Our joint-venture with China Power International Holdings (CPIH), a 1320MW imported coal-based power plant, China Power Hub Generation Company Limited (CPHGC) with its integrated coal jetty, has started its commercial operations providing affordable and uninterrupted energy to over 4 million households.

Following the successful completion of the mandatory tests under the power purchase agreement, the project declared commercial operations date (COD) on August 17, 2019. The two units of 660MW each achieved synchronization with the national grid on December 28, 2018, and May 28, 2019, respectively while the integrated coal jetty became operational in December 2018 with the arrival of the first shipment of coal.

The Company issued Right Shares and raised an amount of PKR 7 billion from Pakistan Stock Exchange (PSX). The Right Share was priced at PKR 50 per share and the Company has issued 140 million shares. The purpose of Rights Issuance was to raise funds which were utilized to consolidate HUBCO’s energy portfolio and increase its shareholding in CPHGC from 26% to 47.5%.