Tag: ENERGY

September 18, 2020: The Asian Development Bank (ADB) is committed to partnering with developing economies in Asia and the Pacific to achieve their recovery goals from the coronavirus disease (COVID-19) pandemic, President Masatsugu Asakawa said in an address to ADB’s Board of Governors today.

“ADB will continue to earn your trust as a steadfast partner during the uncertain times we still face in our region as we build for a strong and lasting recovery,” said Mr. Asakawa. “Our work toward a sustainable, resilient, and inclusive recovery stands on a foundation of mutual trust formed over decades of cooperation with you, our members.”

He was speaking at the opening of the Business Session of the second part of ADB’s 53rd Annual Meeting of the Board of Governors, this year held in a virtual and abbreviated format due to the COVID-19 pandemic.

ADB announced in April a $20 billion package to help its developing members address COVID-19. This included rapid emergency grants and technical assistance to help governments meet urgent medical needs; a new COVID-19 Pandemic Response Option (CPRO), which is supporting countercyclical expenditure programs; and assistance for the private sector.

ADB has so far committed about $11.2 billion in financial and technical assistance to fight the pandemic. Working closely with development partners, ADB has also mobilized about $7.2 billion in co-financing.

As the region moves forward toward recovery, Mr. Asakawa said ADB will build on its relationship with its members to support them in six key areas.

First, ADB will promote regional cooperation and integration to help members seize the opportunity that renewed globalization can offer in a post-pandemic new normal. “While there are some who suggest that recent border closures and travel restrictions are signs that globalization has ground irreversibly to a halt, I do believe that globalization will return, but it will take a different shape,” Mr. Asakawa said. ADB will work with developing members to secure more diversified value and supply chains, and to promote regional public goods for better collective prevention of disease outbreaks, mitigation of climate change impacts, and enhancement of the regional financial safety net.

Second, since COVID-19 has contributed to an increase in income inequality and absolute poverty, ADB will strengthen investments in health, education, and social protection, which will better ensure safety and opportunities for all, while building the human capital that economies need to thrive in the long term.

Third, ADB will accelerate its efforts to tackle climate change in order to reach the goals established in its long-term Strategy 2030—to reach $80 billion in cumulative climate investments and 75% of the total number of committed operations by 2030.

Fourth, ADB will invest in information technology and data for health; education; financing for micro, small, and medium enterprises; and remote work—while also addressing both the digital divide and cyber security.

Press Release

September 18, 2020 (MLN): The State Bank of Pakistan (SBP) has notified that the National Savings Schemes (AML & CFT) Rules, 2019 promulgated by the Ministry of Finance on January 23, 2020 are also applicable on the commercial banks.

As according to the sub-rule (3) of Rule 1 of the aforementioned rules in which it is stated that “these rules would apply to all offices and individuals responsible for the issuance, management, marketing, registration, replacement, sale and discharge of the instruments issued by and the accounts opened at and maintained with the National Savings Centers, Pakistan Post and any other office designated as offices of issue.”

Therefore, in the light of the cited rule, the said Rules are also applicable on the commercial banks as commercial banks are performing functions of Sale, Encashment, Profit payment etc. of various National Savings Schemes (NSS) such as Prize Bonds, SSC and DSC, the notification said.

Furthermore, SBP advised commercial banks to ensure implementation of and compliance with the NSS (AML&CFT) Rules, 2019 and arrange for necessary dissemination to the concerned officials and branches.

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September 18, 2020 (MLN): Pakistan Stock Exchange has notified the listing of Perpetual, Cumulative and Convertible Preference Shares of Power Cement Limited with effect from Monday, September 21, 2020 issued by way of right offer to the existing ordinary shareholders of the company.

According to a notice issued by the PSX in this regard, the trading in the Preference Shares of the company will commence on the Exchange’s Main Board from the same date and shall be settled on a T+2 basis. The first settlement date will be Wednesday, September 23, 2020.

Moreover, the Market Lot of the company will be 500 shares of Rs. 10 each.

The shares of the company have already been declared eligible security by the Central Depositary Company of Pakistan, and all the transactions shall be settled through the National Clearing Company of Pakistan. NCCPL has assigned the Preference Shares the Security Symbol of "POWERPS".

The opening price of the Preference Shares of the company will be Rs. 10 per share,

On May 21, 2020, Power Cement had announced the issuance of 244 million preference shares as the right issue to existing shareholders which is 23% of current share capital.

It is prudent to mention that the purpose of the Right Issue is to use the proceeds to meet the cost overruns incurred in the expansion of the production capacity at the company's existing site which was embarked upon in April 2017 for adding a new line of 7700 tons per day (2.5 million tons per annum), taking the total capacity to around 3.4 million tons per annum. The project has completed and has started production in December 2019, the notification said.

This expansion with the state-of-the-art European technology plant has enabled the company to produce the world's highest cement quality of 53 Grade with the most cost-efficiency. After the successful commissioning of the new project. the Company has become the second-largest cement producer in the South Region, with a total production capacity of around 3.4 million tons per annum.

The investments by the company/shareholders are always dependent and linked with the market conditions, demand & supply economics, and the overall macroeconomic indicators of the Country.

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September 18, 2020 (MLN): The Board of Directors of Synthetic Products Enterprises Limited in its meeting held on September 17, 2020, has decided to increase the paid-up share capital of the Company by issue of a further 3,981,978 ordinary shares.

These shares will be offered to the members as Right Shares, at a price of PKR 32 per Share inclusive of a premium of PKR 22 per Share, aggregating to PKR 127,423,296.

The quantum of the Right Issue is 4.5% of the existing paid-up capital of the Company i.e.  approximately 4.5 right shares for every 100 ordinary shares held by the shareholders of the Company.

Meanwhile, it is pertinent to mention that the main purpose of Right issue is to establish a new manufacturing facility in Karachi in order to, inter alia, enhance the profitability of the Company and to improve returns to the shareholders.

Furthermore, the proceeds from the Right Issue will primarily be utilized for the meeting the CAPEX requirement of the Company.

This right issue is expected to positively impact the profitability, thereby enhancing expected returns to the shareholders, the company said in a notification to Exchange.

While with regards to risk factors associated with the Right Issue, the notification highlighted that the Right Issue has been announced at below current market price, hence, there is minimal investment risk associated with the Right Issue. Furthermore, the Right Issue is to be underwritten as per requirement of the applicable regulations.

Moreover, the notice highlights a justification of Right Issue at premium by stating that the current market price of share is much higher than the offered price and the price being offered to the shareholder for this right issue is at a significant discount.

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September 18, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.950.00 Billion into the market for 7 Days.

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