Encashment notice withdrawn, Standby LC extended on agreed terms: HUBC

News Image

MG News | December 23, 2022 at 10:54 AM GMT+05:00

Join our Whatsapp channel
0:00

December 23, 2022 (MLN): The China Power Hub Generation Company (CPHGC) has withdrawn the encashment notice served on November 23, 2022 to Hub Power Company Limited (HUBC), while the Standby Letter of Credit (SBLC) has been extended on mutually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.

Copyright Mettis Link News

Related News

News
ABOT posts 52% profit jump, Rs40/share dividend
News
Weekly Market Roundup
News
SECP triples Sahulat Account limit to Rs3m
Name Price/Vol %Chg/NChg
KSE100 149,178.66
153.18M 		-3.05%
-4687.51
ALLSHR 89,754.00
293.00M 		-2.78%
-2568.41
KSE30 45,487.49
90.89M 		-3.33%
-1566.54
KMI30 213,420.67
74.84M 		-3.05%
-6718.51
KMIALLSHR 57,998.65
139.31M 		-2.74%
-1631.79
BKTi 42,325.63
43.65M 		-4.00%
-1764.02
OGTi 30,598.53
4.82M 		-3.38%
-1069.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 74,400.00 74,745.00
71,845.00 		3075.00
4.31%
BRENT CRUDE 99.98 106.50
99.54 		-3.16
-3.06%
RICHARDS BAY COAL MONTHLY 99.40 0.00
0.00 		-11.70
-10.53%
ROTTERDAM COAL MONTHLY 121.50 124.05
121.50 		-0.55
-0.45%
USD RBD PALM OLEIN 1,083.50 1,083.50
1,083.50 		0.00
0.00%
CRUDE OIL - WTI 93.37 102.44
92.97 		-5.34
-5.41%
SUGAR #11 WORLD 14.18 14.44
14.15 		-0.19
-1.32%
Chart of the Day
Latest News
March 16, 2026 at 10:37 PM GMT+05:00

Govt assures ample fuel stocks amid regional uncertainty

March 16, 2026 at 06:12 PM GMT+05:00

SBP raises Rs1.15tr through T-bills, 10-year PIB-FRB

March 16, 2026 at 06:09 PM GMT+05:00

Govt turns RDA into global investment gateway

March 16, 2026 at 05:46 PM GMT+05:00

SBP to remain closed on March 23

March 16, 2026 at 05:24 PM GMT+05:00

Pakistan records FDI of $214m in Feb 2026

Top 5 things to watch in this week
Current Account Balance
Real Effective Exchange Rates Indices
Summary of Foreign Investments in Pakistan
Repatriation of Profit
Lending and Deposit Rates
Previous
Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg