Analyst
Saadat Mirza
saadat.mirza@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
Hub Power Company Limited redeems Privately Placed Commercial Paper of PKR 5bln | Rating Withdrawn
Issuer | The Hub Power Company Limited |
Instrument | PPCP |
Amount | PKR 5000 mln |
Issuance Date | 26-Sep-19 |
Tenor | 0 Years |
Redemption Date | 24-Mar-20 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (09-Apr-20 ) |
Previous (06-Dec-19 ) |
|
Action | Redeem | Initial |
Long Term | - | AA+ |
Short Term | - | A1+ |
Outlook | Stable | |
Rating Watch | - | - |
Final payments of Short-Term Commercial Paper issued at discount @6MK+1.50% by Hub Power Company Limited on 26-Sep-19 for PKR 5,000mln has been completed. Instrument was issued at the discounted value and redemption of the instrument in bullet with face value of PKR 5,000mln at the time of maturity and the instrument has been fully redeemed.
Subsequent to the completion of the redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Hub Power Company Limited | Privately Place Commercial Paper.
About
the Entity
Hubco, a listed company, was incorporated in 1991. Mega Conglomerate (Pvt.) Ltd (19.5 %) is the single largest shareholder, followed by ABL (8.95%), Fauji Foundation (8.5%) and NBP (3.6%). Hubco holds 100% stake in Narowal Energy Ltd which operates a 225MW capacity oilfired power plant at Narowal. The BoD comprises eleven-members including the CEO of Hubco. BoD includes three representatives from Mega Conglomerate. Mr. Khalid Mansoor, the CEO, carries over three decades of experience in Energy & Petrochemical sectors in leading roles. He is supported by a team of experienced professionals.