Hub Power Company Ltd to Acquire 9.5% Shares of Sindh Engro Coal Mining Company

The Hub Power Company Limited (PSX: HUBC) has entered into a definitive agreement for the acquisition of 9.5 percent shares of Sindh Engro Coal Mining Company Limited (SECM), the company informed the main bourse on Friday. The acquisition is equivalent to approximately 9.5 percent of the issued and paid-up ordinary share capital of SECMC, held by Habib Bank Limited. “The completion of the Proposed Transaction is subject to the necessary corporate and regulatory approvals and consents, and other conditions. The Company shall keep the PSX informed in respect of material developments in this respect, if any,” the filing added. The principal activities of Hub Power Company Limited are to develop, own, operate, and maintain power stations. HUBC owns an oil-fired power station of 1,200 MW (net) in Balochistan (Hub plant).