April 06, 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:

• System Limited (SYS) has partnered with Oman Housing Bank (OHB) on its Digital Transformation Journey which includes Core Modernization on the Cloud for better customer engagement, Loan Origination digitization, and use of data analytics and AI for improved efficiency and competitiveness.
• The Pakistan Stock Exchange Limited has conducted the recomposition exercise of the JS Momentum Factor Index (JSMFI) as of March 29, 2024, as per the JSMF Index Rules.
• Pakistan International Airlines Corp (PSX: PIAA) clarified that the company officially denied shifting loans and clearing off debts as of yet. 
• The Board of Directors of Pak Elektron Limited (PSX: PAEL) has approved the incorporation of a wholly owned foreign subsidiary in the UAE, subject to all applicable regulatory approvals.
• Engro Energy Limited (EEL) has entered into definitive agreements with Liberty Power Holding (Pvt.) Limited and other parties acting in concert for the sale of its entire stake in Engro Powergen Qadirpur Limited, Engro Powergen Thar (Private) and Sindh Engro Coal Mining Company Limited.
• The National Electric Power Regulatory Authority (NEPRA) has renewed the Generation License of Altern Energy Limited (PSX: ALTN), extending it until June 05, 2031.
• Fateh Sports Wear Limited (PSX: FSWL) is actively pursuing the release of the stuck amount of $2 million and anticipates a swift resumption of operations once the stay order is vacated soon.
• Due to a change in the capital ownership structure of WAFI Energy LLC, a new foreign entity called "Wafi Energy Holding Limited" will now replace WAFI Energy LLC as the acquirer for this acquisition of 77.42% shares of Shell Pakistan Limited (PSX: SHEL), with Asyad Holding acting in concert.
• Millat Tractors Limited (PSX: MTL) on Thursday clarified that as per the order of the Sindh High Court, the company has already deposited an amount of Rs1.194 billion with the Nazir of the court being the price of 954 tractors (not delivered due to non-payment of price difference of Rs148,400 per tractor by the plaintiff) paid by the plaintiff.
• Landmark Spinning Industries Limited (PSX: LMSM) is undergoing a reverse merger with an operating unlisted company and will commence operations as a merged entity.
• Following the introduction of the new and amended Brownfield Refining Policy 2024, Pakistan Refinery Limited (PSX: PRL) plans to opt for the amended provisions/incentives of the policy and execute a supplemental agreement to the PRL Upgrade Agreement and Escrow Account Agreement.
• The Pakistan General Insurance Co. Ltd. (PSX: PKGI) has been awarded conditional permission by the Securities & Exchange Commission of Pakistan to start its operations.
• The management of PICIC Insurance Limited (PIL) announced that the company will resume operations after the Scheme of Arrangement of Crescent Star Foods (Pvt.) Limited (CSF) merging with PIC is approved by the Court.
• Pakistan Refinery Limited (PSX: PRL) and Air Link Communication Limited (PSX: AIRLINK) have withdrawn the intention to acquire 77.42% of shares and control of Shell Pakistan (PSX: SHEL) as negotiations with the seller could not materialize. 
• EFU Life Assurance Limited (PSX: EFUL) has completed the transaction to acquire 100% of the shares in EFU Health Insurance Limited.
• Considering the significant number of investors who have not yet registered in the KYC regime, the National Clearing Company of Pakistan Limited (NCCPL) further extended the timeline for registration in the KYC Database until June 30, 2024.
• Agritech Limited (PSX: AGL) received a notice from Bank Alfalah Limited (PSX: BAFL) on February 13, 2024, for conversion of its entire (i.e.,10,883,486) preference shares into ordinary shares under the Share Subscription Agreement.
• The management of Azgard Nine Limited (PSX: ANL) announced an extension of the completion date for the sale transaction of the Muzaffargarh Unit until June 30, 2024, as part of the ongoing Creditors' Scheme of Arrangement.
• The shareholders of JS Bank Limited (PSX: JSBL) have approved the conversion of Term Finance Certificates, issued on August 31, 2023, of Rs3.5 billion into common shares.
• Emco Industries Limited (PSX: EMCO) completed three distinct projects and executed the commissioning tests and trial run.
• The shareholders of Treet Corporation Limited (PSX: TREET) have authorized the company to divest 11.3343% of the paid-up share capital of Treet Battery Limited (PSX: TBL) through the sale of TBL shares on the open market (via the Pakistan Stock Exchange).
• Sazgar Engineering Works Limited (PSX: SAZEW) has commenced pre-booking of a new model of locally assembled/manufactured Hybrid Electric Vehicle (HEV) under the brand "HAVAL JOLION HEV" and CKD roll-out of these vehicles on a commercial scale is expected in April 2024.

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Posted on: 2024-04-06T06:00:00+05:00