Karachi October 8 2024: An emergent meeting of the Board of Directors of LalPir Power Limited, Mian Mansha IPP, has been called to discuss the terms proposed for the early termination of the Company’s Implementation Agreement, Power Purchase Agreement and the Guarantee in light of the discussions between the Government of Pakistan, its entities and certain IPPs, including the Company.
Share price of the company drops PKR 1.33 or 7.77 percent in today’s trading at Pakistan Stock Exchange.
Company received PKR 8.0 billion equivalent to PKR 21.1 per share in capacity payments for the calendar year 2023.
The board meeting held on October 09, 2024.
The Company has declared the “Closed Period” from 08-10-2024 to 09-10-2024 (both days inclusive) as required under the PSX Regulations. Accordingly, no Director, CEO or Executive shall, directly / indirectly, deal in the shares of the Company in any manner during the Closed Period.
Lalpir Power Limited was incorporated in Pakistan on 08 May 1994 under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). The principal activities of the Company are to own, operate and maintain a fuel fired power station having gross capacity of 362 MW in Mehmood Kot, Muzaffargarh, Punjab, Pakistan.
The Company has a Power Purchase Agreement (PPA) with its sole customer, Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) for 30 years which commenced from 06 November 1997. As per the terms of PPA amendment agreement dated 20 April 2021, the agreement year that ended on 25 March 2021 was extended by 248 days to 28 October 2021.
