25th Jan 2019 09:32
LONDON (Alliance News) - Oracle Power PLC said Friday it has replaced its chief executive to expedite day-to-day operations and deliver the Thar coal mine and power project, in Pakistan's Sindh province.
Shares in Oracle were trading 8.5% higher at 0.46 pence each in morning trade.
The energy producer said Non-Executive Director Naheed Memon will become executive director & chief executive with immediate effect to manage the Thar project on the ground in Pakistan.
Memon previously was the chair of the Sindh Board of Investment, a investment vehicle of Sindh Province's government.
Shahrukh Khan, the company's current chief executive, will remain as executive director and will continue to assist in the development of Thar as it moves towards financial close.
"This fresh assignment of duties will ensure the Oracle board is best positioned to monitor and subsequently execute the steps required to bring the Thar project to financial close," said Chair Mark Steed.
"Shahrukh Khan has done a remarkable job in developing Oracle to its current position. He has built a solid foundation for the company and will continue to be instrumental in setting strategy and working with Naheed Memon."
In December, Oracle added a new partner to its Thar project. The company said Beijing Jingneng Power Co Ltd, or BJPC, will replace Sichuan Provincial Investment Group Co Ltd as a partner.
PowerChina International Group Ltd is the third partner in the project.
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