Hubco said the successful completion of the Eni Transaction is a further testimony of “our commitment to continuous growth and maximisation of value to our shareholders.”
Prime International Oil and Gas Company Limited (Prime), a 50-50 joint venture between Hub Power Holdings Limited and Eni’s Employee Buy-out Group, has acquired 100 percent shareholding of Eni Pakistan Limited.
“We are pleased to inform you that the Eni Transaction (the acquisition of Eni’s business in Pakistan) has now been completed,” Hub Power Company Limited (Hubco), the parent company of Hub Power Holdings Limited, said in a bourse filing on Friday.
Eni’s Employee Buy-out Group entered into four sale purchase agreements last month with Eni International BV, Eni Oil Holdings BV, Eni UK Limited, and Eni ULX Limited to acquire a 100 percent stake in Eni’s business in Pakistan.
The “ENI Transaction” entails Prime has acquired 100 percent shareholding of Eni AEP Limited, Eni Pakistan (M) Limited, and Eni New Energy Pakistan (Private) Limited from the selling entities. Eni, a global energy company, has been active in Pakistan’s exploration and production sectors for several decades.
Hubco said the successful completion of the Eni Transaction is a further testimony of “our commitment to continuous growth, diversification of our portfolio, and maximisation of value to our shareholders.”
“Through Prime, the Hub Power Company will continue to develop critical indigenous fuel sources for the country and work toward optimum utilisation of our natural resources,” the company said. “This will help the country reduce its reliance on imported fuel sources.”
Hub Power Holdings Limited purchased all of Eni’s upstream operations and renewable energy assets in Pakistan last year. Eni agreed to sell its shares in its Pakistani entities to Prime, a Hubco joint venture, in March last year.
As part of its exploration and production sector strategy, the joint venture is looking for growth opportunities in existing oil and gas fields as well as new fields that the government may auction off.
According to analysts, the Eni transaction will allow Hubco to enter the energy exploration segment, as the joint venture firm will use fields previously controlled by the Italian multinational.
The Hubco will continue to develop critical indigenous fuel sources for the country and work toward optimum natural resource utilisation through Prime. This will help reduce the country’s reliance on imported fuel sources.