RajaRawal111
Prime Minister (20k+ posts)
Pakistan has got another investment of approximately $174 million in the power sector.
Mega Conglomerate has acquired a substantial shareholding in Hub Power Company (Hubco) from Dawood Hercules and Cyan Limited.The conglomerate has purchased a total of 15.77%, or 182.58 million, shares in Hubco from Dawood Hercules and Cyan Limited at Rs106.50 per share, totalling Rs19.44 billion (or $174 million), according to notices sent to the Pakistan Stock Exchange on Friday.
Dawood Hercules’ share price increased 1.13%, or Rs1.38, to close at Rs123.38 with 81,600 shares changing hands at the PSX.Hubco’s share price improved 0.25%, or Rs0.24, to Rs97.66 with 1.01 million shares changing hands.Cyan Limited’s share price hit the upper limit of 5%, or increased Rs2.08, to Rs43.78 with trading in 42,000 shares.According to Hubco’s Annual Report 2017, Cyan Limited owned a total of 10 million shares in the power company as on June 30, 2017. Moreover, Dawood Hercules was holding a total of 170.58 million shares in Hubco.
The two companies cumulatively were holding 15.77% stake in the independent power producer (Hubco).The 15.77% stake did not include Dawood Hercules’ associated companies and subsidiaries’ holdings in Hubco.Total shareholding of Dawood Hercules, including by its other businesses and family holdings, was around 17%, a Dawood Hercules official told The Express Tribune the other day.
Published in The Express Tribune, March 17[SUP]th[/SUP], 2018.
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