KARACHI: The share purchase agreement (SPA) signed between Kot Addu Power Company Ltd (Kapco) and Dawood Hercules Corporation and ‘other shareholders’ has fallen apart, a stock exchange filing said on Friday.

Kapco had signed the SPA for the acquisition of 201 million shares (approximately 17.37pc) in Hub Power Company (Hubco).

The completion of the transaction was conditional upon the fulfilment of requisite corporate and regulatory conditions precedent. “Since the time allowed for the completion of the conditions stated in the SPA have not been initiated/completed/fulfilled, the parties have mutually agreed to terminate the SPA and further processing of the transaction,” the company said.

Cyan Ltd and Dawood Hercules confirmed in their separate announcements the SPA’s termination. Cyan Ltd said it had signed the SPA with Kapco for the sale of 10m shares of Hubco.

Dawood Hercules stated that the SPA with Kapco envisaged the sale of its entire shareholding, representing 14.9pc of the issued and paid-up capital in Hubco.

Published in Dawn, December 9th, 2017