ThalNova signs agreement with CMEC ThalNova Power Investments
KARACHI: ThalNova is pleased to announce that it has entered into a subscription agreement with CMEC ThalNova Power Investments Limited pursuant to which it will subscribe for 10% shareholding in ThalNova, subject to all the regulatory approvals of Pakistan. CMEC ThalNova Power Investments Limited has also executed a Novation Agreement with the existing shareholders of ThalNova.
ThalNova, incorporated under the laws of Pakistan in April 2016, has been awarded power generation licence for setting up a 330-megawatt coal-fired power plant at Thar coal mine mouth, Sindh. It is a joint venture between Thal Limited (Thal) and Novatex Limited (Novatex). Thal is part of the House of Habib, which has investments across banking, auto, retail, building materials and packaging sectors in Pakistan. Novatex is part of the Gani & Tayub group which is a player in the polyester and textile sectors in the country.
Published in Business Recorder, 15th March, 2018