KARACHI, Nov 20: The Hub Power Company Limited (Hubco) informed the stock exchange on Tuesday that the lenders had approved company’s request for payment of final dividend.

The Board of Directors had recommended final dividend, subject to lenders’ approval, at 22 per cent (Rs2.2 per share) for the year ended June 30, 2001. In addition to the interim at 17 per cent (Rs1.70 per share) already announced, the aggregate payout works out to 39 per cent (Rs3.9 per share).

The Hubco stock shed 60 paisa on Tuesday’s trading at the KSE to close at Rs19.35 ex-dividend. A total of 47.1 million shares changed hands. Analysts said that since the lenders had not blocked the payment of interim dividend, market was expecting their approval for the final dividend as well and it had already been factored into the share price.

The company had announced interim in May 2001, for which lenders’ approval was received in October. The Board had earlier stated that total dividend (less interim) would be paid in January 2002 to the shareholders whose names appear in the Register of Members on December 19, 2001. Book closure is from December 20 to December 31, both days included.

Annul General Meeting of the company has been called on December 29, at Islamabad.