HUBCO’s Intentions to Acquire SECMC Shares

In a notification sent to PSX on 25/04/2024, Thal Limited Pakistan (THALL) has announced the information about acquiring SECMC stake.

We have been made aware, through Hub Power Company Limited’s (“HUBCO”) disclosure letters, dated 16 January 2024 (reference number PSX – 8196) and 16 February 2024 (reference number PSX – 8205) and subsequent shareholders discussions, of HUBCO’s intention to acquire shares of Sindh Engro Coal Mining Company Limited (“SECMC”), amounting to approximately 9.5% of the issued and paid-up ordinary share capital of SECMC, held by Habib Bank Limited (“HBL”).
Pursuant to the Shareholders Agreement, dated 17 August 2015, between, inter alia, the Company, HUBCO and HBL, the Company has decided to enter into discussions with the Pakistani shareholders of SECMC for the acquisition of a portion of the shares being offered by HBL, in order to ensure that the Company’s shareholding in SECMC is not less than any other private shareholder of SECMC at all times. The proposed acquisition is contingent upon execution of the relevant agreements, receipt of corporate / regulatory approvals and lender consents. The Company shall keep the Exchange informed in respect of material developments in this respect, if any.

The shares of THALL were last trading at Rs. 349.00 today.