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KARACHI: Dawood Hercules Corporation (DHCL) has executed the sale of 172.6 million shares of Hub Power Company (Hubco) to Mega Conglomerate Ltd at a price of Rs105.12 per share (Rs106.50 after adjustment of Rs1.38 —post tax recent dividend of Rs1.50 per share), the company said in a filing with the bourse

on Friday. Cyan Ltd said in a separate statement that it had executed the trade for divestment of 10m shares in Hubco to Mega Conglomerate at the same price.

On Thursday, DHCL also released a statement saying that during its six-year acquisition of Hubco, the power company had invested $3.5 billion in major energy projects, augmenting generation to 3,276 megawatts. The capital investment included JV projects in the China Pakistan Economic Corridor priority list.

Published in Dawn, March 17th, 2018