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SBP announces extended banking hours for tax collection

SBP announces extended banking hours for tax collection

June 27, 2022 (MLN): In order to facilitate taxpayers in payment of duty and taxes, the State Bank of Pakistan (SBP) has decided that the field offices of SBP Banking Services Corporation (SBP-BSC) and authorized branches of the National Bank of Pakistan will observe extended banking hours till 08:00 PM and 12:00 AM on 29th and 30th June, 2022 respectively.

The central bank in a statement issued on Monday said, “In order to facilitate the collection of Government receipts/duties/taxes, it has been decided that the field offices of SBP Banking Services Corporation and authorized branches of National Bank of Pakistan will observe extended banking hours till 08:00 PM and 12:00 AM on 29th and 30th June, 2022 respectively.”

Accordingly, NIFT has been advised to arrange a special clearing at 12:00 AM on 30th June, 2022 for same-day clearing of payment instruments.

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Pakistan notifies revised control lists under Export Control Act 2004

Pakistan notifies revised control lists under Export Control Act...

Jun 27, 2022: The government has notified the revised control lists of goods, technologies, material and equipment that are subject to Strategic Export Control Division (SECDIV) license for export, the Foreign Office said Monday.

The lists have been notified pursuant to the export control related to Nuclear and Biological Weapons and their Delivery Systems Act 2004.

The Act enables the government to control export, re-export, trans-shipment and transit of goods, technologies, material and equipment related to nuclear and biological weapons and their delivery systems.As part of regular review process, the SECDIV of the Ministry of Foreign Affairs has updated the control lists, in consultation with other relevant ministries and departments.

The revised control lists have been notified vide Gazette of Pakistan S.R.O. 551(I)/2022 dated 12 April 2022. The control lists were originally notified in 2005 and subsequently revised in 2011, 2015, 2016 and 2018.The FO said, "Over the years, Pakistan has streamlined and strengthened its export control regime and enhanced its engagement with international export control regimes i.e., the Nuclear Suppliers Group, the Missile Technology Control Regime and the Australia Group".

It said the revised control lists are harmonized with the standards and lists of these export control regimes.

"The notification signifies the continuing resolve and policy of Pakistan as a responsible nuclear state to advance the shared goals of non-proliferation and strictly adhere to its commitments," the FO said.

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PSX Closing Bell: Money For Nothing

PSX Closing Bell: Money For Nothing

June 27, 2022 (MLN): The capital market kicked off the week on a bullish note as the local bourse cherished the news flows suggesting that IMF is expected to send a draft of the Memorandum of Economic and Financial Policies (MFEP) to Pakistan today.

In addition to it, the final budget for FY23 would be passed on 30th June 2022 with the finance bill tabling a day before the NA session to get approved which will be a crucial step to secure the IMF deal.

Meanwhile, the uncertainty on the trading floor was also wiped out on the freshly received inflow of $2.3bn from China.

As a result, the benchmark KSE100 index ended the trading session with a gain of 826.78 points to close at 41,878.57, witnessing an intraday high of 41,952.43.

Of the 92 traded companies in the KSE100 Index 78 closed up 13 closed down, while 1 remained unchanged. The total volume traded for the index was 122.62 million shares.

Sectors propping up the index were Commercial Banks with 182 points, Fertilizer with 97 points, Cement with 93 points, Technology & Communication with 85 points, and Oil & Gas Exploration Companies with 81 points.

The most points added to the index were by MARI which contributed 65 points followed by FFC with 55 points, SYS with 51 points, MCB with 46 points, and HBL with 44 points.

Sector-wise, the index was let down by Inv. Banks / Inv. Cos. / Securities Cos. with 3 points and Sugar & Allied Industries with 2 points.

The most points taken off the index was by OGDC which stripped the index of 7 points followed by DAWH with 6 points, PPL with 3 points, SML with 2 points and ILP with 2 points.

All Share Volume decreased by 176.33 Million to 247.90 Million Shares. Market Cap increased by Rs.109.60 Billion.

Total companies traded were 333 compared to 364 from the previous session. Of the scrips traded 228 closed up, 90 closed down while 15 remained unchanged.

Total trades decreased by 63,399 to 99,296.

