KARACHI: As the government gears up to terminate key agreements prematurely this month, several independent power producers (IPPs) have called emergency meetings to review the development.

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In a stock filing on Wednesday, Hub Power Company Limited (Hubco) announced that its board of directors will hold an urgent meeting on Thursday (today).

The board will review the terms for the early termination of the company’s implementation agreem­e­­nt, power purchase agreement, fuel supply agreement, and the associated guarantee. These agreements were initially set to expire in March 2027.

The discussions have involved the government’s task force, created under the Prime Minister’s Office, and several IPPs, including Hubco.

Similarly, Lalpir Power Limited also notified the Pakistan Stock Exchange on Wednesday of an emergency meeting of its board of directors. This meeting will also address the terms of the early termination of its implementation agreement, power purchase agreement, and the associated guarantee, following negotiations between the government and various IPPs.

In other corporate news, Big Bird Foods Ltd (BBFL) is diversifying its product line by launching raw fish fillets and finger fish to meet the growing consu­mer demand for seafood.

In a stock filing on Wednesday, BBFL said the fish and seafood market in Pakistan currently has an annual demand of over 700,000 tonnes.

Published in Dawn, October 10th, 2024