In a notification sent to Pakistan Stock Exchange, K-Electric (KEL) announced in a board meeting held on August 9th, that its Board of Directors had given the approval for development of 900MW (450MW x 2) Regasified Liquefied Natural Gas based Combined Cycle power plant at Bin Qasim Power Station Complex (BQPS-III)
The Board of Directors expressed concern that a favorable result of company’s review petition on Multi-Year Tariff (MYT) determination 2017, which is lying pending with NEPRA, was the key to financing these projects. The power project remains subject to completion of all statutory and regulatory requirements.
KAPCO Expresses Interest in Hub Co Shares
KAPCO has also shown its intent to acquire 14.9pc (172,582,000) ordinary shares of Hub Power Company Limited (HUBC) being offered by Dawood Hercules Corporation Limited (DHCL) and additional shares of 2.46 pc by other shareholders.
Pending regulatory and corporate approvals, KAPCO has put forward a strategic proposal to acquire 17.36 pc shares in Hubco being offered by DHCL which depends on the go-ahead given from the Board of Directors of the former.
KAPCO owns and operates a multi-fuel fired power station of which the principle one is located in Muzaffargarh, Kot Addu, Punjab having a capacity of 1,600MW.
At the time of filing this report, K-Electrics shares were trading at R s7.10, up 0.71% from its close on Wednesday.
Karachi Electric (KE) profits have risen up to Rs. 32.75 billion at the end of financial year (FY) 2016, a net increase of Rs. 4.43 billion in one year.