In a release issued by the company, it has informed all the relevant stakeholders that Mr. Mohammad Abdullah has ceased to be the Chairman of the Company w.e.f. 1st August, 2017 and Mr. Amer Abdullah has been appointed as the Chairman.
The release can be accessed here.
September 21, 2020 (MLN): Pakistani rupee (PKR) depreciated by 47 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 166.3 per USD, against last session's closing of PKR 165.83 per USD.
The rupee saw a volatility free session as very little movement was recorded trading in a range of 52 paisa per USD showing an intraday high bid of 166.37 and an intraday Low offer of 165.93.
Within the Open Market, PKR was traded at 165.70/166.50 per USD.
Alternatively, the currency gained 1.7 rupees against the Pound Sterling as the day's closing quote stood at PKR 213.53 per GBP, while the previous session closed at PKR 215.25 per GBP.
Similarly, PKR's value strengthened by 45 paisa against EUR which closed at PKR 196.18 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 6.75/6.90 percent, whereas the 1 week rate was 6.95/7.00 percent.
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Sep 21, 2020: The import of mobile phones into the country has witnessed an increase of 87.37 percent during the first two months of ongoing financial year (2020-21) as compared to the corresponding period of last year.
Pakistan imported mobile phones worth US $306.383 million during July-August (2020-21) as compared to the imports of US $163.519 million during July-August (2020-21), showing growth of 87.37 percent, according to the latest data issued by Pakistan Bureau of Statistics (PBS).
On year-on year basis, the import of mobile phones witnessed increased of 85.84 percent in August 2020, as compared to the imports of the same month of last year.
The mobile imports during August 2020 were recorded at US $158.384 million against the imports of US $85.224 million in August 2019.
On month-on-month basis, the imports of mobile phones also increased by 7.02 percent during August 2020, as compared to the imports of US $147.999 million during July 2020, according to the data.
It is pertinent to mention here that the country trade deficit witnessed reduction of 8.32 percent during the first two months current fiscal year (2020-21) as compared to the deficit of the corresponding period of last year.
The deficit during July-August (2020-21) was recorded at $3.382 billion against the deficit of $3.689 billion, the data revealed.
During the period under review, the country’s exports registered negative growth of 4.27 percent, by going down from $3.744 billion last year to $3.584 billion during the current year.
On the other hand, the imports witnessed decreased of 6.28 percent, from $7.433 billion last year to $6.966 billion this year.
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September 21, 2020 (MLN): Avanceon Limited and its subsidiary Avanceon FZE have signed Supply, Installation, Maintenance and Upgradation Contracts worth over 100 Million PKR with a major supplier of natural gas in Pakistan. Avanceon will be providing a wide range of services to install, maintain and upgrade critical systems at multiple gas fields.
According to a notification issued to PSX in this regard, the projects will include Avanceon’s first Service Level Agreement (SLA) for Schneider Foxboro I/A Series Distributed Control Systems which will be serviced by the After-Market Support (AMS) division.
This is a major success for Avanceon’s AMS portfolio as previously the customer engaged the OEM directly for support and SLAs. Avanceon is a certified Alliance Partner of Schneider Electric and has proven its technical expertise across various portfolios. The SLA will be for one year and will conclude in 2021.
The scope of work for Avanceon will include,
· Supply of Material (Hardware and Software)
· Project Engineering, Management, System Engineering and Configuration with Factory Acceptance and Site Acceptance Tests
· Onsite Commissioning and Start Up Services.
· Installation and Integration Services and Commissioning of Supplied Materials
· Operational & Maintenance Training for the customer at Avanceon facility
· Commissioning of Performance Guarantee Test (PGT) and Performance Reliability Test (PRT)
Avanceon will also provide the following services for a critical exploration well for the customer.
· Design, Supply & Installation of PLC SCADA System
· Design, Supply & Installation of Solar System
· Pre-Commissioning, Commissioning and Engineering Services
‘The series of projects are a major step forward for Avanceon’s Oil & Gas and AMS portfolio. The projects are currently underway and will be commissioned within the agreed timeframe’. the notification added.
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September 21, 2020 (MLN): The Pakistan Stock Exchange has said that Foreign persons and institutions as well as non-resident Pakistanis (NRPs) can invest in securities listed on PSX and benefit from potential growth opportunities available through investing in the Exchange.
‘For non-resident Pakistanis, investing in PSX is specially an attractive venture as it will enable them to benefit from the competitive returns from the Pakistani Capital Market while being stakeholders in their homeland’s economy’, PSX said on its website.
‘Foreign investors are considered at par with the local investors at PSX and they can acquire 100% of the ownership in all companies except the restricted industries. There is no extra taxation for foreign investors and they are allowed repatriation of profit and investment at any time with the approval of State Bank of Pakistan’, it added.
Th Central Depositary Company (CDC), too, recently released detailed information regarding the process flows of investment in stock market by Non-Resident Pakistan through Roshan Digital Account (RDA), in order to facilitate them on its use. The report covered information pertaining to Account opening, offering of direct Custodial Services (SCRA Model) by the designated Bank of NRP, and trading through CDC DSS.
There are now two ways an investor from abroad can invest on PSX. One is through opening a Special Convertible Rupee Account (SCRA) and the other is through opening of Roshan Digital Account (NRP Rupee Value Account – NRVA).
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September 21,2020 (MLN): In the month of August 2020, export receipts from Petroleum group & coal have been recorded at $21.58 million, showing a significant increase by 2.6 times when compared to exports of July 2020. While on yearly basis, it witnessed a decline of 50.39%.
Meanwhile, imports of the same group surged by around 2.4% MoM and plunged 24.27% YoY to value at $770.58 million in August 2020.
Cumulatively, during Jul-Aug FY21, the overall exports of Petroleum group & coal witnessed a decline of 38.62% YoY to stand at $29.9 million against $48.7 million in Jul-Aug FY20.
On the other hand, the imports of the Petroleum group during Jul-Aug FY21 dropped by 24.6% YoY to clock in at $1.52 billion against $2 billion in the corresponding period of FY20 as the lockdowns across the country has suffered domestic fuel demand.
According to the latest data issued by the Pakistan Bureau of Statistics (PBS), the main exportable products during 2MFY21 were petroleum crude and petroleum top naphtha. The exports of petroleum crude showed a notable decline by 59.8%YoY while the exports of Petroleum top naphtha surged by 153% YoY to $11.75 million.
On the import front, the products that contributed in declining Petroleum import bill include Petroleum Products, Petroleum Crude and Natural Liquefied Gas as their imports declined by 16.38%, 7.52% and 54.5% YoY respectively. During 2MFY21, $750.38 million worth of Petroleum Products were imported, whereas, the import bill of Petroleum Crude and Natural Liquefied Gas stood at $443.78 million and $273.28 million respectively.
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