PKGS's land likely to be auctioned due to refusal on extension in lease

MG News | January 07, 2019 at 03:27 PM GMT+05:00

0:00

January 7, 2019 (MLN): Packages Limited’s (PKGS) leased land, comprising 231 Kanals and 19 Marlas is likely to be auctioned, given that the Honorable Supreme Court is expected to refuse an extension in the lease of the land.

In an official announcement issued to the Pakistan Stock Exchange (PSX), the Company has disclosed that their leased land came up for hearing before the SC on Saturday January 5, 2019. PKGS agreed to pay Rs.500 million as the provisional Rent of the land for the last three years.

However, the press release states that there is an indication that the lease will not be extended in view of the new policy under formulation by the Government of Punjab.

Nevertheless, the company is in process of obtaining the order of the Honorable Supreme Court in the matter.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	163,304.13 424.61M	-0.78% -1286.28
ALLSHR	99,380.97 1,038.42M	-0.94% -946.44
KSE30	49,842.51 138.16M	-0.73% -367.30
KMI30	238,104.17 78.33M	-0.14% -327.97
KMIALLSHR	65,590.95 485.77M	-0.66% -435.42
BKTi	45,705.29 72.87M	-2.08% -972.73
OGTi	32,671.23 13.00M	-0.23% -74.93

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	110,795.00	112,355.00 109,820.00	375.00 0.34%
BRENT CRUDE	66.08	66.78 65.41	0.09 0.14%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-1.05 -1.29%
ROTTERDAM COAL MONTHLY	92.60	0.00 0.00	0.10 0.11%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	61.69	62.59 61.21	-0.10 -0.16%
SUGAR #11 WORLD	14.97	15.34 14.93	-0.32 -2.09%