KARACHI: In a notification sent to the bourse on Thursday, K-Electric (KEL) announced that in a board meeting held on August 9th, its Board of Directors had given the approval for development of 900MW (450MW x 2) Regasified Liquefied Natural Gas based Combined Cycle power plant at Bin Qasim Power Station Complex (BQPS-III).
The notification from KEL said this power project stays subject to completion of all statutory and regulatory requirements. The BOD of the company also shared their concern that a favorable result of their review petition lying pending in regard to Multi-Year Tariff determination with National Electric Power Regulatory Authority (NEPRA) was key to this mega-projects financing and development.
On Wednesday, K-Electric had reported an increase in profits of 15.53pc for financial year 2016. It also recorded an increase in sales of 10.93pc to reach Rs166.47b in comparison to Rs148.514b in SPLY.
At the time of filing this report, K-Electrics shares were trading at Rs7.09, up 0.57pc from its close on Wednesday. And KSE-100 index was trading at 45,906.89 points, down by 91.92 points from its close on Wednesday.