Weekly Corporate Buzz

March 17, 2024 (MLN): MG's Weekly Corporate Buzz provides the reader with a concise recap of the latest corporate news. Here's a snapshot of the top headlines from the past week:

• Engro Fertilizers urged dealers to comply with pricing guidelines, emphasizing integrity and adherence to official urea prices.
• Pakistan Services Limited (PSL) disposed of real estate assets in Karachi, focusing on the core hotel business.
• WorldCall Telecom (WTL) is included in the MSCI Frontier Small Cap Index, highlighting its strategic position in the technology and communication sector.
• Competition Appellate Tribunal upholds ruling against P&G for deceptive marketing practices regarding Safeguard soap.
• Haleon Pakistan’s manufacturing facility obtains Food Safety Standard Certification, enabling expansion to East African countries.
• Otsuka Pakistan (OTSU) resumes IV Solutions manufacturing after successful upgradation and renovation.
• Bannu Woollen Mills temporarily shuts down production due to reduced anticipated orders.
• Pak Suzuki Motor Company (PSMC) raised the price of the Swift G. CVT model due to recent government tax hikes on vehicles.
• The Competition Commission of Pakistan (CCP) has approved the acquisition of 100% shareholding of EFU Health Insurance Limited by EFU Life Assurance (PSX: EFUL).
• Maple Leaf Cement (MLCF)’s subsidiary Novacare Hospitals (Private) Limited to construct a state-of-the-art hospital in Islamabad with an international affiliation agreement.
• First Habib Modaraba (FHAM) changed the face value of Modaraba certificates, reducing the number of certificates.
• National Clearing Company (NCCPL) issued a reminder for the submission of audited/ reviewed liquid capital statements by Securities Brokers and Professional Clearing members.
• Habib Bank Limited (HBL)’s CEO Muhammad Aurangzeb resigned; Nassir Salim was appointed as replacement pending regulatory approval.
• Crescent Fibres Limited (CFL)’s shareholders approve the disposal of assets in Faisalabad, subject to lender and financial institution clearance.
• Sui Southern Gas Company (SSGC) recorded a significant increase in losses despite revenue growth.
• TPL Trakker Limited (TPLT) signed a term sheet with a UAE conglomerate for a stake in Trakker Middle East, subject to regulatory approvals and due diligence.

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