The Hub Power Company Limited’s material information

Karachi, July 01, 2013 (PPI-OT): As required under Code of Corporate Governance, we are pleased to in form you that the company has received overdue amounting to PKR 75 billion (out of the Rs. 83.2 billion overdue as at May 31, 2013) for Hubco and PKR 17.4 billion for Narowal Plant from WAPDA/NTDC. We have accordingly paid Rs. 55.8 billion to PSO as agreed under the settlement arrangement.

The company has entered into three MOUs with GOP as required by them for the settlement agreeing to convert our Hub Plant from oil to coal, extend the credit period for our Narowal Plant from 30 days to 60 days and to endeavour to operate the plants at full capacity. These MOUs are subject to certain conditions some of which require the Government agencies and the Regulator to come up with appropriate policies/determination.

Kindly inform the members of the Exchange accordingly.

For more information, contact:
Shamsul Islam
Company Secretary
The HUB Power Company Limited
Islamic Chamber Building
Block-9, Clifton
P. O. Box 13841, Karachi-75600
Tel: 92-21 587 4677-86
Fax: 92-21 587 0397