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PKR falls by 25 paisa against USD

January 24, 2022 (MLN): Pakistani rupee (PKR) could not hold its ground in the interbank market for more than a day and offset its previous gain against US dollar as the currency closed the trade at 176.49 per USD, depreciating by 25 paisa.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 51 paisa per USD showing an intraday high bid of 176.53 and an intraday low offer of 176.25.

Alternatively, the currency gained 12 paisa against the Pound Sterling as the day's closing quote stood at PKR 239.14 per GBP, while the previous session closed at PKR 239.26 per GBP.

On the other hand, PKR's value weakened by 23 paisa against EUR which closed at PKR 199.89 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 10.00/10.15 percent, whereas the 1-week rate was 9.85/9.95 percent.

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Fauji Foods appoints Faisal Yaseen as CFO

January 24, 2022 (MLN): The board of directors of Fauji Foods (FFL) has appointed Mr. Faisal Yaseen as Chief Financial Officer (CFO) of the company with effect from December 10, 2021.

He has been hired in place of Mr. Ebad Khalid who has resigned w.e.f December 09, 2021.

To recall,  Mr. Khalid had assumed the charge as Chief Executive Officer (CEO) of the company with effect from December 09, 2021, in place of Mr.  Muhammad Haseeb Aslam.

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ICPL transfers 37.5% holding to Dolmen, Al Feroz

January 24, 2022 (MLN): Dolmen City Reit (DCR), Pakistan’s first REIT scheme, has informed that International Complex Project Limited (ICPL), a holding company has transferred 37.5% of its units to Dolmen (Private) Limited and Al Feroz (Private) Limited equally on January 21, 2022.

To note, the board of directors of ICPL, in its meeting held on 22 April 2021 had approved the reorganization/re-arrangement of the Dolmen Group comprising restructuring of ICPL. The arrangement became effective on 01 July 2021 as sanctioned by the Honorable High Court of Sindh through its rrder dated 03 November 2021.

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FTMM files petition for battery division’s demerger

January 24, 2022 (MLN): The management of the First Treet Manufacturing Modaraba (FTMM) has filed a petition before the Honorable High Court of Lahore for the demerger of battery division.

This is a reference to the approval accorded by the board of directors of the management company, fulfilment of all legal and regulatory requirements and pursuant to the relevant sections of the Companies Act, 2017.

While the matter is sub judice the Battery Division will continue to be a part of FTMM, the notification added.

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Yousuf Weaving Mills to increase authorized capital to Rs2bn

January 24, 2022 (MLN): The board of directors of Yousuf Weaving Mills Limited, have decided to increase the company’s authorized capital to Rs2 billion, the company’s filing on bourse showed today.

Additionally, the board also approved the revival business plan and considered all measures in respect of the spinning unit’s contribution to the revival business plan but not limited to disposal/transfer of the spinning unit’s assets.

The aforesaid resolution is subject to the approval of the shareholders of the company in their general meeting which is recommended to be held on March 4, 2022.

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