With the achievement of major milestones during the last couple of years, Company’s asset base has strengthened significantly. The investment of funds by foreign as well as local companies depicts investor confidence in the success of this project. Sacoden Investments Pte Limited, Singapore is the major equity holder with over 39% of the paid up capital followed by Faysal Bank Limited and Defence Officers Housing Authority with 20.87% and 13.41% shareholding respectively.

The project has been financed by a consortium of local banks lead by Habib Bank Limited. The participating consortium banks are United Bank Limited, Faysal Bank Limited, Askari Commercial Bank Limited, Pak Libya Holding Company Private Limited and Soneri Bank Limited. Habib Bank Limited and United Bank Limited contribute an aggregate of over 67% of the total debt.

Assets
December, 2005 2,575,187,550
June, 2005 1,510,718,466
December, 2004 141,439,471
June, 2004 130,170,868

During the year 2005 the Company after getting all the necessary approvals and licenses, established letters of credit in favor of the suppliers for plant and machinery from Germany and Denmark. Siemens AG Germany being the supplier for the main plant and machinery for the Power Generation component of this complex, whereas Alfa Laval A/S Copenhagen was contracted for the supply of Water Desalination Plant. M/s Lincas Electro Vertibas Germany, fully owned subsidiary of Siemens AG Germany gets the supply contract for some auxiliary equipment relating to the Power Generation component. The following table shows the total contract values and the values of letters of credits established to materialize this project.

Total Contract L/C Value
Siemens AG Germany $ 41,400,000 $ 33,120,000
Siemens AG Germany € 6,550,000 € 5,240,000
Alfa Laval AS Copenhagen € 15,165,300 € 12,132,241
Lincas Electro Vertibas € 295,500 € 236,390

The Company’s Board of Directors is represented by Mr. Yap Kong Hwee, Mr. Robert Kheng, Mr. Haseeb Khan FCA and Mr. Muhammad Waqas Mohsin, representing Sacoden Investment Pte Limited. Col. Retd. Ather Ali Khan and Lt. Col. Retd. Najam Ul Islam Rishi nominated by the Defence Officers Housing Authority and Mr. Ajaz Rahim nominated by Faysal Bank Limited.

Mr. Faheem Mirza, ACA is the Chief Financial Officer and the Company Secretary of the Company while the Audit responsibilities have been jointly assigned to M/s Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants and M/s Hyder Bhimji & Co Chartered Accountants.