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LATEST ARTICLES
Pearl Securities requests extension for acquisition of 5.9 mln shares of Data Textiles
December 14, 2018 (MLN): On behalf of their client, Pearl Securities Limited has requested an extension of 90 days in the Public Announcement of Intention to acquire 5.9 million shares of Data Textiles Limited (59.538%).
In a public announcement issued to the Pakistan Stock Exchange (PSX), Pearl Securities adds that the new management still intends to commensurate the transaction but is unable to do so owing to legal petition filed in Lahore High Court for winding up of Company.
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Price of dollar against rupee artificially maintained in past: Senate told
December 14, 2018: Minister of State for Revenue, Mr. Hammad Azhar informed the Senate on Friday that price of dollar against rupee had been maintained artificially by spending $8 billion from foreign reserves in the past.
Responding to a Calling Attention notice regarding record devaluation of Pak rupees against US dollar, the minister said the government inherited worst economic situation and making all out efforts to put it on right track.
Giving details, he said in December 2017, rupee rate against dollar was Rs 104, in May 2018, it was Rs 124 and in June 2018, it further jumped to Rs.129.
Clarifying the statement attributed to the Governor State Bank of Pakistan, he said rupee would not be further depreciated.
(APP)
JS Global geared up to enhance market share and software development: PACRA
December 14, 2018 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained entity ratings of JS Global Capital Limited at ‘AA’ for long-term and ‘A1’ for short-term, with a stable outlook forecast.
According to the press release issued by PACRA, the ratings reflect JS Global Capital Limited’s (JSGCL) leading position in the brokerage industry emanating from an established brand, sizeable and growing market share, and a sound operating platform.
The ratings incorporate JSGCL's robust financial profile characterized by its un-leveraged capital structure and strong risk absorption capacity owing to its healthy equity base and liquidity profile.
The company is geared up to further enhance its market share, branch network, software development while developing new products. The company's investment portfolio is compliant to its Investment Policy Statement, to invest in 'A' and above rated avenues and is dominated by bank placements and equity spread transactions which provide a stable stream of income.
The performance of the company has been under pressure recently due to lower volumes and trading activity in the market resulting in subdued profitability. The ratings recognize JSGCL's parentage - JS Bank – and its association with JS Group.
The ratings are dependent on the JSGCL’s management’s ability to improve the fee-based income by optimizing its resources and effectively leveraging its outreach leading to better margins. Herein, augmenting its market share would further enhance JSGCL's business profile. Retention and nurturing of key human resources remain imperative for JSGCL. Any further decline in the operating margins/profitability of the company may have implications on the ratings.
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Digital transformation of Hyundai Nishat Motor on cards
December 14, 2018: Pakistan’s automotive industry is about to become more competitive and diversified as Hyundai Nishat Motor (Private) Limited announces to go digital from a global technology platform of SAP.
Under the announced initiative, Hyundai Nishat aims to promote indigenisation in the growing consumer market of the auto sector which can help achieve multi-dimensional goals of the economy including import substitution, technology transfer and job creation.
"As Pakistan's automotive sector grows, Hyundai Nishat aims to tap its growth potential with an advanced technological approach," Chief Financial Officer of the company, Norez Abdullah said.
This holds extreme relevance in a situation where 80 percent of innovations in automotive engineering are reported to be driven by micro-electronics and software hence reflecting strong potential for digital transformation in the automotive sector.
"In Pakistan's fast-paced automotive sector, Hyundai Nishat is adopting best practices by setting itself on a digital roadmap to become an Intelligent Enterprise," Managing Director, SAP Pakistan, Saquib Ahmad said.
According to Abdullah, the prime objective is to make the company more agile at manufacturing, product delivery, human development and management reporting so they can leverage the strengths of SAP to position themselves for future expansion.
In the coming months, we aim to explore the integration of emerging technologies such as Big Data analytics, cloud and the Internet of Things with SAP, said the company official mentioning that this will be in addition to enriching consumers experience through introduction of Hyundai's brand new line up in both passenger and light commercial category.
"By running in real-time on an SAP digital core we expect to better manage our cost elements, working capital, human resources and also enhance visibility of results to help achieve our goals with minimal risk of failure," he said.
Hyundai Nishat, one of the country's emerging automotive manufacturers and distributors is also strategic joint venture between Pakistan's leading industrial conglomerate Nishat Group, Japan's trading house Sojitz Corporation and the largest tractor manufacturing company of the country Millat Tractors Limited.
Reiterating that country's automotive sector is undergoing massive transformation in terms of changing consumer preferences, Abdullah said the company intends to follow its digital road-map with the strategic sourcing of SAP S/4HANA real-time business suite.
