Kot Addu Power Company Limited (KAPCO) has received shareholder approval to sell its Gas Turbines GT-3 and GT-4, along with associated components, to Rizwan Steel (Private) Limited for Rs800 million. The company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
KAPCO’s shareholders consented to the disposal of the plant and machinery, including the gas turbines and their components, as outlined in the statement of material facts. Shahab Qader Khan, KAPCO’s Chief Executive, and Adolf Anthony Rath, the company secretary, have been authorized to carry out the necessary actions to finalize the transaction.
This approval follows KAPCO’s recent signing of a Tri-Partite Power Purchase Agreement (TPPA) with the Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) and the National Grid Company of Pakistan Limited. The agreement governs electricity sales from KAPCO’s power plant.
KAPCO, incorporated on April 25, 1996, is a public limited company operating a multi-fuel fired power station in Kot Addu, Punjab. The company generates electricity with a nameplate capacity of 1,600 MW, which is sold to the Water and Power Development Authority (WAPDA) under a Power Purchase Agreement (PPA).