Hubco and China power sign agreement

Karachi, November 7, 2014: Apropos news item “Non-payments from ministry: PSO receivables swell to Rs202b”, published in The Nation on November 7, 2014, The Hub Power Company (HUBCO) would like to highlight a factual inaccuracy in the news item. The news piece states that HUBCO, a private company sells electricity to MEPCO, which is incorrect. HUBCO, as per the regulatory regime applicable on the power sector, supplies electricity to Water and Power Development Authority (WAPDA) / National Transmission and Despatch Company (NTDC), under long-term agreements. HUBCO is a public listed company and its shares are listed on the Karachi, Lahore and Islamabad Stock Exchanges and its Global Depository Receipts (GDRs) are listed on the Luxembourg Stock Exchange. We would also like to take the opportunity to convey that amounts outstanding at Hubco’s end are a result of delay in payments by our power purchasers. We request your esteemed publication to rectify the factual inaccuracies in the report and ensure more responsible reporting. Our team is available to respond and facilitate any queries and questions that you may have in this regard. Karachi, November 7, 2014: Apropos news item “Non-payments from ministry: PSO receivables swell to Rs202b”, published in The Nation on November 7, 2014, The Hub Power Company (HUBCO) would like to highlight a factual inaccuracy in the news item. The news piece states that HUBCO, a private company sells electricity to MEPCO, which is incorrect. HUBCO, as per the regulatory regime applicable on the power sector, supplies electricity to Water and Power Development Authority (WAPDA) / National Transmission and Despatch Company (NTDC), under long-term agreements. HUBCO is a public listed company and its shares are listed on the Karachi, Lahore and Islamabad Stock Exchanges and its Global Depository Receipts (GDRs) are listed on the Luxembourg Stock Exchange. We would also like to take the opportunity to convey that amounts outstanding at Hubco’s end are a result of delay in payments by our power purchasers. We request your esteemed publication to rectify the factual inaccuracies in the report and ensure more responsible reporting. Our team is available to respond and facilitate any queries and questions that you may have in this regard.