Karachi: The Hub Power Company Limited (HUBCO), the largest independent power producer operating in Pakistan, announced on Thursday that it had raised PKR 7 billion through rights issue (at PKR 50 a share), a news source reported.
HUBCO, which issued a total of 140 million shares during a trading session at the Pakistan Stock Exchange (PSX), said it would utilise the amount for consolidating its energy portfolio.
At present, the company has a 26% shareholding in the China Power Hub Generation Company (CPHGC), and plans to acquire additional stakes in order to secure a 47.5% shareholding in the company.
CPHGC, which is a joint venture between China Power International Holding Ltd (CPIH) and HUBCO, is funding the development, construction and operation of a 2x660MW imported coal-fired power plant.
