KARACHI: The share purchase agreement (SPA) signed between Kot Addu Power Company Ltd (Kapco) and Dawood Hercules Corporation and ‘other shareholders’ has fallen apart, a stock exchange filing said on Friday.

Kapco had signed the SPA for the acquisition of 201 million shares (approximately 17.37pc) in Hub Power Company (Hubco).

The completion of the transaction was conditional upon the fulfilment of requisite corporate and regulatory conditions precedent. “Since the time allowed for the completion of the conditions stated in the SPA have not been initiated/completed/fulfilled, the parties have mutually agreed to terminate the SPA and further processing of the transaction,” the company said.

Cyan Ltd and Dawood Hercules confirmed in their separate announcements the SPA’s termination. Cyan Ltd said it had signed the SPA with Kapco for the sale of 10m shares of Hubco.

Dawood Hercules stated that the SPA with Kapco envisaged the sale of its entire shareholding, representing 14.9pc of the issued and paid-up capital in Hubco.

Published in Dawn, December 9th, 2017

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.