Hub Power Company Limited (Hubco) has announced to issue 12.10 percent right shares at a price of Rs 50/share to finance its equity investment in China Power Hub Generation Company (CPHGC). The Company informed Pakistan Stock Exchange about its decision taken in the meeting of its Board of Directors held on Monday.
Hubco is increasing its shareholding in CPHGC from 26 percent to 47.5 percent.
The total equity injection is estimated at Rs 31.3 billion for CPHGC, 1320MW coal-fired power plant. As of December 2018, Hubco has invested Rs10.3 billion in CPHGC, an analyst at BIPL Securities said.
The rights will generate a total of Rs 7.0 billion (22 percent of equity injection required of CPGHC) for the company. The share transfer book of the Company will be closed from April 23, 2019 to April 30, 2019 (both days inclusive) to determine the entitlement of right shares.
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