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Island Textile, Saifi Textile, Tata Energy to merge into...

April 2, 2020 (MLN): The Board of Directors of Tata Textile Mills Limited (the "Company"), in a meeting, held on April 01, 2020 approved the draft Scheme of Arrangement, as per the scheme, Island Textile Mills Limited, Saifi Textile Mills Limited, and Tata Energy Limited will be merged with and into the Tata Textile Mills.

According to the notification, the draft of the Scheme is subject to obtaining all necessary shareholders', creditors' and regulatory approvals, and the sanction of the Scheme by the High Court of Sindh along with the fulfilment of related legal formalities.

In terms of the Scheme, inter alia;

 (i) Island Textile Mills Limited ("Island") shall be merged with and into the Company, against which 15,100,000 shares of the Company shall be issued to the shareholders of Island based on a swap ratio of 30.2, shares of the Company for every 1 share of Island;

(ii) Salfi Textile Mills Limited ("Salfi") shall be merged with and into the Company, against which 17,381,364 shares of the Company shall be issued to the shareholders of Salfi based on a swap ratio of 5.2 shares of the Company for every 1 share of Salfi;

(iii) Tata Energy Limited ("Tata Energy") shall be merged with and into the Company, against which 6,187,500 shares of the Company shall be issued to the shareholders of Tata Energy based on a swap ratio of 6 shares of the Company for every 1 share of Tata Energy;

Furthermore, the Board approved the Draft Valuation Report, which, inter alia, contains the valuations/calculations of the swap ratios.

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SBP to Conduct 1 Day OMO

April 02, 2020 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 1 day OMO to mop-up funds from the market.

Quotes timing is: 11:30 PST while result will be announced at: 12:00 PST

Settlement is same day - April 02, 2020

 

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Oil rebounds on hopes of US intervention to end...

April 2, 2020: Oil rebounded in Asian trade Thursday on hopes for a US intervention to end a Saudi-Russia price war amid the escalating coronavirus pandemic.

Analysts said however that gains are likely to be limited as demand struggles because of business shutdowns, the grounding of air travel and other social distancing measures put in place to contain the outbreak.

In morning Asian trade, US benchmark West Texas Intermediate (WTI) was trading 3.25 percent higher at $20.97 a barrel.

International benchmark Brent crude advanced 3.8 percent to $25.68 a barrel.

Both benchmarks fell to their lowest levels in 18 years on Monday, with WTI briefly dipping below $20 a barrel.

"Oil prices are higher on news that President (Donald) Trump will hold a round table discussion with the country's top oil executives," said AxiCorp global market strategist Stephen Innes.

The meeting is "presumably to discuss possible coordinated production curtailment measures in an attempt to buy some time for the struggling US shale industry," he said in a note.

Innes said that Trump's "acknowledging of the problems in the oil patch is critical" as he could be instrumental in resolving the price war that has led to the supply glut.

Saudi Arabia, the world's biggest crude exporter, on Wednesday ramped up its price war with Russia, boosting crude oil supply to record levels.

State giant Aramco offered 18.8 million barrels on a single day despite pressure from Washington.

ANZ Bank said US crude prices were also being supported by reports that the US energy department might rent space in the country's emergency oil reserves to local producers.

"This would help drillers store excess crude," it said.

APP

PIA flight airlifts emergency relief goods from Beijing to...

April 2, 2020: A Pakistan International Airlines (PIA) plane carrying emergency relief supplies procured and collected to combat COVID-19 in Pakistan left here for Islamabad.

The emergency relief supplies were procured by the National Disaster Management Authority (NDMA) and collected by Pakistan Embassy, Beijing respectively.

The procured and donated relief goods included Nucleic Acid Detection Kits, IgG/IgM Rapid Test Devices, Real-time Fluorescent Kits, scanners, KN95 masks, gloves, goggles, protective clothing, surgical masks, and many other items.

The Pakistan Embassy, Beijing is in touch with the Chinese government institutions, private companies and charitable organizations urging them to donate the equipment/items required by Pakistan in its fight against COVID-19.

So far, the Embassy and its affiliated Consulates have received more than 30 tons of donated relief items.

In Beijing alone, goods worth RMB 25 million had been received in donations and more are expected to be received soon.

APP

ICI Pakistan temporarily closes its Polyester Plant

April 2, 2020 (MLN): ICI Pakistan has temporarily closed its Polyester Plant and office locations (which do not fall within the definition of essential services) till further orders and has moved to work from home arrangements to the extent possible, in accordance with directives of the Government with regard to containment of COVID-19.

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