Leading investment holding
company Dawood Hercules Corporation (DH Corp) has headed a six-year turnaround
at Hubco during which the company invested in major energy projects augmenting
generation to 3,276 Megawatts. The $3.5
Billion capital investment includes JV projects in the CPEC priority list and
will enhance Pakistan’s national energy security. The value of Hubco’s stock price
had appreciated up to 170% since 27th September 2012, when Dawood Hercules
directors were elected to the board, with total shareholder return of 40% IRR.
Talking about the six years at the
helm of Hubco, Hussain Dawood, Chairman Dawood Hercules and Hubco, said, “When
we invested in Hubco in 2012, it was to address a dire national issue – the
shortage of energy. Our strategy was to develop ways for reliable
and affordable generation of electricity, in line with the national vision for
energy security. It was an uphill task, and we had to fix the basics first.
Hubco’s leadership role in this sector is evident in the shape of two fast
track power projects: a 2 x 660 MW imported coal based plant at Hub as a JV
with China Power International Holding, and a 330 MW mine-mouth power plant in
Thar Block II with China Machinery Engineering Corporation as EPC Contractor
and equity partner. Both these CPEC priority projects have paved the way to
encourage investment in the power sector as well as collaboration with Chinese
companies. Hubco also is an equity partner with Sindh Engro Coal
Mining Company. I am proud to say that Hubco is now poised to provide reliable
and affordable energy to the country, and at the same time, transform the
socio-economic landscape of the local populace in Balochistan”.
In line with Dawood Hercules’
standards of community development, Hubco has in place a robust CSR program
focused on healthcare, education, infrastructure development and livelihood of
the less privileged in Baluchistan. The multitude of initiatives includes an apprenticeship
program for Balochi boys, a free 2-year technical training with stipend; 14
batches (168 students) have completed the course. A TCF school in Hub is wholly
sponsored while another one is under construction. The company also sponsors
government schools in Hub as well as provides educational materials and
scholarships across the district. Hubco has 3-health centers in 3-neighbouring
villages of Hub as well as mobile dispensary. The Company always strives on
giving employment to the locals and encourages its contractors to hire local
people.
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