Through a filing on PSX website, Aisha Steel Mills announced that it will be reducing the capital of the company by cancelling 66,768,583 ordinary shares of the Company.
June 27, 2022 (MLN): Following a bloodbath on Friday, the benchmark KSE-100 index witnessed a recovery as it gained 365 points or a 0.89% increase [9:59 PST] so far in morning trade and is currently trading at 41,416 points level.
Commercial Banks, Cement, Technology & Communication, Oil & Gas Exploration, and Power Generation and Distribution sectors have witnessed the maximum gains so far.
Scrip-wise, SYS, MARI, HUBC, TRG UBL, and MCB observed the highest-buying activity.
To recall, on Friday, domestic equities witnessed huge selling pressure after the announcement of a 10% super tax imposed on the large-scale industry in a bid to shore up revenues for supporting the country's poor amid rising inflation. The benchmark KSE-100 index lost 1,665.18 points to conclude the day’s trade at 41,051.79, observing an intraday low of 40,555.41.
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June 27, 2022 (MLN): TPL REIT Fund I managed by TPL REIT Management Company Limited (TPL RMC), a wholly-owned subsidiary of TPL Properties, has successfully achieved its First Financial Close with disbursements of the first tranche of 50% of the first round of equity funding, Rs5.625 billion from the eight (08) leading commercial banks in Pakistan.
Out of the total Initial fund size amounting to Rs18.35 billion, TPL Properties Limited (TPLP), the strategic investor in the fund, contributes Rs7.1 billion of land value to the fund, in the form of Investment Property (Initial Asset Portfolio), while the remaining Rs11.25 billion (Fresh Raise) is a fresh equity raise by the largest banks in Pakistan (Anchor Investors) out of which TPL REIT has received disbursements amounting to Rs5.625 billion (50% of the total Fresh Raise) as part of the first tranche, as the fund satisfied all its condition precedents for disbursement.
The initial funds received by TPL REIT will be deployed in financing the development costs of the Initial Asset Portfolio which includes the first Technology Park in Pakistan, the first sustainable integrated master plan community, Mangrove, and a residential asset; One Hoshang. The remaining 50% of the Fresh equity Raise will be disbursed in two further tranches based on specific milestones agreed upon with the Anchor Investors.
TPL REIT Management Company Limited (TPL RMC) is the leading provider of REIT management services in Pakistan. TPL RMC is a 100% owned subsidiary of TPL Properties Limited (TPLP), established to capitalize on the Real Estate development and management expertise of its parent company through launching Sustainable Development Impact REIT Funds across diverse real estate asset classes in Pakistan.
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June 27, 2022: The Pakistani rupee (PKR) on Monday gained around one rupee against the greenback in early trade as the local unit is being traded at 207.03/207.53 per USD [9:49 PST], compared to the previous close of PKR207.48 per USD.
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June 27, 2022: Malaysian palm oil futures jumped more than 2% on Monday, recouping some losses from a plunge last week, but gains were capped by weak exports so far in June.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 111 ringgit, or 2.38%, to 4,775 ringgit ($1,084.73) a tonne during early trade.
Palm declined 14.5% last week, effectively giving up most of the gains for this year so far. The contract had rallied earlier this year due to a global edible oil shortage after Russia's invasion of Ukraine disrupted supplies of sunflower oil.
Exports of Malaysian palm oil products for June 1-25 fell between 13% and 19.6% from the same period in May, cargo surveyors said on Saturday.
Germany does not expect its proposal for a temporary waiver on biofuel mandates to get agreement from the Group of Seven leading industrialized democracies due to resistance from the United States and Canada, a German government source said.
Dalian's most-active soyoil contract DBYcv1 rose 1.4%, while its palm oil contract DCPcv1 gained 0.04%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.14%.
Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.
Stocks gained in Asia, amid improved risk sentiment after Wall Street rebounded strongly at the end of last week as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.
June 27, 2022: Sri Lanka is struggling to secure fresh fuel supplies, a top government minister said on Sunday, as the crisis-hit country of 22 million people is down to just 15,000 tons of petrol and diesel to keep essential services running in the coming days.
The island is wilting under its worst financial crisis in seven decades with foreign exchange reserves at record lows leaving it scrambling to pay for essential imports including fuel, food, and medicine.
"We are struggling to find suppliers. They are reluctant to accept letters of credit from our banks. There are over $700 million in overdue payments so now suppliers want advance payments," Power and Energy Minister Kanchana Wijesekera told reporters.
In the past two months, Sri Lanka largely received fuel via a $500 million Indian credit line, which ran out in mid-June. A petrol shipment due last Thursday failed to arrive and no fresh shipments are yet scheduled, Wijesekera said.
"We have about 9,000 metric tons of diesel and 6,000 metric tons of petrol left. We are doing everything we can to get new stocks but we don't know when that will be."
However, Sri Lanka also implemented a 12%-22% fuel price increase in the early hours of Sunday. A price hike in May pushed inflation to 45.3%, the highest since 2015.
People, already waiting in kilometers long, snaking queues outside pumps, are unlikely to get fuel as the government will focus on issuing the remaining stocks for public transport, power generation, and medical services, Wijesekera said.
The military, which has already been deployed at fuel stations to quell unrest, will now issue tokens to those waiting, sometimes for days, he said, adding that ports and airports will be given fuel rations.
Separately, the government on Sunday asked about one million public employees to work from home until further notice.
A top delegation from the U.S. Treasury and State Departments arrived in Colombo for a three-day visit on Sunday to assess the situation. A team from the International Monetary Fund is already in Sri Lanka for talks on a possible $3 billion bailout package.