Hubco in talks to buy stake in Thar coalmine

Hub Power Company (Hubco) has kicked off talks to acquire a stake in the country’s top coal-rich mine that is supplying black gold to run power plants, believing that the acquisition will prove financially beneficial. Besides, Kot Addu Power Company (Kapco) is attempting to acquire a wind power project of 49.5 megawatts located in Sindh, diversifying its operations by embracing clean energy. Hubco said in a notification to the Pakistan Stock Exchange (PSX) on Tuesday “the board of directors of Hub Power has authorised the company to enter into negotiations and execute definitive agreements for the proposed acquisition of shares of Sindh Engro Coal Mining Company Limited (SECMC) held by a potential seller.” The company, however, did not mention how much stake it was planning to take in the mining company. The completion of the proposed transaction is subject to necessary corporate and regulatory approvals and consent, and execution of definitive documents, the notification added.