Hubco delists from Luxembourg Stock Exchange

KARACHI: The Hub Power Company (Hubco) has delisted its global depository receipts (GDRs) from the Luxembourg Stock Exchange (LSE), a bourse filing said on Monday. A senior Hubco official said initial listing on LSE was of 16.183 million GDRs with each comprising 25 ordinary shares.

“About 35 percent of the shares were listed through GDRs in LSX, however now only 0.9 percent shares were held through GDRs as the shares were being converted into ordinary shares and were being traded at Pakistan stock exchange (PSX),” the official said.  The official said it was delisted from LSX because in the last few years, no trading had taken place in Hubco’s GDRs at LSX.

“Only few GDRs got converted into ordinary shares in the last couple of years, so the costs involved and the compliance requirements were not justified,” the company said. Hub Power Company is the largest Independent Power Producer (IPP) in the country with a combined power generation capacity of over 1,600 MW.

It owns three power generation facilities including: an oil-fired power station of 1,200 MW in Balochistan (Hub plant), a 214 MW oil-fired power station in Punjab (Narowal plant), and an 84 MW hydro power station through its 74.95 percent controlling interest in Laraib Energy Limited (LEL).