PACRA Withdraws Rating of The Hub Power Company Limited | PPSTS of PKR 4,500mln
|Issuer||The Hub Power Company Limited|
|Instrument||Short Term Sukuk|
|Amount||PKR 4500 mln|
|Rating Type||Debt Instrument|
The Hub Power Company Limited issued a rated, privately placed short term Sukuk of PKR 4,500mln on 16th November 2020 to meet short term working capital requirements of Hub River Power Station. The tenor of short term Sukuk was 6 months and carried a profit rate of 6 months KIBOR+130ps. The profit amounting to PKR 194mln was paid on the outstanding principal at the time of maturity. The short term Sukuk matured in six months from the date of issue in May 2021.
Subsequent to the redemption of the Short Term Sukuk, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of The Hub Power Company Limited | PPSTS.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.