The Hub Power Company Limited (HUBCO) has announced that its board has given the green light to commence negotiations for the acquisition of shares in the Sindh Engro Coal Mining Company (SECMC).Â
The company shared a notice on the Pakistan Stock Exchange on Tuesday, stating that the completion of this transaction is contingent upon obtaining the necessary corporate and regulatory approvals.
This move comes as HUBCO, one of Pakistan’s largest independent power producers, reported a 93% increase in profits to Rs18.32 billion for the first quarter of the fiscal year 2023-24.Â
This marks a significant rise from the Rs9.47 billion profit recorded in the same period last year.Â
SECMC operates Pakistan’s first open-pit lignite mine in the Tharparkar area of Sindh province, with an annual mining capacity of 7.6 million tons.Â
The proposed acquisition by HUBCO is expected to further strengthen its position in the energy sector. Analysts attribute this growth to the addition of TEL, ThalNova, and Prime International to HUBCO’s portfolio, as well as the 28% year-over-year depreciation of the Pakistani rupee against the US dollar.
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