HUBCO Subsidiary Enters Joint Venture With Ark Metals For Mining Projects in Pakistan

Hub Power Holdings Limited (HPHL), a wholly-owned subsidiary of The Hub Power Company Limited (PSX: HUBC), has entered into a joint venture agreement with a mining company, Ark Metals (Private) Limited and its shareholders, for exploration and development of mineral mines in Pakistan. “The consummation of this joint venture agreement is subject to the necessary regulatory approvals and consents,” the company informed the main bourse on Monday. 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). At the time of filing, HUBC’s scrip at the bourse was Rs. 155.16, up 6.1 percent or Rs. 8.92 with over 21.2 million shares on Monday.