Saira Imran Hubco Achieves Key Milestone in Thar Power Projects as Thar Energy and ThalNova Power mark completion, enabling future dividend distribution.
The Hub Power Company Limited (Hubco) announced a major achievement in its Thar power projects. The lenders to Thar Energy Limited (TEL) and ThalNova Power Thar (Private) Limited (TNTPL) have set the Project Completion Date (PCD) as October 31, as per their loan agreements.
Both TEL and TNTPL are coal-based Independent Power Producers (IPPs) located near the Thar coal mine. TEL started commercial operations on October 1, 2022, while TNTPL began on February 17, 2023.
Hubco owns a 60% direct share in TEL and a 38.3% indirect share in TNTPL through its subsidiary, Hub Power Holdings Limited. Both projects hold a priority status under CPEC (China-Pakistan Economic Corridor).
Hubco stated that the official approval of the PCD marks a major milestone for the company. This approval allows TEL and TNTPL to distribute dividends to their shareholders, provided profits are available and all regulatory requirements are met.
Fauji Cement Acquires Attock Cement Shares
In another major update, the Board of Directors of Fauji Cement Company Limited (FCCL) has approved acquiring management shares in Attock Cement Pakistan Limited (ACPL) in collaboration with Kot Addu Power Company Limited (KAPCO).
Read Also: Power Sector Circular Debt Deal: Rs 1,225 Billion Resolved
According to a notice submitted to the Pakistan Stock Exchange, the acquisition will cover 84.06% of Attock Cement’s paid-up capital. This will give both Fauji Cement and KAPCO joint control of the company.
Under the agreement, Fauji Cement will purchase 57.76 million ordinary shares, representing 42.03% ownership, while KAPCO will buy an equal number of shares. Together, they will jointly own 84.06% of Attock Cement.
The Hubco Achieves Key Milestone in Thar Power Projects marks a positive step in Pakistan’s energy sector. It highlights growth under CPEC and strong investor confidence in the country’s industrial future.
