September 5, 2021 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.

• On Friday, Lakson Group and Air Arabia Group announced their decision to form a joint venture to launch “Fly Jinnah”, Pakistan’s new airline.
• Cement sector posted growth of 22.77 percent in August 2021. Total Cement despatches during August 2021 were 4.336 MTs against 3.531 MTs despatched during the same month of last fiscal year.
• In addition, Pakistan’s Information Technology (IT) sector has made significant progress as the number of IT companies increased up to 160 percent during the last three years.
• To uplift the agriculture sector, the government had spent an amount of Rs 4,979.494 million under Prime Minister National Agriculture Emergency Program during FY21.
• On the energy front, Hammad Azhar, Minister for Energy announced that the ministry is moving a proposal for seasonal energy pricing for domestic and commercial consumers to encourage power consumption during off-peak months.
• Ministry of Commerce (MoC) will start the new round of Tariff Rationalisation in the month of September to stimulate industrial growth further.
• To facilitate local and foreign investment in Special Economic Zones (SEZs), Prime Minister Imran Khan has directed for timely establishment and activation of One Window Services Portal.
• President Dr. Arif Alvi has urged the business community of readymade garments to export value added products to increase exports of the country.
• The State Bank of Pakistan has issued guidelines for banks and DFIs that allow them to extend loans for under-construction projects.
• The Karachi Chamber of Commerce & Industry (KCCI) along with majority of interveners boycotted the proceedings of NEPRA’s Public Hearing held on Thursday.
• During the week, the Competition Commission of Pakistan entered and searched the premises of Millat Tractors Ltd (MTL) Lahore and Al-Ghazi Tractors Ltd (AGTL) Karachi.
• The National Electric Power Reguatory Authority (NEPRA) has decided to commence proceedings to determine tariff to be charged from Electric Vehicles (EV) by Electirc Vehicles Charging Station.
• Engro Fertilizers Limited and the Bank of Punjab (BOP) collaborated to provide easily accessible financing to farmers through BOP’s branch network across Pakistan.
• On the upside, Tarbela Dam filled to its maximum level despite unfavorable weather conditions this year, which is a good omen for agriculture and hydel generation.
• The Securities and Exchange Commission of Pakistan (SECP) warned general public against investing in any fraudulent investment schemes that promise hefty profits and unrealistic incentives.
• Departed week witnessed another initiative- Roshan Apna Ghar (RAG), introduced by SBP which will allow Overseas Pakistanis to invest in housing and real estate remotely and digitally in banks' pre-approved projects or any other property.  
• During the same week, the Federal Board of Revenue (FBR) successfully rolled out a new module in the WeBOC system for the Online Export Facilitation Scheme (EFS) Authorization Application.
• The Economic Coordination Committee approved a summary of Aviation Division for provision of funds to meet emergent liabilities of the Roosevelt Hotel Corporation.
• The government has decided to privatize Pakistan Steel Mills (PSM) and invited Expression of Interest (EOI) for the same.
• Cargill has collaborated with Rizq to establish Pakistan’s first-ever Cargill-RizqBank in Lyari, Karachi. The Cargill-Rizq ecosystem will work to create a food secure community.
• In line with the Government’s resolve towards broadening of tax base and documentation of the economy, Dr. Muhammad Ashfaq Ahmed, Chairman FBR initiated a huge challenge to plug in tax evasion of Agricultural Income through close cooperation between FBR and Provincial tax authorities.
• TPL Corp. is planning to raise $500 million through a private real estate investment trust, marking one of the largest such fundraisings in the nation’s history.
• Prime Minister Imran Khan has directed to finalize the new SME policy to provide incentives and facilities to small business owners under the government's Ease of Business Policy.
• In order to provide further investment and financing opportunities to non-resident Pakistanis (NRPs), SBP has allowed direct investment through the rupee-based Roshan Digital Accounts (RDA), into the shares of companies in Pakistan and units of funds established and operated by private fund management company licensed by SECP.
• S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term sovereign credit ratings on Pakistan. The outlook for the long-term rating is stable.

Announcements:

• On the equity side, Millat Tractor Limited (MTL) elucidated company’s position, stating that it has not committed any violation of competition law.
• Thatta Cement Company Limited (THCCL) informed that the company has successfully completed in-house modifications and improvement in the process of existing plant.
• JS Investment Limited informed that SECP has approved the merger of JS Value Fund (JSVF) with and into JS Growth Fund (JSGF).
• S.S. Oil Mills Limited (SSOM) informed that the company had imported a GROUND MOUNTED GRID TIED SOLAR PV SYSTEM with an installed capacity of 1MW.
• The Board of Directors of Otsuka Pakistan Limited discussed the possibility for IV Solutions 1000 mL and Glass Bottles manufacturing facility (Line-II) to be upgraded to improve in accordance with GMP compliance.
• Avanceon FZE has been awarded a nine-year extension on its contract to maintain and support operations of Dubai Metro.
• Escorts Investment Bank Limited received a notice of Public Announcement of Intention (PAI) to acquire more than 50% shares and control of the Bank from M. Munir M. Ahmed Khanani Securities Limited.
• Pak Suzuki Motor Company Ltd. (PSMC) reported net profits of Rs1.1bn for 1HCY21, compared to the net loss of Rs935.45mn incurred in the corresponding period of CY20.
• Pakistan Petroleum Limited (PPL)-led consortium has been awarded Offshore Block 5 in Abu Dhabi's second competitive exploration block bid round.
• The profitability of Feroze1888 Mills Limited surged by 47% YoY to clock in at Rs4.31 billion (EPS: 11.44) during FY21, compared to the net profit of Rs2.94bn (EPS: 7.80) in FY20.
• Mari Petroleum Company Limited appointed Mr. Nabeel Rasheed as Chief Financial Officer of the company.
• Hub Power Company Limited (HUBC) wrapped FY21 on a positive note wherein the company posted 33.65% increase in net profits to Rs34.83billion for FY21.
• The Board of Directors of The Searle Company Ltd (SEARLE) resolved to enter into an arrangement with Universal Ventures (Private) Limited (UVPL).
• General Tyre and Rubber Company of Pakistan Limited (GTYR) has clarified that the company's agreements and arrangements with Continental AG, Suppliers, Creditors, and other business affiliates are intact and would remain in full force and effect.

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