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Malaysian PM Mahathir submits resignation letter

February 24, 2020: Malaysian Prime Minister Mahathir Mohamad has submitted the letter to resign as Prime Minister, his office said Monday.

The resignation letter was submitted to Malaysia's King around noon, said a statement released by the PM office.

The announcement comes amid reports that Mahathir, 94, will break up the ruling Pakatan Harapan coalition, which has been in power since winning the general election in May 2018, to form a new government with other parties.

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JS Investments to undertake business of REIT Management Services...

February 24, 2020 (MLN): JS Investments Limited (JSIL) has taken two important decisions in its meeting held on February 21, 2020, the company’s notification sent to Exchange revealed.

First, the Board of Directors has decided that the Company may undertake the business of REIT Management Services under the Real Estate Investment Trust Regulations, 2015, in combination with its existing business, subject to the prior approval of Securities & Exchange Commission of Pakistan ("SECP"). 

For this purpose, the Board has also approved the necessary alterations in the  Memorandum of Association of the Company, subject to the prior in-principle approval of SECP and subsequent approval of the shareholders by a special resolution.

Second, the Board has approved the merger of JS LCF and JS VF (collectively referred to as the "Merging Schemes" with and into JS GF (the 'Surviving Scheme).

The approved merger is subject to the approvals by the unitholders and Trustees of the schemes, Securities and Exchange Commission and other regulatory requirements, after which the net assets of JS LCF and JS VF will be transferred to JS GF on the effective date to be announced by the management company in due course.

As a consideration, the unitholders of IS LCF and IS VF will be issued units of IS GF based on the swap ratio of the effective date of the merger.

The management of the company further stated that the merger will give the unitholders of surviving scheme to benefit from economies of scale due to lower expense ratio, resulting in fulfilling the investment objectives and policies more economically and efficiently.

 Meanwhile, it is important to mention that “the investment amount of all the unit holders will remain unaffected except for the impact of capital gain tax, where applicable. The units of the surviving scheme will be issued to the unitholders of the merging schemes (as consideration) in accordance with the swap ratio to be determined on the basis of the net assets of each of the schemes on the effective date,” the notification said.

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Hascol Petroleum gets a new CEO

February 24, 2020 (MLN): The Board of Directors of Hascol Petroleum Limited has appointed Mr. Waheed Ahmed Shaikh as the Chief Executive Officer in place of Mr. Salem Butt with effect from March 4, 2020.

It maybe noted that Mr. Saleem Butt had submitted his resignation as CEO of the Company due to personal reasons, which was accepted by the Board subject to ninety days’ notice as per his employment contract commencing from December 20, 2019.

Mr. Shaikh has extensive experience in the Energy sector encompassing business management, supply chain management, and operations management. Mr. Shaikh was previously the Chief Executive Officer of Al-Dabbagh Group and played a pivotal role in the acquisition of the Petroleum Corporation, Al-Dabbagh Group’s wholly-owned entity, and turning around the company into a highly successful business.

Prior to joining Al-Dabbagh Group, he spent 12 years working in Shell Pakistan Limited, where he held various senior positions in their downstream oil business in Pakistan.

Mr. Shaikh holds a Master’s degree in Business Administration from the University of Hawaii in the US and a Bachelors in Mechanical Engineering from the University of Engineering and Technology in Pakistan.

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Sale of DAP registers a substantial decline of 41%...

February 24, 2020 (MLN): The overall DAP offtake during January 2020 stood at 44 thousand tonnes, registering a decrease of 41.4 percent as compared to January 2019.

DAP offtake during January 2020 decreased in Punjab, Sindh, and KP by 32, 75 and 14 percent respectively, whereas it increased by 36 percent in Balochistan.

Total DAP availability was 575 thousand tonnes during the month under review. It comprised 520 thousand tonnes of opening balance, 16 thousand tonnes of imported supplies and 39 thousand tonnes of domestic production (Table 5). DAP offtake was about 44 thousand tonnes.  The closing balance works out to be 533 thousand tonnes.

The total availability of DAP is estimated at around 1,625 thousand tonnes during Rabi 2019-20. This includes 406 thousand tonnes of opening stock, 824 thousand tonnes of imported supplies and 395 thousand tonnes of domestic production. The estimated offtake of DAP would be 1204 thousand tonnes, leaving a closing balance of 422 thousand tonnes for next season.

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All Asian Stock Markets down including Pakistan

February 24, 2020 (MLN): All Asian Stock Markets dropped sharply on Monday including Pakistan.

The KSE-100 index has lost around 767 points in the initial hours of the session and is currently trading at 39,481 points (11:00 am).

Stock Markets of Japan, Singapore, Korea, Thailand, Malaysia, India, China and Jakarta also witnessed downcast as concerned over the spread of the global deadly virus intensified.

Furthermore, oil prices dipped by 1.2 percent while gold prices increased by 1 percent.

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