Hub Power Holdings Limited (HPHL), a wholly owned subsidiary of The Hub Power Company Limited (PSX: HUBC), has signed a shareholders’ agreement with Mega Conglomerate (Private) Limited (MCPL), according to a stock filing by HUBC on Thursday.

As part of the agreement, MCPL will subscribe to shares and become a 50 percent shareholder in Mega Motor Company (Private) Limited, marking a significant partnership between the two entities.

The primary objective of the transaction is to combine the expertise of HPHL and MCPL to strengthen their business collaboration with BYD Auto Industry Company Limited, a global leader in electric vehicles and renewable energy solutions.

The completion of the shareholders’ agreement is subject to obtaining the necessary regulatory approvals and consents, the filing noted.