Cherat Cement Co sells its hydropower project's feasibility

Director and Chief Operating Officer of Cherat Cement Co Ltd (CHCC), Yasir Masood, informed the Pakistan Stock Exchange (PSX) on 14 July that Madian Hydro Power Ltd (MHPL) has entered into an agreement with Pakhtunkhwa Energy Development Organization (PEDO) of the KPK government for sale of the feasibility study of Madian, a 148MW hydro power project for total consideration of PKR160m (US$762,485) and has also received the sale consideration.

CHCC, owned by Pakistan's Ghulam Faruque Group, has a 50 per cent shareholder of MHPL and will eventually be entitled to 50 per cent of the sale consideration after adjusting any cost and taxation impact in the event MHPL distributes the same.

The Ghulam Faruque Group made a bankable feasibility study through the German Consultant Fichtner GmbH to assess the project’s technical, economic and environmental viability of the Madian Hydropower plant in the Upper Swat Valley, on Swat River 60km north of the town of Mingora.