Dawood conglomerate: Group acquires stake in Hubco

National Power International Holdings BV has divested its 17.44% shareholding in Hubco

KARACHI: National Power International Holdings BV has divested its 17.44% shareholding in Pakistan’s largest independent power producer Hub Power Company (Hubco), says a notification sent to the Karachi Stock Exchange (KSE) on Monday. Dawood Group has acquired a total of 171 million shares at Rs31 each, valuing the deal at Rs5.3 billion. The break-up shows Dawood Hercules acquiring 35.5 million shares, Dawood Hercules Fertilizers (a wholly-owned subsidiary) taking 102.3 million shares and Cyan, the group’s investment arm, getting 32.3 million shares, said a statement released by KSE. After the disposal, all foreign holdings will be gone from the company. Dawood Group has presence in many industries such as fertilisers, chemicals, power, food, insurance and gas distribution.

Published in The Express Tribune, June 12^th, 2012.