The Hub Power Company Limited
HUBCO was established in 1991 and owns and operates the 1,292 MW thermal power plant located at Hub in Baluchistan. The Hub power station is the first and largest power station to be financed by the private sector in Southern Asia and one of the largest private power projects in the newly industrialized world. Financial closure took place in January 1995 and Hubco commenced commercial operations in March 1997.
HUBCO is listed on the Karachi, Lahore and Islamabad Stock Exchanges, and its Global Depository Receipts listed on the Luxembourg Stock Exchange. HUBCO has over thirteen thousand (13,000) Pakistani and International shareholders.
HUBCO is the FIRST
- Major infrastructure project in a developing country.
- International equity offering and underwriting for a developing country - under construction infrastructure project.
- Private sector infrastructure project.
- World Bank financed Infrastructure Project - 1985.
- Stock market floatation of a single power station under construction (380 million US$).
HUBCO is also the owner and developer of a 225MW thermal power project located in District Narowal of Punjab Province which achieved its COD in April 2011. Narowal is a combined cycle power plant with net output of 214 MW. It consists of 11 diesel engines of 18 MW net output each plus a steam turbine of 16 MW. The fuel used is High Sulphur Furnace Oil (HSFO) supplied by Bakri Trading Company Pakistan (Pvt) Ltd.
Continuing with its strategy of “growth through energy” HUBCO acquired 75% stake in Laraib Energy Ltd in 2008, a company setting up 84 MW capacity run of the river Hydel power plant on New Bong Escape 8 km downstream of Mangla Dam. HUBCO is holding company of Laraib Energy Limited. The Project commenced commercial operation date on March 23, 2013 which is about two months ahead of the required commercial operations date under the PPA. The Project has a distinction of being “First Hydropower IPP in Pakistan”.
Laraib’s other shareholders are: Coate & Co. (Pvt.) Limited (23.80%) and Asghar Ali Co. W.L.L. (1.24%).
Coate & Co. (Pvt.) Limited is a privately held Pakistan company, owned by founding sponsors of the Project Mr. Aziz M. Khan and Mr. Khalid Faizi, with a key purpose of investing in the Pakistan hydropower sector. Mr. Aziz M. Khan is also founder of Laraib Energy Limited.
Asghar Ali Co. W.L.L. is a Bahraini trading company involved in the businesses of perfumes, real estate, stainless steel and textile.