February 25, 2020 (MLN): Flying Cement Company Limited has decided to increase the Authorized Share Capital of the company from Rs 2,000,000,000 or Rs 2 billion divided into 200 million ordinary shares of Rs 10 each to Rs 4 billion divided in to 400 million ordinary shares of Rs 10 each.
The above information was disseminated by the company via notification to Exchange.
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Apr 02, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Thursday in which it mopped upRs.48.25 Billion from the market for 1 Day.
| Amount* | Rate | Bids | |||||
|---|---|---|---|---|---|---|---|
| Tenor | Type | Offered | Accepted | High - Low | Accepted | Offered | Accepted |
| 1D | Repo (Mop-Up) | 73.050 | 48.250 | 10.95 - 10.79 | 10.89 | 10 | 5 |
| OMO Settlement: same day April 02, 2020 | |||||||
| *Amount in Billions | |||||||
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April 02, 2020 (MLN): The shareholders of Fauji Foods Limited (FFL) in their Annual General Meeting held on April 02, 2020, have approved an increase in the authorized share capital of the company from Rs 7 billion (Rs 10 per share) to Rs 10 billion (Rs 10 per share), revealed a notification by FFL to PSX.
In an AGM, the following investment and sponsor support commitments have also been approved;
Debt to equity conversion of a disbursed loan of Fauji Fertilizer Bin Qasim Limited (FFBL) to Fauji Foods Limited amounting to Rs 2.63 billion together with a mark-up of Rs 118,863,713/-
Further investment/ support to FFL by FFBL amounting to Rs 4.5 billion through either, or a combination of, a subordinated shareholder loan (not exceeding the amount of Rs 2.5 billion) or collateral support for a period not exceeding one year.
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April 2, 2020 (MLN): The Board of Directors of Tata Textile Mills Limited (the "Company"), in a meeting, held on April 01, 2020 approved the draft Scheme of Arrangement, as per the scheme, Island Textile Mills Limited, Saifi Textile Mills Limited, and Tata Energy Limited will be merged with and into the Tata Textile Mills.
According to the notification, the draft of the Scheme is subject to obtaining all necessary shareholders', creditors' and regulatory approvals, and the sanction of the Scheme by the High Court of Sindh along with the fulfilment of related legal formalities.
In terms of the Scheme, inter alia;
(i) Island Textile Mills Limited ("Island") shall be merged with and into the Company, against which 15,100,000 shares of the Company shall be issued to the shareholders of Island based on a swap ratio of 30.2, shares of the Company for every 1 share of Island;
(ii) Salfi Textile Mills Limited ("Salfi") shall be merged with and into the Company, against which 17,381,364 shares of the Company shall be issued to the shareholders of Salfi based on a swap ratio of 5.2 shares of the Company for every 1 share of Salfi;
(iii) Tata Energy Limited ("Tata Energy") shall be merged with and into the Company, against which 6,187,500 shares of the Company shall be issued to the shareholders of Tata Energy based on a swap ratio of 6 shares of the Company for every 1 share of Tata Energy;
Furthermore, the Board approved the Draft Valuation Report, which, inter alia, contains the valuations/calculations of the swap ratios.
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April 02, 2020 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 1 day OMO to mop-up funds from the market.
Quotes timing is: 11:30 PST while result will be announced at: 12:00 PST
Settlement is same day - April 02, 2020
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April 2, 2020: Oil rebounded in Asian trade Thursday on hopes for a US intervention to end a Saudi-Russia price war amid the escalating coronavirus pandemic.
Analysts said however that gains are likely to be limited as demand struggles because of business shutdowns, the grounding of air travel and other social distancing measures put in place to contain the outbreak.
In morning Asian trade, US benchmark West Texas Intermediate (WTI) was trading 3.25 percent higher at $20.97 a barrel.
International benchmark Brent crude advanced 3.8 percent to $25.68 a barrel.
Both benchmarks fell to their lowest levels in 18 years on Monday, with WTI briefly dipping below $20 a barrel.
"Oil prices are higher on news that President (Donald) Trump will hold a round table discussion with the country's top oil executives," said AxiCorp global market strategist Stephen Innes.
The meeting is "presumably to discuss possible coordinated production curtailment measures in an attempt to buy some time for the struggling US shale industry," he said in a note.
Innes said that Trump's "acknowledging of the problems in the oil patch is critical" as he could be instrumental in resolving the price war that has led to the supply glut.
Saudi Arabia, the world's biggest crude exporter, on Wednesday ramped up its price war with Russia, boosting crude oil supply to record levels.
State giant Aramco offered 18.8 million barrels on a single day despite pressure from Washington.
ANZ Bank said US crude prices were also being supported by reports that the US energy department might rent space in the country's emergency oil reserves to local producers.
"This would help drillers store excess crude," it said.
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