JS Group buys 48% stake in coastal power company
ISLAMABAD: The JS Group has acquired 48% shares in Habibullah Coastal Power Company (HCPC), an independent power producer which has recently won a case in international court against Sui Southern Gas Company (SSGC) for the latter’s failure to ensure gas supply.
A senior government official told The Express Tribune that the JS Group would also be a beneficiary of the Rs6 billion in damages won by HCPC in the international court of arbitration.
According to officials, negotiations for the stake acquisition continued for three years and a deal was finalised before the end of Pakistan Muslim League-Nawaz (PML-N) government’s tenure on May 31, 2018.
Published in The Express Tribune, 16th August, 2018