Brief History
Pakgen Power Limited [formerly known as AES Pak Gen Company
Limited], was incorporated as an unlimited company in Pakistan, with
the name of AES Pak Gen (Private) Company – a subsidiary of AES
Corporation of USA, on 22 June 1995 under the Companies Ordinance
1984. The principal activities of the Company are to own, operate and
maintain an oil fired power station with an installed capacity of 365
MW in Mehmood Kot - Muzaffargarh, Punjab, Pakistan.
In June 2010, the Company was acquired by a consortium of Pakistani
businessmen comprising of Nishat Mills Limited, Adamjee Insurance
Company Limited, Security General Insurance Company Limited, Mian
Hassan Mansha, City School Group and Abu Dhabi Investment Council.
After the acquisition, the management of the company was also changed
(please refer to section 6.4 & 6.5 for details). The Company under the
new management was also converted from a Private unlimited liability
company to a Public Company limited by shares in July 2010. The name
of the company was also changed from AES Pak Gen (Private) Company to
Pakgen Power Limited in November 2010.
The Company commenced commercial operations on February 01, 1998.
The electricity generated is purchased by WAPDA under the Power
Purchase Agreement (PPA) executed with the company on September 05,
1995 which is valid for a period of 30 years.
Objective of the Company
The company’s objective is to build and operate a power generation
plant for generation, distribution, sale and supply of electricity to
WAPDA and perform all acts directly or indirectly related or
incidental to run the affairs of the Company.
THE SPONSORS
Nishat Mills Limited:
Nishat Mills, the major shareholder in Pakgen, have an asset base
of over Rs. 46.18 Billion and shareholders’ equity of more than Rs.
31.3 Billion. It has a consistent record of rewarding shareholders
through cash dividends and bonus shares. The shares of Nishat Mills
are traded as blue-chip scrip liked by local and international
investors for its liquidity and potential capital gains. Nishat Power
Limited, a subsidiary of Nishat Mills, was listed on stock exchanges
in 2009. The principal activity of Nishat Power Limited is to build,
own, operate and maintain a fuel fired power station based on
Reciprocating Engine Technology having gross capacity of 200 MW ISO in
Jamber Kalan, Tehsil Pattoki, District Kasur, Punjab, Pakistan. The
shares of Nishat Power which were offered for Sale to the Public in
August 2009 at Par value of Rs. 10 each are now traded at around Rs.17
per share (average price for January & February 2011) over 70% gain in
less than one and a half year. Its closing price as on 11th March 2011
was Rs. 15.6 per share.
Mian Hassan Mansha:
Mr. Hassan Mansha is the Chief Executive of Nishat Power Limited.
He has over 10 year’s professional managerial experience. He has
completed his education from USA and is presently serving on the
boards of following companies:
• Nishat Mills Limited
• Adamjee Insurance Company Limited
• Nishat Hotels & Properties Limited
• Security General Insurance Co. Ltd.
• Pakistan Aviators & Aviation (Pvt) Ltd.
• Lalpir Power Limited [formerly AES Lalpir (Pvt) Ltd.]
Adamjee Insurance Company Limited:
Adamjee Insurance Company Limited (AICL) was incorporated as a
Public Limited Company on September 28, 1960 and is listed on all
three stock exchanges of Pakistan. The Company commenced operations
with a Paid-up Capital of Rs. 2.5 million, which has grown
phenomenally in the past 5 decades. As of 30th September 2010 the
Paid-up Capital of the Company is Rs. 1.24 billion.
AICL enjoys a competitive edge in the insurance industry due to its
strong asset base, paid-up capital, substantial reserves and balanced
portfolio mix. AICL broadly is involved in underwriting the following
classes of businesses:
• Fire and Property
• Engineering
• Health
• Marine
• Motor
In addition AICL insures sensitive Petrochemical and complex
Industrial Risk projects of great value. AICL specializes in insuring
Engineering and Telecom concerns, whereby it has secured the greatest
share of clients in those sectors. On the other end of the spectrum,
AICL services the primary industries of Pakistan by covering several
Cement Factories, as well as numerous Textile and Sugar Mills.
Assuming the role of a leader in Pakistan's Insurance Industry, AICL
pioneered the coverage of Energy Risks.
The shares of AICL are heavily traded and are liked by the local
and international investors for its consistent growth, profitability
and professional management.
Security General Insurance Company Limited:
Security General Insurance Company Limited was incorporated in 1996
with paid up capital of Rs.25 million. Today, it’s paid up capital
stands at Rs. 680 million. It is engaged in the business of non-life
insurance coverage and operates through 8 branches in the country.
It is an unlisted company which has consistent record of growth,
profitability and dividend payouts. The Company is an ISO 9001:2000
certified company from Moody International Certification Limited in
underwriting risk and selling insurance.
Engen (Private) Limited:
Engen belongs to the City Schools (Private) Limited (“City
Schools”) group of companies. Engen has been primarily established to
carry on business of power generation and distribution as independent
power producer. City Schools is a private limited company incorporated
in Pakistan on September 20, 1980 under the Companies Act, 1913 (now
the Companies Ordinance, 1984) in the name of BPS (Karachi) Limited.
The name was subsequently changed to City Schools (Private) Limited on
February 24, 1986. City Schools is in the business of setting up and
operating educational institution. City Schools is a pioneer in
English medium private sector K-12 education in the region.
Group Companies of City Schools:
1. Engen (Private) Limited
2. City Hospitality Management Services (Private) Limited
3. Education System (Private) Limited
4. Shalimar Construction Company (Private) Limited
5. City APIIT Pakistan (Private) Limited
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