Weekly News Roundup

September 19, 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.

  • Association of Builders and Developers of Pakistan (ABAD) has appealed concerned authorities to allow those people to pay tax who had declared their assets under the amnesty scheme but could not pay taxes in stipulated time period.
  • During the departed week, Cabinet Committee on Energy (CCOE) approved the summary submitted by the Power Division on the winter incentive package on incremental consumption for all domestic, commercial, and general services consumers of XW- DISCOs and K- Electrics from 1st November 2021 till 28th February 2022.
  • State Bank of Pakistan (SBP) has launched a gender mainstreaming policy titled “Banking on Equality: Reducing the Gender Gap in Financial Inclusion.”
  • Pakistan has promising digital future and as an emerging economy, Pakistan is facing both opportunities and challenges, said Dai Xulong, vice-chairman of China Association for International Economic Cooperation (CAFIEC).
  • Managing Director of Sui Southern Gas Company (SSGC) informed that gas crises are likely to continue for one to two more years until the new terminals for RLNG get installed at the Port.
  • Federal Government to improve water situation and increase the ratio of hydel electricity in the National Grid for providing low-cost energy to stabilize the economy and provide relief to the people.
  • Prime Minister Imran Khan had a bilateral meeting with President Kassym-Jomart Tokayev of Kazakhstan on the sidelines of the SCO where, the two leaders exchanged views on bilateral relations and discussed key regional and international issues.
  • Meanwhile, Pakistan Mortgage Refinance Company (PMRC) entered into an agreement for the deployment of loan and credit system with AutoSoft Dynamics (Pvt) Limited.
  • On Thursday, Prime Minister Imran Khan invited the business community of Tajikistan to invest their capital in Pakistan, assuring them of all-out facilitation by his government.
  • National Electric Power Regulatory Authority (NEPRA) approved Modification in Generation Licence No. GL/04/2002 dated November 18, 2002, in respect of K-Electric Limited (KEL).
  • The Economic Coordination Committee (ECC) of the Cabinet has approved the provision of 70 MMG RLNG to SNGPL based plants (Agritech and Fatima Fertilizer) during Rabi season 2021-22.
  • On the telecom front, Ufone has been awarded Next Generation Mobile Services (NGMS) spectrum by PTA as a result of the recently held spectrum auction.
  • Based on the success of the Roshan Digital Account framework, the State Bank of Pakistan (SBP) has devised a comprehensive ‘Customers’ Digital Onboarding Framework’.
  • On the energy front, the government has so far released an amount of Rs1.625 billion to execute seven ongoing and six new petroleum-related projects under the Public Sector Development Programme.
  • For the aviation sector, the government released an amount of Rs936.046 million to execute around 17 aviation sector projects under the Public Sector Development Programme (PSDP 2021-22).
  • The Cabinet Committee on Energy (CCOE) has directed the Power Division to proceed payments to eleven IPPs, under the 2002 Power Policy (PP).
  • The electricity generation by WAPDA hydel power stations crossed over 8800MW during the peak hours last night.
  • During the week, Pakistan Stock Exchange (PSX) has been awarded the Best Islamic Stock Exchange Award 2021 by Global Islamic Finance Awards (GIFA).
  • On Tuesday, the Prime Minister directed to focus on the successful completion of the privatization program of public entities by taking all the necessary measures to ensure transparency.
  • Engro Enfrashare has entered into an Islamic syndicate arrangement amounting to Rs4.5billion, led by Meezan Bank and Faysal Bank.
  • The government on Wednesday decided to increase the price of petroleum products by up to Rs6 per litre.
  • In addition, Federal Government assured Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) to get their issues resolved on priority regarding export of perishable commodities.
  • National Clearing Company of Pakistan Limited (NCCPL) announced that implementation of approved amendments in the company’s regulations 2015 pertaining to reforms in MFS has been deferred till September 20, 2021.
  • Federal Board of Revenue allowed tax-exempted remittances through international exchange companies, money transfer companies and money services businesses from abroad.

Announcements:

  • On the equity front, Agritech Limited (AGL) informed that Sui Northern Gas Pipelines Limited (SNGPL) has restored gas supply to the company’s urea plant.
  • Nishat Power Limited (NPL) reported consolidated net profits of Rs2.68bn during FY21, depicting a decline of around 45% YoY.
  • The Sui Southern Gas Company (SSGC) announced that it has resumed gas supply to all CNG stations across Sindh, K-Electric, and Sindh Nooriabad Power Company.
  • The Board of Directors of Nishat Power Limited (NPL) recommended the voluntary winding up of Lalpir Solar Power (Private) Limited. 
  • The Pakistan Stock Exchange Limited carried out the Re-Composition exercise of KSE-100 Index Companies for the review period from March 2021 to August 2021.
  • National Clearing Company of Pakistan Limited (NCCPL) announced that it will collect capital gain tax (CGT) from clearing members and Pakistan Mercantile Exchange (PMX) for the month of July’21 on September 24, 2021.
  • The Management of the Citi Pharma Limited informed that the agreement has been signed between the company and Deputy Governor Namangan Region, Uzbekistan to establish a wholly owned subsidiary of the company in Uzbekistan.
  • Interloop Limited (ILP) posted 3.5x YoY increase in net profits after tax from Rs1.79billion to Rs6.29bn during FY21.
  • The shares of Searle Pakistan Limited (SPL) may be listed on PSX, up to the maximum extent of 349,010,000 ordinary shares.
  • The management of ADOS Pakistan Limited (ADOS) decided to shift the workplace of the Company from the industrial estate of Hattar to the Industrial Zone of Faisalabad.
  • The Board of Directors of the Nimir Industrial Chemicals Limited (NICL) considered, approved, and recommended a new capital investment of Rs1.250bn for setting up a production facility to manufacture various types of aluminum cans for aerosol products.
  • DG Khan Cement Company Limited (DGKC) reported a profit after tax of Rs4.09bn for FY21, a turnaround from the same period when it suffered a huge loss of Rs2.23bn (LPS:5.05).
  • Bank AL Habib (BAHL) Limited informed that the bank has received State Bank of Pakistan (SBP's) in-principle approval for closure of Bank AL Habib Limited (the Bank) Seychelles Branch Operations.
  • Beco Steel Limited under a new management team has started steel-related operations on a toll manufacturing basis.
  • The Board of Directors of Telecard Limited decided that its subsidiary, Supernet Limited (SNL) may be listed on PSX by offering its shares to the existing shareholders in proportion to their holdings.
  • Hi-Tech Lubricants Limited (HTL) declared net profits of Rs651.49mn for FY21, which was 5.3x higher than the profits of Rs121.6mn reported in the previous fiscal year.
  • The Board of Directors of TPL Properties (TPLP), has given in-principle approval for selling its developmental assets either directly or through SPVs to the REIT Fund to be managed by TPL REIT Management Company Limited.
  • Thall Limited (THALL) posted net profits of Rs5.91bn in FY21, showing an extraordinary growth of 83% YoY when compared to net profits of Rs3.23bn reported in FY20.
     

Copyright Mettis Link News

Posted on: 2021-09-19T16:41:41+05:00

26927