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Feb 24, 2020: European stock markets sank at the start of trade on Monday, with the heaviest falls in Italy as alarm spread over the growing coronavirus outbreak, dealers said.

In Italy, which on Monday confirmed its fourth fatality from the COVID-19 epidemic, Milan's FTSE MIB benchmark shares index tumbled 4.2 percent to 23,740.11 points.

London's FTSE 100 index sank 2.2 percent to 7,239.47, Frankfurt's DAX 30 slumped 2.9 percent to 13,187.62 and the Paris CAC 40 shed 2.9 percent to 5,854.11 compared with Friday's closing levels.

AFP/APP

February 24, 2020: Federal Minister for Energy, Omar Ayub Khan says the country has great potential for investment in energy sector, and companies are looking to invest in Pakistan.

Addressing a function in Islamabad on Monday, he said artificial intelligence and latest technology are being introduced in energy sector for optimal exploitation of the sector.

The Minister said we have to be up to date being faster, better and cheaper in respect of energy production.

He said the government is focusing on renewable energy and a new power policy is being prepared.

Omar Ayub said the government is aiming to produce 75 percent energy through indigenous resources.     

Radio Pakistan

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.

APP

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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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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