MCPL to Buy 50% Hubco’s Associated Company to Strengthen Business Venture With China’s BYD

Hub Power Holdings Limited (HPHL), a wholly owned subsidiary of The Hub Power Company Limited (PSX: HUBC), has entered into a shareholders agreement with Mega Conglomerate (Private) Limited (MCPL). MCPL will subscribe to and become a 50 percent shareholder of Mega Motor Company (Private) Limited, HUBC said in a stock filing on Thursday. The rationale of the transaction is to consolidate the expertise of both HPHL and MCPL and strengthen the business venture with BYD Auto Industry Company Limited. The consummation of the shareholders’ agreement is subject to the necessary regulatory approvals and consents, the filing added.