Tag: Economy
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JS Investments decided to buy back 27.9 mln of...
June 25, 2019 (MLN): JS Investments Limited in its meeting held earlier today, i.e. June 25, 2019 has decided to recommend to purchase/ buy back up to a maximum of 27,934,840 of its issued ordinary shares of the face value of Rs.10 each, at a purchase price of Rs.18 per share.
According to an official announcement released by the company, the shares will be purchased through tender offer from August 2, 2019 to August 31, 2019. It was further stated that the purchase will be made in cash & out of distributable profits of the company.
The notification also added that the purchase will improve the EPS subsequent to the purchase and will also result in improved dividend. Moreover, it will provide an opportunity of exit to those members who wish to liquidate their investments.
As a result of this action, the company’s financial position is expected to improve as the company will utilize available funds to purchase capital which is in excess of the company’s requirements.
In this regard, the Board of Directors have decided to convene an Extra Ordinary General Meeting on July 24, 2019 to the seek members’ approval to the aforementioned proposal to purchase shares.
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Subsidy by Punjab govt improves DAP off-take by 240%
June 25, 2019 (MLN): DAP offtake for the month of May 2019 has increased by 240.8 percent to 213 thousand tonnes, mainly due to the subsidy provided by Government of Punjab.
As per the data maintained by the National Fertilizer Development Centre, the largest portion of overall offtake during the said period was sold in Punjab, where around 136 thousand tonnes were consumed.
From the remaining amount, 64 thousand tonnes were sold in Sindh, 7.3 thousand tonnes in Balochistan, whereas 6.5 thousand tonnes were sold in Khyber Pakhtunkhwa.
Total availability of DAP during May 2019 was 717 thousand tonnes, comprising of 620 thousand tonnes inventory, 21 thousand tonnes imported supplies and 76 thousand tonnes of local production.
Therefore, the closing balance works out to be about 503 thousand tonnes.
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Govt lauded for preferring taxes over loans
Jun 25, 2019: The Pakistan Economy Watch (PEW) on Tuesday lauded the incumbent government to take a hard way of documentation of the economy to generate resources.
The governments in the past have always preferred foreign loans over taxes, which has threatened the survival of the country, it said.
Pakistan started taking loans for development projects but mismanagement pushed the country to take loans for balance of payments and now loans are being taken to repay old loans, said Dr. Murtaza Mughal, President PEW.
He said that the government should take harsh steps against the property sector which has become the heaven of black money.
Real estate transactions through cash should be banned and banking transaction should be made mandatory and the same procedure should be adopted in buying and selling cars.
Dr. Murtaza Mughal said that there was no need to celebrate temporary relief by Financial Action Task Force (FATF) as the sword of action was still hanging over Pakistan.
The credit of defeat of India in FATF goes the government, Foreign Office and the Pakistani delegation who won the support of some European countries which have always supported India.
India will never accept its failure and initiate more efforts to get Pakistan blacklisted to make its toxic agenda a reality.
However mere diplomacy would not help Pakistan in the long run and solid steps were needed to fulfill eighteen demands of the global watchdog.
APP
Urea sales rise by 20% due to rumors of...
June 25, 2019 (MLN): Urea sales witnessed a rise of 20 percent during the month of May 2019, as the total offtake during this period stood at 593 thousand tonnes as compared to the same period of last year.
As per the data released by the National Fertilizer Development Centre, the increase in offtake is due to rumors of taxation on fertilizer industry.
The biggest portion of overall offtake during the aforesaid period was sold in Punjab, where around 400 thousand tonnes were consumed. From the remaining amount, 149 thousand tonnes were sold in Sindh, 26 thousand tonnes in Khyber Pakhtunkhwa, 18 thousand tonnes in Balochistan whereas 0.1 thousand tonnes were sold in AJK.
Total urea availability during May 2019 was about 864 thousand tonnes, which comprised 337 thousand tonnes of previous month leftover, and domestic production of 527 thousand tonnes.
Thus closing balance is worked out to be 266 thousand tonnes.
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Fertilizer off-take increases by 49.7% YoY in May
June 25, 2019 (MLN): Total fertilizer offtake during the month of May, 2019 stood at 458 thousand tonnes, demonstrating an increase of 49.7 percent as compared to the corresponding period of last year
As per the data provided by National Fertilizer Development Centre (NFDC), Nitrogen offtake was 340 thousand tonnes which increased by 28.8 per cent, while offtake of phosphate was 116 thousand tonnes which also increased by 192.8 per cent over May 2018.
Moreover, Potash offtake witnessed a decrease by 18.3 percent.
Total nutrient offtake during Kharif 2019 (April-May) was about 695 thousand tonnes, which witnessed, an increase of 22.7 per cent over same timeframe of Kharif 2018. Out of this, nitrogen offtake was 519 thousand tonnes (+8.8 percent), phosphate 171 thousand tonnes (100.9 percent) and potash about 5.2 thousand tonnes (+16.6 percent).
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