HUBCO’s 200MW project begins operations
Board of directors appoints new chief executive officer.
KARACHI:
Hub Power Company’s 200-megawatt Narowal project began commercial operations on Friday, according to a notice sent to the Karachi Stock Exchange.
The new project is estimated to contribute Rs0.25 per share to the independent power producer’s earnings per share in May and June. This is in addition to the estimate of Rs4.9 earnings per share for fiscal 2011, according to IGI Securities.
The stock gained Rs0.41 to close at Rs37.52 during trade at the Karachi Stock Exchange on Friday.
Final estimates for fiscal 2012 and onwards will be forecast once National Electric Power Regulatory Authority notifies the tariff for Narowal, said IGI Securities analyst Sana Abdullah.
The company is expected to pay a final dividend of Rs2.5 for fiscal 2011, after Rs2.5 per share was paid with half-yearly results.
The company’s board of directors in their meeting on Friday also announced that Zafar Iqbal Sobani will be taking over as Chief Executive Officer from July 1, with current CEO Vince R Harris’ three-year tenure coming to an end. Harris will be leaving the company after working for 10 years as a member of the board and CEO for two separate terms.
Published in The Express Tribune, April 23rd, 2011.
Hub Power Company’s 200-megawatt Narowal project began commercial operations on Friday, according to a notice sent to the Karachi Stock Exchange.
The new project is estimated to contribute Rs0.25 per share to the independent power producer’s earnings per share in May and June. This is in addition to the estimate of Rs4.9 earnings per share for fiscal 2011, according to IGI Securities.
The stock gained Rs0.41 to close at Rs37.52 during trade at the Karachi Stock Exchange on Friday.
Final estimates for fiscal 2012 and onwards will be forecast once National Electric Power Regulatory Authority notifies the tariff for Narowal, said IGI Securities analyst Sana Abdullah.
The company is expected to pay a final dividend of Rs2.5 for fiscal 2011, after Rs2.5 per share was paid with half-yearly results.
The company’s board of directors in their meeting on Friday also announced that Zafar Iqbal Sobani will be taking over as Chief Executive Officer from July 1, with current CEO Vince R Harris’ three-year tenure coming to an end. Harris will be leaving the company after working for 10 years as a member of the board and CEO for two separate terms.
Published in The Express Tribune, April 23rd, 2011.