Hub Power Company Limited | Commercial Paper of PKR 4bln fully redeemed; rating withdrawn
|Issuer||The Hub Power Company Limited|
|Amount||PKR 4000 mln|
|Rating Type||Debt Instrument|
Final payments along with mark up @3MK+1.00% of Short-Term Commercial Paper issued by Hub Power Company Limited issued in 27-Feb-19 for PKR 4,000mln has been completed. The interest on instrument was paid in three quarterly installments starting May-19. Final installment of PKR 4,040mln (Nov-19) has been paid 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Subsequent to the completion of the redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Hub Power Company Limited | Short-Term Commercial Paper.
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.