JS Group has acquired a 48% stake in the Habibullah Coastal Power Company (HCPC). It is an independent power producer that presently won a case against Sui Southern Gas Company (SSGC) in the international case. The case proved that Sui Southern Gas Company was unable to provide gas supply in the country.
Furthermore, JS Group will also be a recipient of Rs6 billion won by the HCPC in damages in the international court. The officials confirmed that negotiations had bee going on for three years for stake acquisition and on May 31, 2018, the deal was finalized just before the end of PML-N’s tenure.
JS Group was quite close to the former Prime Minister of Pakistan Shahid Khaqan Abbasi. JS Group founder Ali Jehangir Siddiqui was appointed an adviser to PM and then the ambassador to the US. His appointment was quite controversial as he was called by NAB in corruption cases.
As of yet, the JS Group spokesperson has not responded. HCPC is basically a collaboration between Habibullah Group of Pakistan and El Paso Coastal Power Company of the US.
Presently SSGC distributes natural gas to consumers in Sindh and Balochistan. Directly and indirectly, the Pakistan government has 73.15% shares in SSGC.
“JS Group is a financial services group in Pakistan, founded in 1971 by Jahangir Siddiqui. The company controls and operates financial services companies in Pakistan.”
Habibullah Coastal Power Company
“Habibullah Coastal was commissioned in 1999 and is a combined cycle gas-fired IPP in Quetta with a design capacity of 140 MW.”