Hub Power Company Limited redeems Privately Placed Commercial Paper of PKR 3.5bln | April-19 fully redeemed; rating withdrawn
|Issuer||The Hub Power Company Limited|
|Amount||PKR 3500 mln|
|Rating Type||Debt Instrument|
Hubco issued unsecured, privately placed commercial paper of PKR 3,500mln to bridge the gap of proceeds from right issue, due in July 2019. The Commercial Paper had a tenor of ninety days, carried a profit rate of 3MK + 100bps. The redemption was in bullet at the time of maturity from the proceeds of right shares. The instrument was due for the final redemption in Jul-19, 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Subsequent to the completion of the redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Hub Power Company Ltd | Privately Placed Commercial Paper of PKR 3.5bln | April-19.
Hubco, a listed company, was incorporated in 1991. During the year, Dawood group, largest shareholder along with its associates sold its stake to Mega Conglomerate (Pvt.) Ltd, making Mega Conglomerate single largest shareholder (~19%). Mega Conglomerate (Pvt.) Ltd (19.4 %) is the single largest shareholder, followed by ABL (9.7%), Fauji Foundation (8.5%) and NBP (5%). Hubco holds 100% stake in Narowal Energy Ltd which operates a 225MW capacity oil-fired power plant at Narowal and 75% controlling interest in Laraib Energy Ltd that operates 84 MW hydel power plant. 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.