Value Traded decreased by 5.43 Billion to Rs.7.38 Billion

CompanyVolume

Top Ten by Volume

K-Electric32,041,500
Treet Corporation19,925,500
Unity Foods14,428,500
Pakistan Refinery13,320,095
TPL Properties11,516,697
Cnergyico PK11,011,804
Worldcall Telecom8,974,000
Maple Leaf Cement Factory7,038,095
Telecard6,298,500
Oilboy Energy(R)6,064,000

 

SectorVolume

Top Sector by Volume

Food & Personal Care Products38,589,052
Technology & Communication36,515,276
Power Generation & Distribution35,667,459
Refinery26,727,346
Cement23,820,078
Oil & Gas Marketing Companies14,766,476
Miscellaneous12,860,997
Chemical11,469,149
Commercial Banks10,542,893
Cable & Electrical Goods5,988,800

 

 

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Pakistan signs debt suspension agreement worth $107mn loan

Pakistan signs debt suspension agreement worth $107mn loan

June 27, 2022 (MLN): Pakistan has signed an agreement with France to get a suspension of loans worth $107 million under the G-20 Debt Service Suspension Initiative (DSSI) framework, a press release said today.

This amount, initially repayable between July and December 2021 will now be repaid over a period of six years (including a one-year grace period) in semi-annual installments.

The agreement was signed by Mr. Mian Asad Hayaud Din, Federal Secretary for Economic Affairs Division and H.E. Nicolas Galey, the Ambassador of the French Republic to Pakistan in Islamabad today.

The Government of Pakistan (GoP) has already signed agreements with the French Republic for a suspension of $261 million. Due to the support extended by the development partners of Pakistan, the G-20 DSSI has provided the fiscal space which was necessary to deal with the urgent health and economic needs of the Islamic Republic of Pakistan. The total amount of debt that has been suspended and rescheduled under the DSSI framework, covering the period from May 2020 to December 2021, stands at $3,688 million.

Pakistan has already concluded and signed 93 agreements with 21 bilateral creditors for the rescheduling of its debts under the G-20 DSSI framework, amounting to rescheduling of almost $3,150 million. The signing of the above-mentioned agreements brings this total to $3,257 million. Negotiations for the remaining agreements to be signed under the G-20 DSSI are ongoing.

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WAVES formulates plan to complete Scheme of Arrangement with Samin Textiles

WAVES formulates plan to complete Scheme of Arrangement with...

June 27, 2022 (MLN): The Board of Waves Singer Pakistan Limited has discussed and formulated a plan to complete all actions regarding the Scheme of Arrangement between Waves Singer Pakistan Limited and Samin Textiles Limited, in accordance with the Order of Lahore High Court (LHC).

Accordingly, it has been decided that the name of Waves Singer Pakistan Limited shall be changed into Waves Corporation Limited and Samin Textiles Limited into Waves Home Appliances Limited.

Hence, the stock symbol of the Company will be changed to "WeCorp" and the Stock symbol of Waves Home Appliances Limited will be changed to "Waves".

Demerger and amalgamation of home appliances business of the Company with and into Waves Home Appliances Limited, with effect from 31 August 2021, while, real estate development business and retail shop network for consumer appliances and other consumer goods, will be retained in the Company.

Moreover, the company planned to issue 199,724,956 new ordinary shares of Waves Home Appliances Limited to the Company, whereby Waves Home Appliances Limited will become a subsidiary of the company and issuance of 56,281,240 new ordinary shares of Waves Home Appliances Limited to shareholders of the Company (in the ratio of 20 shares of Waves Home Appliances Limited for every 100 shares held by shareholders of the Company).

The issuance of new shares of Waves Home Appliances Limited will take place after the consolidation of existing shares of Waves Home Appliances Limited in the ratio of 100 shares for every 225 existing shares pursuant to the Scheme.

The Board decided that no fractional shares shall be issued under the Scheme of Arrangement. All fractions less than a single share shall be consolidated into whole shares, which shall be issued to any one of the Directors or

Company Secretary upon trust to sell such shares and to pay the proceeds realized (less expenses of sale) to a registered charitable institution.

Separate book closure notices shall be issued to the shareholders of the Company in respect of the determination of entitlement of new share of Waves Home Appliances Limited to the Company and its shareholders, in consultation with PSX, CDC and the share registrar etc., subject to completion of necessary formalities as may be required.

The Board has authorized the Chief Executive Officer (CEO) to undertake and complete any or all formalities on part of the Company that are required pursuant to the Scheme and Order of LHC. The CEO is further authorized to delegate any of his power to any person as he may deem appropriate for the purpose of the above.

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