19 May 2004	Wednesday	28 Rabi-ul-Awwal 1425

KARACHI, May 18: Hub Power Company Limited (Hubco) said that it "confirmed" that a damage to the Generator Stator/Rotor of Unit No 4 "should not effect" the company's ability to either service debt or pay the final dividend.

In a letter addressed to the stock exchange and read out at the trading hall, a minute after it was received by the bourse on Tuesday at 9:50am, Hubco stated that further to their letter dated April 21, 2004 with respect to the damage to the Generator Stator/Rotor of Unit No 4, the company wished to advise that initial technical investigations had been completed by experts from Ansaldo.

Accordingly it is expected that repairs will be completed in early August and after testing the Unit No 4, returned to service during the second half of August. "As already advised, the repair costs of the Generator Stator are recoverable under the company's insurance," the Hubco letter, signed by company secretary Arshad A. Hashmi, stated.

The company further observed that the remaining three units of 300 mw each, a total of 900 mw, were fully available for dispatch by Wapda.