HUBCO to discuss premature termination of key agreements tomorrow

MG News | October 09, 2024 at 02:09 PM GMT+05:00

0:00

October 09, 2024 (MLN): The Board of Directors of Hub Power Company Limited (PSX: HUBC) will discuss the premature termination of the company's Implementation Agreement, Power Purchase Agreement, Fuel Supply Agreement, and related Guarantee on October 10, 2024, in an emergent meeting at 10:30 a.m.

These agreements were scheduled to expire in March 2027, in light of the discussions with the Task Force constituted under the Prime Minister's Office and certain IPPs, including HUBC.

The aforesaid information was disseminated through the notification to the local bourse today.

According to media reports, three IPPs initially resisted the idea of terminating their PPAs but ultimately agreed to the early termination.

However, there remains a disagreement between Hubco and the government regarding a sum of Rs1 billion.

The company has declared the "Closed Period" from Wednesday, October 9, 2024, to Thursday, October 10, 2024 (both days inclusive). As required under Clause 5.6.4 of PSX Regulations.

Accordingly, no Director, CEO or Executive shall, directly/indirectly, deal in the shares of the company in any manner during the Closed Period.

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