Karachi October 29 2024: Hub Power Holdings Limited, a subsidiary of Hub Power Limited, decided to exercise the Call Option of their Sukuk Certificates through early redemption of entire principal outstanding and payment of accrued profit, according to notice issued by Pakistan Stock Exchange.
“HUBCO’s joint venture, CPHGC, disbursed its second dividend of USD 80 million in May 2024. Total dividend during July 2023 to June 2024 is USD 150 million of which HUBCO share was USD 69 million” management told earlier in briefing to analyst.
The trading in the said Sukuks of the Company will be suspended with effect from Thursday, October 31, 2024 followed by its delisting.
This sukuk was Privately Placed, Rated and Unsecured Sukuk Certificates (PPSCs) of PKR 6,000 million of Hub Power Holdings Limited.
The PPSCs were issued at discount, covering profit payments for the first two years of the issue. The profit rate for the first two years shall be subject to an adjustment on a semiannual basis and the differential profit was settled at the end of discounting period. Thereafter, profit was payable semi-annually in arrears with a spread of 250 bps over 6 Months KIBOR. The PPSCs have a tenor of five years (5 years) starting from the Issue Date, inclusive of grace period of three years (3 years).
The face value of each Sukuk Certificate is PKR 100,000. To facilitate trading, the face value of the Sukuk Certificates on BATS will be the discounted value on the last profit reset date until the end of the discounting period i.e. two years from the Issue Date. The principal was to be repaid in 4 equal semi-annual installments after the expiry of 3 years’ grace period.