(APP)
A.F Ferguson and BDO Ebrahim appointed as statutory auditors for K-Electric
December 14, 2018 (MLN): The Board of Directors of K-Electric has appointed A.F Ferguson & Company, and BDO Ebrahim & Company as statutory joint auditors of K-Electric for FY17, after the previous statutory auditors KPMG Taseer Hadi and Company resigned, a notification issued by the company revealed on Friday.
In another announcement to the Pakistan Stock exchange (PSX), KEL has informed that Mr. Hassan Nasir Jamy has replaced the GOP nominated Director Dr. Aamer Ahmed, as the Director of the Company.
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Pakistan receives second installment of $1 bln from Saudi, total reserves to reach $14.7 bln
December 14, 2018 (MLN): Saudi Arabia has transferred another $1 billion to Pakistan as the second tranche of total bailout package worth $3 billion, the State Bank of Pakistan confirmed today.
A Memorandum of Understanding (MoU) was signed between Finance Minister Asad Umar and the Saudi Finance Minister, Muhammad Abdullah Al-Jadaan in October, under which it was agreed that Saudi Arabia will place a deposit of $3 Billion for a period of one year as balance of payment support to Pakistan.
Saudi Arabia was expected to give the total amount in three installments. The first tranche of this support package was paid in mid-November, while the third and last installment is expected in mid-January, 2019.
The foreign exchange reserve has depleted rapidly in the last three months, and about $1 billion has been wiped out since the arrival of first financial assistance of $1 billion.
State Bank reserves have slipped to $7.2 billion following the debt and interest repayments. Following the arrival, the reserves will get a boost of $1 billion.
Based on foreign exchange reserve figures released by the State Bank of Pakistan yesterday, the receipt of this amount should boost Pakistan’s total reserves to around $14.75 billion.
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Product innovation and extended market outreach earn Habib Insurance rating of A+
December 14, 2018 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained Insurer Financial Strength (IFS) rating of Habib Insurance Company Limited at ‘A+‘, with a ‘Negative’ outlook forecast.
According to PACRA, the rating incorporates the Company's association with astute sponsors Habib Family.
The rating takes note of HIC’s business strategy that encompasses enhancing its market presence with innovative products while diversifying revenue stream.
Product innovation and extended market outreach, capitalizing on Habib group, bodes well for HIC’s business profile.
Moreover, the rating is dependent on strengthening of company's relative position in the market.
In addition, improvement in the underwriting profitability is important.
The liquid profile is adequate for current level of operations, the strengthening is necessitated as the company grows.
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OMO Result: SBP Injects Rs.970 Billion for 7 Days
SBP Conducted an OMO (Reverse Repo) on Friday in which it injected Rs.970 Billion into the market for 7 Days.
| Amount* | Rate | Bids | |||||
|---|---|---|---|---|---|---|---|
| Tenor | Type | Offered | Accepted | High - Low | Accepted | Offered | Accepted |
| 7D | Reverse Repo (Injection) | 1,117.850 | 970.000 | 10.13 % - 10.04 % | 10.09 % | 27 | 18 |
| Total amount offered at 10.09% was PKR 660,000.00 Mio out of which SBP accepted PKR 600,150.00 Mio on Pro-rata basis | |||||||
| OMO Settlement: Same Day (Dec 14, 2018) | |||||||
| *Amount in Billions | |||||||
Urea price hike pronounced artificial, crackdown against hoarders requested: PID
December 14, 2018 (MLN): The Press Information Department (PID) has pronounced the current price hike of urea as artificial, stating that certain profiteers are creating shortage in supply of Urea to artificially raise the prices during the current sowing season of Rabi.
In a recent press release addressed to the general public, PID reassured that the Provincial Government has been requested for crackdown against the dealers involved in hoarding of Urea stocks that is resulting into price hike.
The document goes on to confirm that the current stock of urea is sufficient to cater to domestic demand in Rabi season.
“The estimated stocks of Urea at the start of Dec, 2018 were 240,000 MT and country will have total estimated stocks at 885,000 MT during December 2018, to supply against estimated demand of 770,000 MT.”
Likewise there will be sufficient opening stocks of urea in January, 2019 to accommodate the requirements.
“Government has imported Urea which is available for dispatch and also facilitated operations of two fertilizer plants which were earlier closed,” adds PID.
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Gold marks its biggest weekly decline in five weeks
December 14, 2018 (MLN): Gold prices were steady on Friday supported by the uncertainty regarding Federal Reserve's policy outlook for next year. Nevertheless, the metal was on track to mark its biggest weekly decline in five weeks, as a steadier dollar weighed on the sentiment.
Spot gold was steady at $1,241.99 per ounce. The metal is down about 0.4 percent so far for the week. U.S. gold futures were down 0.1 percent at $1,246 per ounce.
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