Our History

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.


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