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Synthetic Product Enterprises to issue a Right Shares to...

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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OMO Result: SBP Injects Rs.950.00 Billion for 7 Days

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.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
7DReverse Repo (Injection)950.000950.0007.09 - 7.027.022222
 
OMO Settlement: same day September 18, 2020
*Amount in Billions

 

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Govt committed to enhance country’s exports: President

September 18, 2020: President Dr. Arif Alvi says the government is committed to enhance and promote the country's exports by removing all the obstacles.

He expressed these views while addressing the ceremony of Lahore Chamber Export Trophy 2020, in Islamabad on Thursday.

The President stressed the need for utilizing Information Technology and Artificial Intelligence in the agriculture sector to increase the agricultural yield.

He said diversification of exports and value addition in the crops are of vital importance.

He said honesty, ethics, and morality are imperative to provide a boost to the trade-related activities in the country.

He said investment in the IT sector is very essential to achieve the goals of the country's fast-paced development. The President said we will also have to bring the industry and academia together.

The President said the IT sector is the best sector, where the women have the opportunity to work from home and excel in their lives.

He said peace in Afghanistan is in the best interest of Pakistan, which will definitely prove helpful in enhancing the country's exports as well.

Radio Pakistan

PM directs to introduce online system for construction sector

September 18, 2020: Prime Minister Imran Khan has directed all provinces to introduce an online system easy to use and provide all possible facilities to the consumers related to the construction sector. 

Addressing the weekly meeting of the National Coordination Committee for Housing, Construction, and Development in Islamabad on Thursday, he expressed satisfaction over the efforts made to facilitate the system for those involved in the construction sector.

The Prime Minister directed Chief Secretaries to pay special attention to the eradication of Patwari and corruption culture and the introduction of digitization in land transfer and other issues.

In view of the unplanned growing population in Karachi, the Prime Minister directed that special attention should be paid to formulate the master plan for the Quaid's city in the shortest possible time.

Addressing the business community, the Prime Minister said the government is committed to addressing every issue facing by the community on a priority basis. He said that suggestions of people associated with the construction sector will be welcomed.

Radio Pakistan

PM approves establishment of 3 markets along Pak-Afghan &...

September 18, 2020: Prime Minister Imran Khan has approved the establishment of three markets along Pak-Afghan and Pak-Iran borders as a pilot project.

The approval was given in a high-level meeting on the establishment of border markets in Pak-Afghan and Pak-Iran border areas in Islamabad on Thursday with the Prime Minister in the chair.

The markets, two in Balochistan and one in Khyber Pakhtunkhwa will be completed and activated by February next year.

Speaking on the occasion, the Prime Minister said these markets will provide better business and trade opportunities to the people living along with the border areas.

 

Radio Pakistan

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