Kapco shows intent to acquire 17.36pc shares of Hubco

Karachi: In a notification sent to the bourse, Kot Addu Power Company (KAPCO) has shown its intent to acquire 14.9pc (172,582,000) ordinary shares of Hub Power Company Limited (HPCL) being offered by Dawood Hercules Corporation Limited (DHCL) and additional shares of 2.46pc by other shareholders.

Pending to corporate and regulatory approval, KAPCO has put forward a strategic proposal to acquire 17.36pc shares in HPCL being offered by DHCL which depends on go-ahead given from BOD of the former.

KAPCO owns and operates a multi-fuel fired power station of which the principle one is located in Muzaffargarh, Kot Addu, Punjab having a capacity of 1,600MW. The company got listed on the Pakistan Stock Exchange (PSX) in April 2005.

HPCL got incorporated as a publicly listed company in 1991 and owns a 1,200MW oil-fired power plant in Balochistan and a 214MW one in Narowal, Punjab.

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At the time of filing this report, KAPCOs shares were trading at Rs76.90 per share up by 0.85pc at its close yesterday. And HPCLs shares were trading at Rs121.75 per share up by 0.02pc from its closing price on Wednesday.

The KSE-100 index was trading at 46,110.28 points up by 111.47 points from its close on Wednesday at 11:00 am Thursday.

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Mohammad Farooq
The author is an Assistant News Editor at Profit by Pakistan Today. His works have been published in Dawn, Express Tribune, LiveMint India, Huffingtonpost India and The News on Sunday. He tweets @MohammadFarooq_
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