Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA withdraws the Rating of China Power Hub Generation Company (Pvt.) Limited | PPSTS | PKR 8bln | Jul-22 | Redeemed
Issuer | China Power Hub Generation Company (Pvt.) Limited |
Instrument | Privately Place Short Term Sukuk |
Amount | PKR 8000 mln |
Issuance Date | 28-Jul-22 |
Tenor | 0.5 Years |
Redemption Date | 30-Jan-23 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (10-Mar-23 ) |
Previous (22-Aug-22 ) |
|
Action | Redeem | Initial |
Long Term | - | AA+ |
Short Term | - | A1+ |
Outlook | Stable | |
Rating Watch | - | - |
China Power Hub Generation Company (Pvt.) Limited issued a rated, Privately Placed Sukuk (PPSTS) of PKR 8,000mln in July 2022. The tenor of the instrument was 6 months and carried a profit rate of 6MK+135bps. The instrument has been repaid, hence redeemed. The Company has paid in full, all markup and outstanding principal amount. The Sukuk has been redeemed on Jan 30, 2023. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of China Power Hub Generation Company (Pvt.) Limited | PPSTS | PKR 8bln | Jul-22.
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About
the Entity
State Power Investment Company (52.5%) in collaboration with the Hub Power Company (47.5%) has setup a 1320MW coal-fired power plant in 2015 at Hub, Baluchistan. Power Purchase Agreement (PPA) is signed for thirty years. Established and registered in Hong Kong in 1994, State Power International Holding Ltd. is primarily focused on the development, construction, operation, overseas investment, and financing of power supply programmes. Whereas, HUBCO is one of the first and largest Independent Power Producers (IPP) in Pakistan to be financed by the private sector in Southern Asia. The BoD comprises of seven members, four members represent China Power International (Pakistan) Investment Limited, while three represents Hub Power Holdings Limited. The management team isled by Mr. Ren Lihui, appointed as CEO.