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Malaysian Gem Corporation to invest $50 million in Pakistan’s...

March 25, 2019: Executive Chairman of Malaysian Gem Corporation Datuk Ahmed Hasham on Monday said that his company would soon invest fifty million dollars in Pakistan to promote the gemstone business.

In an interview on PTV, he said that his company would sign Memorandum of Understandings with the provincial governments.

"Secondly we would try to establish gemstone cutting and polishing centers in Islamabad," he added.

He said the company would set up a think tank to launch local stones of Pakistan on an international level as Pakistani stones were of the best quality, adding the Pakistani stone carvers could compete any lapidary in the world, he added.

He further praised the stance of Prime Minister Imran Khan for providing the safe and corruption free zone to the gem investors.

(APP)

Corporate Roundup: Byco appoints Mr. Zafar Shahab as CFO

March 25, 2019 (MLN): Several major companies listed on the Pakistan Stock Exchange made important announcements today, mainly pertaining to the change in the management affairs. Some of these announcements are;

The Board of Directors of Byco Petroleum Limited has appointed Mr. Zafar Shahab as the Chief Financial Officer as of 18th March 2019 in place of Mr. Naeem Asghar Malik who has resigned.

Matco Foods Limited has announced the resignation of Mr. Tariq Iqbal from the post of Chief Financial Officer with effect from March 22, 2019, and the appointment of Mr. Muhammad Aamir Farooqui as the new Chief Financial Officer.

Silkbank Limited has appointed Mr. Azmat Shahzad Ahmed Tarin as Director with effect from March 22, 2019, in place of Mr. Shamsul Hassan.

Hinopak Motors Limited has announced the cessation of Mr. Tatsuhei Muto from the designation of Chief Executive Officer of the company on March 22, 2019, and appointed Mr. Yoshihiko Naami as the new Chief Executive Officer of the company.

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Govt borrowing expands by Rs.164 bln

March 25, 2019 (MLN): Pakistan’s government sector borrowed an additional net sum of Rs.164.2 billion during the week that ended on March 15, 2019, bringing the total net borrowing of the sector to Rs.940.2 billion for the ongoing fiscal year 2019.

The State Bank of Pakistan’s weekly report on monetary aggregates shows that the borrowed amount accumulated by this time of year is 86% greater than net borrowing during same period last year (Rs.505.3 billion).

The government sector borrowings are divided into three broad categories based on the purpose of loan, which are budgetary support, commodity operations and others.

Up until March 15, 2019, the government of Pakistan borrowed a net of Rs.1.1 trillion for budgetary support and Rs.834 million for other miscellaneous operations. Meanwhile, Rs.163.8 billion have been retired off Commodity Operations.

Within budgetary borrowing, over Rs.3.3 trillion (net) were borrowed from the central bank while 2.2 trillion were retired of Scheduled Banks.

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Private sector borrows Rs 851.7 billion during FY19

March 25, 2019 (MLN): Non-government sector has borrowed a sum of Rs. 851.7 billion as of March 15, 2019, during the current fiscal year.

According to the State Bank of Pakistan’s weekly report on loans, credit to the private sector during the period under review reached Rs. 551.8 billion, i.e. 49.3% higher than last year’s advances worth Rs. 369.8 billion.

Within the private sector, credit to conventional banking branches was Rs. 374 billion, credit to Islamic Banks was Rs. 80 billion while credit to Islamic Branches of conventional banks was Rs.96.7 billion.

On the other hand, credit to Public Sector Enterprises (PSE’s) during the period under review stands at Rs. 298.1 billion.

Furthermore, credit to NBFIs amounted to Rs. 1.7 billion for the aforementioned period.    

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Pakistan to receive $2.1 billion from China today

March 25, 2019 (MLN): As announced on Friday, Pakistan will receive 2.1 billion US dollar from China today, which would ensure balance of payment stability.

In a tweet, Finance Ministry's Spokesman Dr. Khaqan Najeeb said the funds would be deposited in the State Bank of Pakistan and it would also strengthen the country's foreign exchange reserves position.

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