Hub Power Holdings Limited (HPHL), a wholly owned subsidiary of The Hub Power Company Limited, has signed a shareholders agreement with Mega Conglomerate (Private) Limited (MCPL), according to a stock filing on Thursday. Â
Under the agreement, MCPL will acquire a 50% shareholding in Mega Motor Company (Private) Limited.
The rationale of the transaction is to consolidate the expertise of both Hub Power Holdings Limited and Mega Conglomerate (Private) Limited and strengthen the business venture with BYD Auto Industry Company Limited.Â
The consummation of the shareholders’ agreement is subject to the necessary regulatory approvals and consents.
On October 17, Hubco announced that its associate Mega Motor Company (Private) Limited entered into a Master Supply and Manufacture Agreement with Chinese EV giant BYD Auto Industry Company Limited to manufacture, market, and distribute BYD brand passenger vehicles in Pakistan.
HUBCO also revealed its plans to establish Hubco Green (Private) Limited, aimed at developing a nationwide Electric Vehicle (EV) charging network. The company aims to install EV charging infrastructure along motorways, highways, major cities, and destination charging locations as part of its broader strategy to support the EV ecosystem in Pakistan.
Bloomberg previously reported that BYD, in collaboration with Mega Motor Company, plans to set up a manufacturing facility near Karachi’s Port Qasim, home to assembly plants of major automobile brands like Toyota, Suzuki, and Kia. The factory is expected to be completed by the first half of 2026, with specific details still under discussion.
Additionally, BYD and Mega Motors plan to open showrooms in Karachi, Lahore, and Islamabad, targeting the fourth quarter of this year to begin sales of BYD vehicles in the local market.
