Mr. Hussain Dawood, Mr. Abdul Samad Dawood, and Mr. Shazada Dawood have resigned from their posts as Board Members at Hub Power Company Limited (HUBC) after the company was taken over by Mega Conglomerate.
Mega Conglomerate has acquired a substantial shareholding in Hub Power Company (HUBC) from Dawood Hercules and Cyan Limited. The conglomerate acquired a total of 15.77 percent by buying shares worth 182.58 million in Hubco from Dawood Hercules and Cyan Limited at a price of Rs. 106.50 per share, totaling Rs19.44 billion.
The company has appointed Mr. M. Habibullah Khan and Mr. Aly Khan as Directors in the place of Mr. Hussain Dawood and Mr. Abdul Samad Dawood whereas Mr. Habibullah has also been appointed as the Chairman of the Board in place of Mr. Hussain Dawood effective from 27th March, 2018.
Furthermore, the company in a notice addressed to the Karachi Exchange mentioned that the company has appointed Ms. Aleeya Khan as Director in place of Mr. Shahzada Dawood and Mr. Ejaz Sanjrani in place of Mr. Sadiq Sanjrani as Director as well with effect from 27th March, 2018.
In addition to the above appointments and resignations, the company informed the stakeholders on 9th of March, 2018 that Mr. Shamsul Islam, Company Secretary has been replaced by Mr. Shahrayar Nashat with effect from 8th March, 2018.
Mr. Manzoor Ahmed had been appointed as Director with effect from October 30th, 2017 in place of Mr. Shahid Ghaffar last year.