Xenal Industries mulling to quit from Hubco – Alfalah Securities Limited

Karachi: Xenal Industries of Saudi Arabia, having an ownership stake of 140 mn shares in the Hub Power Company (Hubco), has been reported to sell its shareholding by striking a deal with large banks at a discount to its market price.

According to Alfalah Securities Limited, the deal is expected to be of worth USD 65mn which is after ex-dividend of the stock would be worth USD 60mn. At present, the free float of Hubco in the Stock Exchange is 810 mn shares (70% of the total paid up capital) however, the free float of Hubco would rise to 950mn shares (82% of the total paid up capital) after execution of the deal.