WAPDA requests KAPCO to suspend its proceeding to acquire 17.37% shares in HUBCO

MG News | November 10, 2017 at 02:54 PM GMT+05:00

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In a notification released to PSX, Kot Addu Power Company Ltd. (KAPCO) has received notification from its major shareholder, the Pakistan Water and Power Development Authority (WAPDA) to suspend its transaction to acquire 17.37% stake in Hub Power Company Ltd. (HUBCO).

Last month on 27^th of October, KAPCO informed the exchange that it seeks to enter into a share purchase agreement to acquire 201,084,105 shares (approximately 17.37 percent) in HUBCO which is being offered by Dawood Hercules Corporation Ltd. (DAWH).

WAPDA currently holds 40% of outstanding share capital of KAPCO. Under the articles of association KAPCO would require a special resolution to process with the transaction under the provisions of the Share Purchase Agreements.

The company notice can be accessed here.

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