HUBCO Subsidiary Partners With China’s BYD to Launch Electric Vehicles in Pakistan

The Hub Power Company Limited (PSX: HUBC) through its associated company, Mega Motor Company (Private) Limited, is entering into a new line of business in electric vehicles, with BYD Auto Industry Company Limited, in Pakistan. According to a stock filing issued here on Friday, the consummation of this new venture will include the execution of definitive agreements and the purchase of assets and is subject to corporate and regulatory approvals and consents. China’s largest electric vehicle company BYD along with its local partner Mega Conglomerate Private Limited in April had expressed interest in investing in Pakistan to manufacture advanced electric vehicles. BYD announced its entry into Pakistan in collaboration with Mega Conglomerate Pvt Ltd, the parent company of Hub Power and Haleeb Food. The principal activities of HUBC 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, the company’s scrip at the bourse was Rs. 158.29, up 8.5 percent or Rs. 12.4 with a turnover of 17.8 million shares on Friday.