The Hub Power Company Limited (HUBCO), Pakistan’s largest independent power producer, announced on Friday that it has finalized a definitive agreement to purchase a 9.5 percent stake in Sindh Engro Coal Mining Company Limited (SECMC). SECMC, a joint venture between the Sindh government and private entities, oversees the operation of the Thar coal mine, which holds one of the world’s largest coal reserves, situated in the southern province of Sindh.
This proposed transaction entails the acquisition of approximately 9.5 percent of SECMC’s issued and paid-up ordinary share capital, currently held by Habib Bank Limited.
The completion of the deal is contingent upon obtaining regulatory and corporate approvals. In compliance with disclosure obligations, Hubco has pledged to keep the Pakistan Stock Exchange (PSX) informed about any significant developments pertaining to this matter.
