Karachi November 21 2022: Hub Power Company Limited (HUBC) has approached court over encashment of Standby Letter of Credit by China Hub Power Generation Company Limited, according to company filing to the exchange.
Following issuance of the encashment notice by CPHGC of USD 150 million to the issuing bank in respect of Hubco’s SBLC, Hubco, to safeguard interests of its shareholders, on advice of its legal counsel has initiated legal proceedings against the encashment notice. Company has informed that the court has issued summons to the impleaded parties in the matter.
