Karachi December 5 2024: Hub Power Holdings Limited (HPHL), a wholly owned subsidiary of The Hub Power Company Limited, has entered into a shareholders agreement with Mega Conglomerate (Private) Limited (MCPL), pursuant to which MCPL will subscribe to and become a fifty percent (50%) shareholder of Mega Motor Company (Private) Limited.
The rationale of the transaction is to consolidate the expertise of both HPHL and MCPL and strengthen the business venture with BYD Auto Industry Company Limited. The consummation of the shareholders agreement is subject to the necessary regulatory approvals and consents.
Mega Conglomerate Private Limited (MCPL) is a holding company with investments focused in the dairy and real estate sectors of Pakistan. The company also holds controlling stake in Hub Power Company.
Mega Motor Company (Private) Limited (MMCL) has entered into a Distributorship Agreement with BYD Auto Industry Company Limited for launch of BYD New Energy Vehicles (NEVs) in Pakistan.
MMCL is also negotiating Technical Licensing Agreement with BYD and plans to establish an assembly plant in Sindh.
