Hubco to buy 9.5pc stake in SECMC

Proposed transaction consists approximately 9.5% of issued, paid-up ordinary share capital of SECMC, currently held by HBL

By News Desk
February 17, 2024
The Hub Power Company power plant can be seen in this image. — Private Infrastructure and Investment Board website
The Hub Power Company power plant can be seen in this image. — Private Infrastructure and Investment Board website 

KARACHI: The Hub Power Company Limited (HUBCO), the country's largest independent power producer, said on Friday it had entered into a definitive agreement to buy a 9.5 percent stake in Sindh Engro Coal Mining Company Limited (SECMC).

SECMC is a joint venture between the Sindh government and private companies that operates the Thar coal mine, one of the world's largest coal reserves, in the southern province of Sindh.

The proposed transaction consists approximately 9.5 percent of the issued and paid-up ordinary share capital of SECMC, currently held by Habib Bank Limited.

The deal is subject to regulatory and corporate approvals. "The Company shall keep the PSX informed in respect of material developments in this respect, if any," Hubco said in a notice to Pakistan Stock Exchange.