LAHORE: A bourse notification filed Monday by Japan Power Generation Limited revealed has proceeded ex-parte against Siemen Pakistan Engineering Co. Limited’s petition to wind-up the company because of its inability to pay its debts.
The Lahore High Court (LHC) in its court order dated 12-12-2017 had appointed an official liquidator with directives to take over the complete charge, control of the affairs, assets and books paper of the company, the notification read.
Also, “The liquidator has been authorized to perform all such duties and functions and to exercise all such powers as are required to be performed under law,” read the notification.
Japan Power Generation Limited is a Pakistan-based company engaged in generating and supplying electric power to Water and Power Development Authority (WAPDA). The Company’s principal activity is to own, operate and maintain an oil-fired power station with a net contracted capacity of 120.5 megawatts (MW).
JPGL shares were trading at Rs1.90, up Rs0.09 and KSE-100 index at 42,875.24 points, down 391.96 points from Friday’s close.
