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.
