Hub Power Holdings Limited, a wholly-owned subsidiary of The Hub Power Company Limited along with ENI’s local employees has executed definitive agreements to acquire the upstream Pakistan operations of Eni and renewable energy assets owned by Eni in Pakistan. The acquisition will be in proportion of 50:50 between HUB Power Holdings and ENI Local Employees.
Eni is Italy based largest energy company operating in Pakistan since the year 2000 in the Exploration & Production Sector.
As per the notice to the Pakistan stock exchange, The above transaction is subject to requisite compliance(s) with applicable legal and regulatory processes and approval from competent authorities.
The proposed transaction is expected to bring value addition to the HUB Power holding and eventually to parent company Hub Power Company.
Keeping in view past acquisition by HUBCO, it is expected that the acquisition will also involve Debt with expected Debt ratio of up to 70%.
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