Encashment notice withdrawn, Standby LC extended on agreed terms: HUBC
MG News | December 23, 2022 at 10:54 AM GMT+05:00
December 23, 2022 (MLN): The China Power Hub Generation Company (CPHGC) has withdrawn the encashment notice served on November 23, 2022 to Hub Power Company Limited (HUBC), while the Standby Letter of Credit (SBLC) has been extended on mutually agreed terms, HUBC informed PSX on Friday.
To recall, on November 23, 2022 CPHGC has served encashment notice worth $150 million under the SBLC, on the issuing bank provided by HUBC.
In this regards, HUBC has initiated legal proceedings against the encashment notice by CPHGC on the advice of its legal counsel in order to safeguard the interests of its shareholders.
Also, HUBC may provide a new SBLC worth $150 million to CPHGC within ten days of the encashment notice.
At the time of writing, the scrip of the company is being traded at Rs63.66, which is down by Rs2.93 or 4.83% DoD.
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