March 09, 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:
- Otsuka Pakistan Limited (OTSU) temporarily closed its IV Solutions manufacturing for renovation and upgradation, aiming to enhance product quality.
- Cnergyico Pk Limited (CNERGY) announced plans to invest over $1 billion in upgrading its refineries to produce Euro V standards-compliant gasoline and diesel.
- Pakistan Refinery Limited (PRL) resumed refinery operations after a 37-day suspension for maintenance and inspection turnaround.
- Pakistan Stock Exchange (PSX) introduced the Mahaana Islamic Index (MII30) to measure the performance of the top 30 Shariah-compliant companies, starting from March 11th.
- Engro Fertilizers Limited (EFERT) emphasized the need for removing discriminatory gas pricing among fertilizer manufacturers to facilitate new investments and ensure sufficient urea availability for farmers.
- Jazz partnered with TenX to revolutionize data management through Enterprise Feature Store (EFS) and Predictive AI Models, showcasing Pakistan's tech prowess at LEAP 2024 in Riyadh.
- Sazgar Engineering Works Limited (SAZEW) witnessed a decline in auto rickshaw sales in February, reflecting market fluctuations.
- Sui Northern Gas Pipelines Limited (SNGP) approved supplying a blend of indigenous gas and RLNG to the entire industrial sector to meet energy needs effectively.
- Frontier Works Organization (FWO) and Pakistan Petroleum Limited (PPL) signed an agreement for mineral exploration in the Chagai area of Balochistan, marking a significant development in the mineral sector.
- First Dawood Investment Bank Limited (FDIBL) changed its name to First Dawood Properties Limited, following shareholder approval.
- Shell Pakistan Limited (SHEL) reported a significant profit increase in 2023, marking a turnaround from the previous year's loss.
- Unilever Pakistan Foods Limited (UPFL) recorded a substantial profit increase in 2023, with directors recommending a final cash dividend.
- Hub Power Co Ltd (HUBCO) expects a decline in power consumption in Pakistan due to higher tariffs and tepid industrial activity.
- Indus Motor Company Limited (INDU) temporarily closed its production plant due to low inventory levels and supply chain challenges.
- Cnergyico PK Limited (CYNERGY) shareholders will discuss the separation of the company into six segments during an Extraordinary General Meeting.
- JDW Sugar Mills Limited (JDWS) received a short-term Sukuk rating of ‘A-1’ from VIS, reflecting high certainty of timely payment.
- Ghani Global Holdings Limited (GGL) increased its authorized share capital to Rs4.2bn, aiming to support future growth initiatives.
- Ghani Chemical Industries Limited (GCIL) shareholders decided to reallocate funds for ongoing projects, withdrawing an equity investment resolution.
- D.G. Khan Cement Company Limited (DGKC) maintained stable entity ratings by PACRA, reflecting its enduring presence and financial strength in the cement sector.
- The Securities and Exchange Commission of Pakistan (SECP) notified amendments to the Corporate Restructuring Companies Rules, 2019.
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Posted on: 2024-03-09T11:13:39+05:00
