Hub Power Company Limited redeems Privately Place Short Term Sukuk of PKR 4.5bln
|Issuer||The Hub Power Company Limited|
|Instrument||Privately Place Short Term Sukuk|
|Amount||PKR 4500 mln|
|Rating Type||Debt Instrument|
Final payments along with mark-up @3MK+1.50% of Short-Term Sukuk issued by Hub Power Company Limited on 19-May-20 for PKR 4,500mln has been completed. The interest on instrument was paid in two quarterly installments starting 19-May-20. Final installment of PKR 4,706mln was made on 19-Nov-20 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Subsequent to the completion of the redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Hub Power Company Limited | Privately Place Short-Term Sukuk (PPSTS).
Hubco, a listed company, was incorporated in 1991. HUBCO itself is a large RFO based power plant and also holds multiple sizeable investments in the power sector. HUBCO has investments in Sindh Engro Coal Mining Company (SECMC), Narowal Energy Ltd, Laraib Energy, Thar Energy Ltd, Hub Power Services Ltd (HPSL) and through Hub Power Holdings have interest in China Power Hub Generation Company (CPHGC) & ThalNova Power Thar Pvt Ltd. Mega Conglomerate (Pvt.) Ltd (19.5 %) is the single largest shareholder, followed by ABL (7.7%), Fauji Foundation (8.5%) and NBP (3.6%). 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.