HUBCO to increase investment stake in CPHGC to 47.5% via issue of Right Shares

MG News | April 01, 2019 at 11:18 AM GMT+05:00

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April 1, 2019 (MLN): The Board of Directors of Hub Power Company Limited, in their meeting held on April 01, 2019, have decided to issue 12.10 Right Shares for every 100 shares held i.e. 12.10% at a price of Rs. 50 Per share (including premium of Rs. 40 per share).

According to the notification issued to the Pakistan Stock Exchange, the purpose of the right issue is to increase the investment stake in China Power Hub Generation Company (CPHGC) from 26% to 47.5%, via Hub Power Holdings Limited (HPHL). This is expected to result in overall increase in the Company’s profitability, thereby enhancing expected returns to the valued shareholders.

“Right issue of the company is being made at a price which is far less than current share price in the market and hence there is no major investment risk associated with the Right Issue,” the notification said.

“Normal risks associated with the business will remain, however, the Company is well placed in the market with proven track record which will help mitigate such risk factors” it further added.

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