Weekly News Roundup

September 12, 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.

  • Special Assistant to Prime Minister on Climate Change Malik Amin Aslam said that the German government has committed to providing all-out technical and financial support for the implementation of various environmental and climate change-related initiatives.
  • BankIslami won a restitution case in the US as one of the victims of cybercrime that occurred in 2018.
  • On Friday, President Dr Arif Alvi said that Pakistan attaches great importance to the promotion of trade, business and commercial cooperation with friendly countries under its new “geo-economics” policy.
  • On the recommendation of the Ministry of National Food Security and Research, the Economic Coordination Committee (ECC) approved the tender for procurement of 120,000 MT of wheat.
  • On the upside, Workers' remittances continued their strong trend, reaching $2.66bn in August 2021.
  • Pakistan has been downgraded to a Frontier Market (FM) from an Emerging Market (EM) due to size and liquidity issues, not because of regulatory and market access requirements for Ems.
  • On Wednesday, the National Electric Power Regulatory Authority (NEPRA) clarified that no consumer has filed such a complaint before NEPRA’s Consumer Affairs Division.
  • As a result of numerous measures of State Bank of Pakistan and full support of the Government, Mera Pakistan Mera Ghar (MPMG) has picked up momentum and received Rs154bn applications under MPMG.
  • Emphasizing the importance of digitalization, Prime Minister Imran Khan said digitalization of land record will bring transparency in transfer of properties.
  • Indus Motor Company Limited (INDU) informed that the company has planned to invest an estimated aggregate amount of US $100 million for the local production of Hybrid Electric Vehicle (HEV) in Pakistan.
  • Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) has revamped the Voluntary Pension System (VPS) Rules, 2005, facilitating greater pension penetration in Pakistan.
  • During the week, SECP also advised companies which have not yet submitted Beneficial Ownership Declaration on Form 45, to do so at the earliest.
  • In addition, the Central Director of National Savings (CDNS) received a fresh deposit of Rs160 billion in the last two months from July 1 to August 31, in the current fiscal year 2020-21.
  • According to the third follow-up MER of the Asia Pacific Group (APG), Pakistan is now compliant or largely compliant with 35 out of 40 FATF recommendations.
  • Foreign Exchange inflows through Roshan Digital Accounts (RDA) reached $2.114bn by end of August.
  • On Tuesday, Adviser to PM for Commerce and Investment, Abdul Razak Dawood congratulated Pakistani logistic startup “Truck It In” for its recent raise of $3 million funding in a pre-seed round, taking cumulative raise to $4.5mn raise in just a few months.
  • During the departed week, Prime Minister Imran Khan asked the overseas Pakistanis to make investments in Pakistan, assuring any hurdle in their way will be removed.
  • On the energy front, the Indicative Generation Capacity Expansion Plan (IGCEP) 2021-30 has been approved today by Council of Common Interest (CCI).
  • Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) have planned to give 524,000 new connections during the current fiscal year in their respective operational areas across the country.
  • Federal Board of Revenue (FBR) issued Rules for licensing of IT Service Providers, rendering IT services to retailers undergoing integration with FBR vide SRO 1063 (I)/2021 dated 24th August.
  • Mohmand Dam would be the fifth highest concrete-face-rock-fill dam in the world which would be completed by 2025 with estimated cost of Rs309.56bn.

Announcements:

  • On the equity front, JS Global Capital Limited (JSCL) informed that the General Public (GP) portion under Initial Public Offering (IPO) of Airlink Communication Limited has been oversubscribed by 3,356,300 shares.
  • Sazgar Engineering Works Limited (SAZEW) sold 1,242 units of three-wheelers during the month of August’21, i.e., around 50% higher than the sales of 829 units made in the previous month.
  • Matco Foods Limited (MFL) incurred losses of Rs53 million (LPS: 0.43) for the year ended June 30, 2021, against the consolidated profits of Rs139.4mn (EPS: 1.14) recorded in the previous year.
  • D.G. Khan Cement (DGKC) successfully completed the second phase installation and commissioning of 30MW Captive Coal-Fired Power Plant (CFPP) with Air Cooled Condenser (ACC) technology.
  • Pakistan Petroleum Limited (PPL) announced a hydrocarbon discovery from an exploratory well, Jugan-1, in the Latif Block (the “Block”) which is situated in the Province of Sindh.
  • Cordoba Logistics & Ventures Limited (CLVL) informed that the company signed an agreement with Finox (Private) Limited pertaining to the investment of Rs31mn in Finox (Private) Limited for purchase of its 32.5% equity/ordinary shares.
  • Oil and Gas Development Company Limited (OGDCL) made a Gas and Condensate discovery over Hangu Formation from its exploratory efforts at Wali #01 well which is located in FR Lakki, Khyber Pakhtunkhwa Province, Pakistan.
  • National Clearing Company of Pakistan Limited (NCCPL) informed that the approved amendments pertaining to reforms in Margin Financing System (MFS) will be implemented from Monday, September 13, 2021.
  • National Foods Limited concluded the fiscal year 2020-21 on a positive note as the company managed to earn net profit worth Rs1.97 billion, up by 19.64%, compared to the previous year.
  • Fauji Cement Company Ltd (FCCL) revealed its financial statement for FY21 as per which the company witnessed a turnaround in earnings.
  • Avanceon FZE in a joint effort with Elsewedy Electric, has secured its first contract in the Arab Republic of Egypt.
  • The General Tyre and Rubber Company of Pakistan Limited (GTYR) has informed that the Pakistan Credit Rating Agency Limited (“PACRA”) has in its recent credit rating report, upgraded the Company's Credit Rating from (A) to (A+) for Long Term basis.
  • The Board of Directors of Fauji Foods Limited (FFL) decided to increase the paid-up share capital of the Company by the issue of a further 780,794,596 ordinary shares, having face value of Rs 10 each, as Right Shares, aggregating to Rs7,807,945,960.

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Posted on: 2021-09-12T16:36:20+05:00

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