Hubco Finally Receives Rs 35.458 Billion From Wapda
One of the amazing things about energy sector in Pakistan is how payments are managed among government/other departments and agencies. Hubco had a large balance due which was finally paid by Wapda. This payment issue is said to be one of the reasons behind power shortage. After all, cash flow is the blood for every industry.
Associated Press of Pakisan reports:
The Hub Power Company (Hubco) has received a payment of outstanding amount of Rs 35.458 billion from the Water and Power Development Authority (Wapda) through circular debt settlement arranged by the Federal government. According to Hubco communique despatched to Karachi Stocks Exchange, Rs 30.156 billion were immediately paid to Pakistan State Oil (PSO) in accordance with settlement procedure. After this settlement, the receivables against Wapda are estimated at Rs 27.8 billion, while Hubco has to pay Rs 24 billion to PSO against the supply of furnace oil.
yes i think so that KSE has a great potential and the market is under performing at the moment but may be after budget it finishes its volatile behaviour. Over all
Stocks ,Oil & Gold Markets are recovering now.Lets hope for the best