Hitachi Energy wins order for first subsea electricity interconnection between France and Spain

HVDC link improves the security and quality of power in the region, advancing the integration of emission-free energy

Zurich, Switzerland, June 15, 2023 (GLOBE NEWSWIRE) — Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, today announced it won an order from Electricity Interconnection France-Spain (Inelfe), the joint venture bringing together operators of the Spanish (Red Eléctrica) and French (RTE) electricity transmission networks, in charge of the construction and commissioning of all cross-border connections between both countries, to supply four high-voltage direct current (HVDC) converter stations to interconnect France and Spain via a subsea cable across the Biscay Gulf.

The Biscay Gulf interconnection, labeled as project of common interest (PCI) at the European level, will consist of two HVDC links, with a converter station at each end of both systems. Combined, the links will efficiently supply a total of 2,000 megawatts (MW) of electricity at 400 kilovolts (kV) over 400 kilometers (km). Providing the equivalent of the power consumption of more than two million households1, the links will improve the safety, stability, and quality of the electricity supply between the two countries. It will advance the integration of emission-free electricity and create a more efficient system to generate savings that benefit consumers and the rest of Europe.2 Most of the link will be underwater, but a short section of the link cable route will return to land to avoid the deep Capbreton Canyon.

“Cross border, and often subsea, interconnections are vital to Europe’s increasingly interconnected grid,” said Niklas Persson, Managing Director at Hitachi Energy’s Grid Integration business. “Through our pioneering HVDC technology, we enable Inelfe to accelerate the two countries’ sustainability goals, improving the safety, stability, and quality of electricity supply between France and Spain and the rest of Europe.”

Inelfe (Interconexión Eléctrica Francia-España or Electricity Interconnection France-Spain) was set up following the 2008 Zaragoza Agreement, between the governments of Spain and France, with the mission to enhance the exchange of electricity between the two countries. The resulting infrastructure doubled the interconnection capacity between France and Spain from 1,400 MW to 2,800 MW today. With the Biscay Gulf interconnection, the capacity to exchange power will soon reach 5,000 MW.3

In line with its Purpose to champion the urgency of a clean energy transition through innovation and collaboration, Hitachi Energy is collaborating with VINCI, an industry leader in energy and construction. Together the two companies will provide an advanced solution for the Biscay Gulf project by delivering the engineering and power technologies and the construction of the converter stations. The collaboration with VINCI will leverage the core competencies of the two companies to deliver a best-in-class solution for the project.

Note to editors:
Hitachi Energy’s HVDC solution combines world-leading expertise in HVDC converter valves; the MACH™ digital control platform4, converter power transformers and high-voltage switchgear; as well as system studies, design and engineering, supply, installation supervision and commissioning.

HVDC Light® is a voltage source converter technology developed by Hitachi Energy, which was launched over 25 years ago. It is the preferred technology for many grid applications, including interconnecting countries, integrating renewables and “power-from-shore” connections to offshore production facilities. HVDC Light’s defining features include uniquely compact converter stations and exceptionally low electrical losses.

Hitachi Energy pioneered commercial HVDC technology almost 70 years ago and has delivered more than half of the world’s HVDC projects.

4 Modular Advanced Control for HVDC (MACH™)

HVDC website:

About Hitachi Energy
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of over $10 billion USD.

About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company’s website at


Jocelyn Chang
Hitachi Energy

GlobeNewswire Distribution ID 8858785

International Industries Limited Cancels Extraordinary General Meeting and Withdraws Recommendation for Authorized Capital Increase

Karachi, In a surprising turn of events, the Board of Directors of International Industries Limited has made the decision to withdraw its recommendation for the increase in the authorized capital of the company, leading to the cancellation of the scheduled Extraordinary General Meeting (EOGM) on June 20, 2023 in Karachi.

The announcement was made through a notice addressed to the members of International Industries Limited. The EOGM, which was intended to seek approval for the increase in authorized capital and other agenda items, had been previously communicated through a Notice of EOGM dated May 30, 2023, and its Addendum dated May 31, 2023.

The reasons behind this unexpected reversal by the Board of Directors remain undisclosed at this time. Speculation and curiosity have arisen among shareholders and industry experts as they eagerly await an official statement regarding the decision.

Zephyr Textiles Limited Cancels Extraordinary General Meeting and Share Capital Increase

Karachi, In a recent decision made during the Board of Directors meeting on June 14, 2023, Zephyr Textiles Limited has announced the cancellation of the Extraordinary General Meeting (EOGM) and the proposed increase in authorized share capital, which had been previously approved on May 31, 2023.

