Hubco to invest $1mn in Thar Energy Ltd
MG News | October 06, 2022 at 12:24 PM GMT+05:00
October 6, 2022 (MLN): Hub Power Company plans to invest $1 million in Thar Energy Ltd (TEL) through subscription of shares at a rate Rs10 per share, the company informed in the notice to PSX on Thursday.
Hubco Board authorized “the company to make additional investment in TEL up to an amount not exceeding $1mn (or PKR equivalent) by way of a subscription of shares at the rate of Rs10 per share plus premium, if any … such investment shall be for a period up till December 2024 or such period until the company’s liabilities / obligations as a Sponsor remain undischarged, whichever is later.”
Furthermore, the company also informed that it will also provide bank guarantees of up to $476,000 in favor of the relevant Eni vendor companies, on behalf of Prime International Oil & Gas Company Ltd directly or through Hub Power Holdings Ltd.
Hubco board also agreed to continue provision of working capital undertaking to the lenders of China Power Hub Generation Company to arrange and provide working capital financing equivalent to an aggregate amount of $90.25mn either directly or through Hub Power Holdings Limited for a period up till January 2030 or such period until the company’s liabilities to CPHGC’s lenders remain undischarged.
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