Lahore: Nishat Chunian Power Limited (NCPL) addressed recent inquiries regarding the dissemination of information as required by the Pakistan Stock Exchange (PSX) regulations. The inquiries were sparked by news published on March 25, 2025, in the media outlet Tribune.com.pk, which questioned whether NCPL had adhered to disclosure requirements.
In response to a letter from the PSX dated March 27, 2025, NCPL confirmed that it had communicated the signing of an Amendment Agreement via the PSX Automated Reporting System (PUCARS) on February 18, 2025. This announcement was in line with Clause 5.6.1(a) of the PSX Regulations and furthered a previous communication from December 4, 2024.
The company emphasized that the Amendment Agreement, effective November 1, 2024, was executed with the Government of Pakistan and the Central Power Purchasing Agency. This agreement included revised terms for the Power Purchase and Implementation Agreements, following a proposal by the Prime Minister's Task Force to transition to a 'Hybrid Take and Pay' tariff model. Amendments included changes to the indexation mechanism of operations and maintenance, rebasing tariffs, and capping insurance premiums at 0.9% of EPC Cost.
According to information available from the Pakistan Stock Exchange (PSX), NCPL had already disclosed these details in correspondence with the PSX, ensuring compliance with regulatory requirements. The company assured that such disclosures were made timely and in accordance with the Securities Act, 2015.
NCPL's board approved these amendments during an emergent meeting on December 4, 2024, at their Lahore headquarters. The meeting also resolved to execute the Amendment Agreement to facilitate the proposed changes, including the payment of outstanding receivables and withdrawal of arbitration under prior agreements.
Nishat Chunian Power Limited, with its registered address at 59 Shadman Colony II, Lahore, maintains ongoing communication with stakeholders to ensure transparency and regulatory compliance. The company secretary, Syed Tasawar Hussain, is available for further inquiries regarding these developments.