Furthermore, the circulation of the company's annual audited financial statements to its members, which was set to be done through a QR enabled code and weblink, has also been deferred to the next general meeting of the company. As a result, the close period determined for the EOGM, originally scheduled from June 15 to June 21, 2023, has been canceled.

Zephyr Textiles Limited's Board of Directors reached the decision not to proceed with the planned increase in authorized share capital after careful consideration. The company's shareholders will be updated on any future developments and decisions regarding this matter.

The cancellation of the EOGM and the deferment of the financial statements circulation indicate a change in the company's timeline and plans, suggesting a need for further discussions and considerations. Zephyr Textiles Limited aims to ensure transparent and effective communication with its shareholders and will provide updates regarding the rescheduling of the EOGM and the distribution of the financial statements in due course.

Al-Noor Sugar Mills Limited Cancels Extraordinary General Meeting and Defers Circulation of Financial Statements

Karachi, In a recent resolution passed by the Board of Directors of Al-Noor Sugar Mills Limited on June 15, 2023, several important decisions were made. The board has decided not to increase the authorized share capital of the company and not to alter clause 121 of the Articles of Association, which was previously discussed in a meeting held on May 31, 2023.

Furthermore, the circulation of the company's annual audited financial statements to its members through a QR-enabled code and weblink, approved during the board meeting, has been deferred to the next general meeting of the company. This means that the financial statements will not be released as initially planned.

Additionally, the Board of Directors has taken the decision to cancel the Extraordinary General Meeting (EOGM) that was scheduled to be held on June 22, 2023, at 03:00 p.m. Consequently, all agenda items for the EOGM have been withdrawn.

Moreover, the book closure determined for the EOGM, which was initially set from June 16, 2023, to June 22, 2023, has been cancelled.

Ghani Value Glass Limited Cancels Extraordinary General Meeting and Withdraws Capital Increase Proposal

Karachi, Ghani Value Glass Limited's Board of Directors has announced the cancellation of the highly anticipated Extraordinary General Meeting (EOGM) scheduled for June 19, 2023. The decision came as the board also withdrew the proposal to increase the authorized capital of the company, effectively deferring all agenda items originally planned for the EOGM to the next general meeting.

Additionally, the Book Closure period that had been determined for the EOGM, spanning from June 13, 2023, to June 19, 2023, has now been rendered null and void. The cancellation of the EOGM and subsequent withdrawal of the capital increase proposal has left stakeholders and shareholders in a state of uncertainty, eagerly awaiting further information regarding the company's future plans and strategies.

The cancellation of the EOGM, withdrawal of the capital increase proposal, and the subsequent deferral of agenda items to the next general meeting have undoubtedly sparked a sense of uncertainty within the company and its wider stakeholder community. The impact of this decision on the company's overall strategy, financial health, and shareholder confidence remains to be seen.

Chenab Limited Board Meeting Scheduled to Discuss Annual Accounts, Closed Period Imposed

Karachi, Chenab Limited has announced that a board meeting of its esteemed Board of Directors is set to take place on June 22, 2023, in Faisalabad. The primary agenda of the meeting will be to deliberate upon the Annual Accounts for the period ending June 30, 2020, and potentially declare any entitlement associated with it.

To ensure fairness and adherence to corporate governance practices, Chenab Limited has concurrently declared a Closed Period, effective from June 15, 2023, until June 22, 2023. This directive mandates that no Director, CEO, or Executive of the company may engage, either directly or indirectly, in any form of share transactions during this Closed Period.

The imposition of a Closed Period aligns with the company's commitment to maintain transparency and prevent any potential conflicts of interest. By temporarily restricting share dealings, Chenab Limited aims to create an equal and level playing field for all stakeholders involved.

First UDL Modaraba Board Meeting in Progress to Discuss Key Matters

Karachi, First UDL Modaraba has commenced its highly anticipated board meeting on June 15, 2023, in Karachi. The meeting, which is currently in progress, aims to address crucial matters concerning the organization's operations and future strategies.

The Board of Directors, comprised of esteemed individuals with extensive experience in finance and business, convened to discuss various aspects of First UDL Modaraba's performance. The agenda encompasses a wide range of topics, including financial results, investment opportunities, risk management, and compliance matters.

During the meeting, the Board is expected to evaluate the company's financial performance over the past quarter, analyzing revenue growth, profitability, and asset quality. Additionally, they will review the implementation of previous decisions and initiatives undertaken to enhance operational efficiency and customer experience.

In light of the ever-changing economic landscape, the Board of Directors will also explore potential investment avenues to diversify First UDL Modaraba's portfolio. They will assess new projects and evaluate their viability in terms of profitability and risk management.

