March 30, 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 Board of Directors (BoD) of Hascol Petroleum Limited (PSX: HASCOL) has authorized the management to evaluate the purchase offer from Millat Global Holdings.
• Pakistan Aluminium Beverage Cans Limited (PSX: PABC) reported its profit and loss statement for 2023, wherein the profit after tax clocked in at Rs5.02 billion [EPS: Rs13.9] compared to a profit of Rs2.7bn [EPS: Rs7.48] in the previous year.
• Saudi National Bank (SNB) has received a nonbinding offer from Bank Alfalah Limited relating to the proposed divestment of SNB's 100% stake in SBL Pakistan.
• In Pakistan's logistics sector, Secure Logistics Group (SLG) emerged as the pioneer IPO on the main board of the Pakistan Stock Exchange (PSX), as the issue, with a size of Rs600 million, was oversubscribed on Thursday with a strike price of Rs12 per share.
• On Thursday, the Pakistan Stock Exchange (PSX) conducted an auction for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs35.74bn against the Rs50bn target set for GIS Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR) and GIS FRD.
• Arpak International Investments Limited (PSX: ARPAK) faces significant risks and uncertainties within its focused portfolio.
• The Board of Directors of Dawood Lawrencepur Limited (PSX: DLL) approved an investment of Rs20 million in the Right Issue announced by Reon Alpha (Private) Limited.
• Agritech Limited (PSX: AGL) made a remarkable turnaround in 2023, earning a profit after tax of Rs1.09 billion [EPS: Rs2.77] compared to a loss of Rs2.95bn [LPS: Rs7.53] in 2022.
• Maple Leaf Cement Factory Limited (PSX: MLCF) has acquired 6 million voting shares of Agritech Limited (PSX: AGL) at an average rate of Rs21.65 per share.
• Unity Foods Limited (PSX: UNITY) has utilized Rs2.85 billion of the allocated funds worth Rs3.75bn.
• The State Bank of Pakistan (SBP) issued the license for the commencement of operations to HabibMetro Exchange Services Limited, MCB Exchange (Private) Limited, Askari Bank Limited (PSX: AKBL) and Meezan Bank Limited (PSX: MEBL) 
• Telecard Limited (PSX: TELE) sold the first tranche of its shareholding in Supernet Limited (PSX: GEMSPNL), comprising around 63 million shares or 51% of Supernet's issued and paid-up capital, to Hallmark Company Limited (PSX: HCL).
• The parent company of Calcorp Limited (PSX: CASH), Optimus Limited, is negotiating the sale of its shares which may result in a change like the business.
• Seven international investors including Germany, France, Netherlands, Qatar, UAE, Malaysia, and Turkiye have shown their interest in Pakistan International Airlines (PSX: PIAA).
• Packages Limited (PSX: PKGS) has witnessed a substantial 50.28% YoY growth in its earnings for 2023, as the profit after tax clocked in at Rs10.49 billion [EPS: Rs103.8] compared to a profit of Rs6.98bn [EPS: Rs77.49] recorded in the same period last year (SPLY).
• AL Habib Exchange Company (Private) Limited, a wholly owned (100%) subsidiary of Bank AL Habib Limited (PSX: BAHL) commenced its operations on March 26, 2024.
• GlaxoSmithKline (Pakistan) Limited (PSX: GLAXO) recorded a significant fall of 78.32% YoY in its profits in 2023, reporting after-tax profits of Rs533.95 million [EPS: Rs1.68], compared to a profit of Rs2.46 billion [EPS: Rs7.73] in the previous year.
• The management of Bannu Woollen Mills Limited (PSX: BNWM) decided to extend the temporary shutdown of its production activities from March 27, 2024 to April 14, 2024.
• Oil & Gas Development Company Limited (PSX: OGDC) has discovered hydrocarbons in the exploratory segment of the Togh-02 (Slant) well in the Lumshiwal-II Formation.
• Al-Ghazi Tractors Limited (PSX: AGTL) unveiled its profit and loss statement for 2023, wherein the profit after tax clocked in at Rs2.61 billion [EPS: Rs45.06] compared to a profit of Rs2.16bn [EPS: Rs37.2] in SPLY.
• Systems Limited (PSX: SYS) recorded an increase of 31.06% YoY in its profits, with the company's after-tax profits rising to Rs8.69 billion [EPS: Rs29.86], compared to a profit of Rs6.63bn [EPS: Rs23.61] in SPLY.
• The Securities and Exchange Commission of Pakistan (SECP) allowed TPL Properties Limited (PSX: TPLP) to issue the Offer for Sale Document of TPL REIT Fund I (Fund) to sell the 45,324,500 Units.

Stay hooked for more corporate updates and insights!

Copyright Mettis Link News

Posted on: 2024-03-30T13:00:02+05:00