KARACHI: The share purchase agreement (SPA) signed between Kot Addu Power Company Ltd (Kapco) and Dawood Hercules Corporation and „other shareholders“ has disintegrated, according to a stock market statement issued on Friday. Kapco had signed the SPA for the acquisition of 201 million shares (approximately 17.37%) Hub Power Company (Hub). Cyan Ltd and Dawood Hercules confirmed in their separate announcements the termination of the SPA. Cyan Ltd said it had signed the SPA with Kapco for the sale of 10 million shares of Hubco. Dawood Hercules explained that the BSG, together with Kapco, planned to sell its entire interest, which represented 14.9pc of the capital issued and paid to Hubco. The closing of the transaction was related to compliance with the necessary framework conditions for companies and regulations. „Since the deadline for the completion of the conditions set out in the G.S.O. has not been initiated/closed/fulfilled, the parties have agreed to terminate the OSG and continue to liquidate the transaction,“ the company said.