March 24, 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:

• The government has officially initiated the privatization process of Pakistan International Airlines Corp (PSX: PIA) and issued a gazette notification.
• Pakistan’s new finance minister said he’s keen to tap Chinese investors by selling as much as $300 million in Panda bonds for the first time this year. Selling yuan-denominated debt will allow Pakistan to diversify its funding sources and reach investors in a new market.
• The Competition Commission of Pakistan (CCP) has approved the merger of TPL Life Insurance Limited with Dar Es Salam Textile Mills Limited (PSX: DSML).
• The scheduled maintenance activity of the EnVen Plant (Plant-Il) of Engro Fertilizers Limited (PSX: EFERT) will take place from April 21, 2024, till June 14, 2024.
• The State Bank of Pakistan (SBP) has issued the license for the commencement of operations of exchange companies of Allied Bank Limited (PSX: ABL), Bank AL Habib Limited (PSX: BAHL), and the Bank of Punjab (PSX: BOP).
• The aggregate amount of CGT arising on the disposal of shares at the Pakistan Stock Exchange (PSX) for the period February 1, 2024, to February 29, 2024, would be collected on Friday, March 29, 2024, through respective settling banks of the Clearing Members.
• Fatima Fertilizer Company Limited (PSX: FATIMA) recorded an increase of 56.62% YoY in its profitability in 2023, earning a profit after tax of Rs22.4 billion [EPS: Rs10.67], compared to a profit of Rs14.3bn [EPS: Rs6.81] in the previous year.
• Panther Tyres Limited (PSX: PTL) has successfully utilized funds worth Rs1.99 billion for development, expansion, and short-term working capital requirements.
• The shareholders of Cherat Cement Company Limited (PSX: CHCC) approved an investment of up to Rs75 million in Mirpurkhas Sugar Mills Limited (PSX: MIRKS).
• In a significant development within the pharmaceutical industry, the Commissioner of Inland Revenue (Appeals), Karachi recently rendered a decision in favour of Bayer Pakistan (Private) Limited concerning sales tax refunds on inventory.
• Attock Refinery Limited (PSX: ATRL) has started up its refinery operations safely as per schedule after successful completion of the integrated refinery turnaround.
• Pakistan Stock Exchange Limited (PSX) has approved the formal listing and quotation of the units of NBP Islamic Government Securities Fund-I, an Open-End Mutual Fund on the Exchange.
• A positive development has emerged for the retired employees of the National Bank of Pakistan (PSX: NBP) as the Supreme Court has mandated the bank to pay pensions amounting to Rs60 billion.
• The Board of Directors of Gul Ahmed Textile Mills Limited (PSX: GATM) has allowed the management to sign a Term Sheet with K Solar (Private) Limited in respect of 17.1 MW on Build, Own, Operate and Transfer (BOOT) basis on the rooftop of the Manufacturing Facility.
• Wilmar Pakistan Holdings Pte. Ltd, Unity Wilmar Agro (Private) Limited and certain shareholders of Unity Foods Limited (UFL) have made a public announcement to the Pakistan Stock Exchange Limited of their intention to acquire up to 277 million shares of UFL.
• The Board of Directors of Chashma Sugar Mills Limited (PSX: CHAS) has allowed the incorporation of a new subsidiary company in the name of "Premier Grain Ethanol Limited".
• The Board of Directors of Aqpak International Investments Limited (PSX: ARPAK) has approved the subscription of 5,000,000 Ordinary Shares of Rs10 each in"Premier Grain Ethanol Limited"
• The shareholders of LSE Venture Limited (PSX: LSVL) voted in favour of merging with Digital Custodian Company Limited.
• Secure Logistics Group Limited (SLG) is planning to raise Rs600 million through an Initial Public Offering (IPO), said Arif Habib Limited, the Lead Manager & Book Runner of the IPO. The issue comprises of 50m shares (18.27% of the total post-IPO) at a floor price of Rs12 per share, with a maximum price band of up to 40%.
• The shareholders of Pakistan Cables Limited (PSX: PCAL) have resolved to dispose of and sell a property totalling approximately 4.334 acres at Rs327.5 million per acre.

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Posted on: 2024-03-24T15:17:38+05:00