CPHGC serves encashment notice worth $150mn under SBLC

MG News | November 23, 2022 at 12:37 PM GMT+05:00

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November 23, 2022 (MLN): China Power Hub Generation Company Limited (CPHGC) has served encashment notice worth $150 million under the Standby Letter of Credit (SBLC), on the issuing bank provided by Hub Power Company Limited (HUBC), the company’s stock filings on the stock exchange showed.

HUBC as a joint venture partner and Pakistani sponsor of CPHGC had issued security in the form of a SBLC of $150 million in favor of CPHGC expiring on 23rd Nov’22.

Moreover, HUBC is the first and largest independent power producer in Pakistan and remains committed to providing the country with affordable and uninterrupted energy and taking any and all necessary actions to protect the best interests of its shareholders.

At the time of writing, the scrip of the company is being traded at Rs67.10, which is down by Rs2.03 or 2.94% DoD.

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