Islamabad, Oct 9: The Board of Directors of Hub Power Company Limited (PSX: HUBCO) is scheduled to convene tomorrow to deliberate on the conditions proposed for the early conclusion of its contract with the federal authorities, the company disclosed to the main stock exchange on Wednesday.
The Board will assess the early termination in October 2024 of the Implementation Agreement, Power Purchase Agreement, Fuel Supply Agreement, and Guarantee, which were initially set to end in March 2027.
This comes after discussions with the Task Force formed under the Prime Minister’s Office and some IPPs, including HUBCO, the company stated in its stock exchange filing.
The Company has announced a “Closed Period” from Wednesday, October 9, 2024, to Thursday, October 10, 2024 (inclusive of both dates).
As per Clause 5.6.4 of PSX Regulations, during this time, no Director, CEO, or Executive, either directly or indirectly, may engage in any dealings involving the Company’s shares.
HUBCO’s board of directors will meet tomorrow to discuss and potentially finalize the termination of the agreement, which could have significant implications for the company and the broader energy landscape in Pakistan.
The PPA, originally set to expire after its full term, is now under review due to shifts in the energy market and government strategies for improving efficiency in power distribution.
