power generation, and operations and maintenance. It develops, owns, operates, and maintains power stations.
Hubco scrips at the bourse were trading at Rs. 89, down Rs. 2.02 (-2.22%) with a turnover of 863,000 shares and Thal limited scrips were trading at Rs. 415, down Rs. 1.11 (-0.27%) with a turnover of 5,580 shares on Tuesday.