Towellers Limited Cancels Extraordinary General Meeting and Delays Circulation of Annual Financial Statements

Karachi, Towellers Limited's Board of Directors has made the decision to cancel the scheduled Extraordinary General Meeting (EOGM) slated for June 23rd, 2023. The company's plan to increase its authorized share capital has been scrapped, prompting the withdrawal of the previously announced Notice of EOGM. Additionally, the change in book closure, originally set for June 17th, 2023 in preparation for the EOGM, has been canceled.

Moreover, the distribution of the company's annual audited financial statements to its members, which had been approved during the Board of Directors meeting held on June 2nd, 2023, has been deferred. Instead of circulating the statements through a QR-enabled code and weblink as initially planned, this process will now take place during the next general meeting of the Company.

Silkbank Limited Holds Board Meeting; No Price Sensitive Information Announced

Karachi, Silkbank Limited has conducted a Board Meeting on Thursday, where various matters were discussed. However, the bank emphasized that there were no announcements made regarding the dissemination of any Price Sensitive Information that could potentially impact the market price of Silkbank shares.

During the meeting, the board members deliberated on several important matters related to the bank's operations, strategies, and future plans. While no specific details were disclosed, it is evident that Silkbank Limited is actively engaged in reviewing and addressing key aspects of its business to ensure sustained growth and success.

Emergent Board Meeting Decisions: Interim Bonus Shares Declared, EOGM Cancelled

Karachi, In a recent emergent board meeting held on June 15, 2023, the Board of Directors made significant decisions that will impact the future of the company. The meeting, conducted via video link, resulted in the declaration of interim bonus shares and the cancellation of the scheduled Extraordinary General Meeting (EOGM).

Firstly, the Board recommended the issuance of bonus shares to shareholders. As per their decision, every hundred shares held will be entitled to receive sixty bonus shares, representing a 60% increase. However, to facilitate this distribution, the share transfer books will remain closed from June 22 to June 23, 2023, inclusive.

Additionally, the board made important decisions concerning the previously planned EOGM. They passed a resolution to halt the proposed increase in the authorized share capital, which had been discussed and approved in the board meeting held on May 30, 2023. Consequently, the EOGM, initially scheduled for June 21, 2023, has been canceled. The board also clarified that the previously communicated book closure period from June 17 to June 21, 2023, will no longer be in effect.

Habib Sugar Mills Cancels Extraordinary General Meeting and Proposed Changes

Karachi, the Board of Directors of Habib Sugar Mills Limited has made some significant decisions, leading to the cancellation of the highly anticipated Extraordinary General Meeting. The decisions were reached through a circular resolution dated June 15, 2023.

Firstly, the Board has decided to cancel the proposed increase in the Authorized Share Capital of the Company. This recommendation had been put forward during the Board meeting held on June 1, 2023. The decision to cancel the increase indicates a shift in the company's strategic direction.

Secondly, the proposed alteration in the Clause V of the Memorandum of Association and Article 4 of the Articles of Association of the Company has also been cancelled. This alteration was also discussed and recommended during the June 1st Board meeting.

Furthermore, the Extraordinary General Meeting, which was originally scheduled to take place on June 23, 2023, at 11:00 a.m., has been completely canceled. Consequently, all agenda items pertaining to the meeting have been withdrawn. Shareholders and stakeholders who were eagerly awaiting the meeting will have to wait for further updates from the company.

Extraordinary General Meeting Cancelled as Company’s Board Resolves Not to Increase Authorized Share Capital

Karachi, The Board of Directors of a prominent company has announced the cancellation of an Extraordinary General Meeting (EOGM) slated for Thursday, June 22, 2023. Shareholders were informed of the decision in a notice for the cancellation, which also revealed that the Board has resolved against increasing the company's Authorized Share Capital.

The cancellation of the EOGM comes as a shock to many shareholders who were eagerly anticipating the meeting to discuss and vote on the proposed increase in Authorized Share Capital. This decision by the Board signals a significant shift in the company's strategic direction, raising questions and speculation among investors.

The Extraordinary General Meeting, a vital platform for shareholders to express their views and participate in key decision-making processes, was expected to attract a significant turnout. It was originally scheduled to address matters related to the company's capital structure and future growth plans.

While the notice for cancellation did not explicitly state the reasons behind the Board's resolution, industry analysts and experts are closely monitoring the situation for any potential updates or insights. Speculation has already begun regarding the potential implications this decision could have on the company's financial outlook, investments, and overall market perception.