A joint venture (JV) between Hub Power Holdings Limited and Eni’s Employee Buy-out Group has acquired 100 percent shareholding of Eni Pakistan Limited.
According to a stock filing, Prime International Oil and Gas Company Limited (Prime) – a 50-50 Joint Venture between Hub Power Holdings Limited and the Eni Employee Buy-out Group – has successfully completed the Eni transaction.
“The successful completion of the Eni Transaction is a further testimony of our commitment to continuous growth, diversification of our portfolio, and maximizing value to our shareholders,’ the filing stated.
It also said, “Through Prime, the Hub Power Company will further develop critical and indigenous fuel sources for the country and work towards optimum utilization of our natural resources. This will help in reducing the country’s reliance on imported fuel sources”.
The development comes a month after Prime entered into four Sale Purchase Agreements with Eni International B.V., Eni Oil Holdings B.V., Eni UK Limited, and Eni ULX Limited for the purpose of acquiring Eni’s business in Pakistan.
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