MCPL Takes Major Step in BYD Partnership with 50% Acquisition from Hubco

The Hub Power Company Limited (PSX: HUBC) and Mega Conglomerate (Private) Limited (MCPL) have reached a shareholders agreement through their joint venture, Hub Power Holdings Limited (HPHL).

In a public filing on Thursday, HUBC announced that MCPL will subscribe to and become a 50% stakeholder of Mega Motor Company (Private) Limited.

The merger’s proponents argue that it will boost their business partnership with BYD Auto Industry Company Limited by combining HPHL and MCPL’s respective areas of competence.

The filing further stated that the completion of the shareholders’ agreement is contingent upon obtaining the appropriate regulatory clearances and approvals.