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Karachi, Hub Power Company Limited informed Pakistan Stock Exchange that the Company has today filed the scheme of arrangement in the High Court of Sindh for the demerger of its Narowal Plant into its wholly owned subsidiary Narowal Energy Limited. The hearing could not take place today and would be taken up by the Court at its discretion. HUBCO was incorporated in Pakistan in 1991as a limited liability company. The company owns oil-fired power station with installed net capacity of 1,200 MW in Baluchistan and 214 MW Punjab. The Hub Power Company is listed on the Karachi, Lahore and Islamabad Stock Exchanges. The Global depository receipts are also listed on the Luxemburg Stock Exchange. The production capacity of the power stations varies. The business partners of HUBCO are Water and Power Development Authority, Pakistan State Oil, National Transmission and Despatch Company Limited, BAKRI Trading Company Pakistan, Government of Pakistan, Government of Baluchistan and International Power. The symbol “HUBC” is being used by the stock exchanges for the shares of the Hub Power Company Private Limited.
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Material Information of Silk Bank Limited
Karachi, Silk Bank Limited informed Pakistan Stock Exchange that the board of directors of the Bank in its 155th meeting held on December 20, 2016, has allotted the remaining 1,282,052,282 right shares to the prospective shareholders subject to the regulatory approvals. Silk Bank Limited was incorporated in Pakistan on April 4, 1994 as a public limited company. The foundations of the company are laid under the Companies Ordinance, 1984. The bank commenced its commercial operations on May 7, 1995. The bank is engaged in the banking services as described in the Banking Companies Ordinance, 1962. The bank operates through 88 branches including 10 Islamic Banking branches in Pakistan. The shares of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The registered office of the bank is located at Karachi. The major share holding of the bank i.e. 82.406% in the bank as on September 30, 2013 is held by a consortium comprising of International Finance Corporation, Nomura European Investment Limited, Bank Muscat S.A.O.G. and executives of the Sinthos Capital Advisors Limited. The symbol “SILK” is being used by the stock exchanges for the shares of Silk Bank Limited.