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.
CMEC ThalNova Power Investments Limited is a Dubai based entity and is a wholly-owned subsidiary of China Machinery Engineering Corporation whichforms part of the China National Machinery Industry Corporation (Sinomach) group of companies and specializes in construction of power projects in generation, transmission, and distribution. China Machinery Engineering Corporation is also the Engineering, Procurement and Construction Contractor for ThalNova’s 330 MW power project.
Speaking on the occasion, Mr. Khalid Siraj Subhani, CEO of ThalNova, highlighted the importance of this CPEC project and said that “the project will significantly contribute towards energy self-sufficiency of Pakistan and will exploit country’s indigenous coal resources, reducing reliance on imported fuel. He said that with the execution of Shareholder’s Agreement today, CMEC from China has not just become a shareholder in our project but actively participating in developing much needed infrastructure in Pakistan. He said that the Financial Close of the project is expected soon post which the construction activities of the plant at Thar will start.”
On behalf of ThalNova, Mr. Khalid Siraj Subhani (CEO) and Mr. Murtaza Abbas Mooman (CFO) signed the agreements. On behalf of CMEC, the agreements were executed by Mr. Li Kan (Director of CMEC ThalNova Power Investments Limited).