August 14, 2022 (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.
Events of Importance through the week:
- Saudi Arabia is planning to renew its $3 billion deposit in assistance to Pakistan as soon as this week, the people familiar with the matter informed on Saturday.
- The revised features of the Mera Pakistan Mera Ghar (MPMG) Scheme after having been cleared by the government are expected to be finalized and issued by August 31, 2022.
- In continuation of steps taken for ease of doing business, the State Bank of Pakistan (SBP) has automated the verification of refinancing claims under the Export Finance Scheme (EFS).
- The Securities and Exchange Commission of Pakistan (SECP) registered 1,691 new companies in the first month of Fiscal Year 2022.
- A Japanese business delegation has shown keen interest in investment in IT, food processing, education, and technology sectors in Pakistan.
- The Federal Cabinet on Friday approved gas and electricity rates for five export sectors.
- On the same day, the Central Directorate of National Savings (CDNS) and Central Depository Company of Pakistan Limited (CDC) signed a Memorandum of Understanding (MoU) to issue National Savings Certificates (NSCs) in digital form.
- Pakistan and Turkiye inked the Preferential Trade Agreement aimed at boosting trade in goods between the two countries.
- Pakistan has signed an inter-governmental framework agreement with the government of Denmark for interest-free loans worth €100 million.
- The Economic Coordination Committee (ECC) of the Cabinet approved a summary for revision in the price of imported Urea.
- ECC also approved a financing facility of $142mn as a loan to rescue Roosevelt Hotel Corporation (RHC) from financial distress.
- Meanwhile, it also allowed to issue a letter of comfort in favor of PSO for raising a loan facility of Rs50bn on an urgent basis.
- Pakistan Telecommunication Company Limited (PTCL) has successfully conducted the country’s first trial of 1-terabit transport capacity per wavelength, in collaboration with Nokia.
- The serious worries about Pakistan getting defaulted like Sri Lanka have been averted due to significant austerity measures, and belt-tightening said finance minister Miftah Ismail on Tuesday.
- On the equity side, KASB Modaraba resolved the Scheme of Arrangement for the merger of KASB Modaraba with and into First Prudential Modaraba.
- Lotte Chemical Pakistan Ltd (PSX: LOTCHEM) received a notice of Public Announcement of Intention (PAI) from Asiapak Investments Limited to acquire over one billion voting shares or 75% of the paid-up capital of the company.
- Meezan Bank Limited (MEBL) has declared its financial results for 1HCY22 as per which, the bank observed an upsurge of 33% in its half-year profits, standing at Rs17bn.
- On the other hand, Engro Polymer & Chemicals Limited (EPCL) reported a net income of Rs7.05bn for the first half year ended June 30, 2022, down by merely 3% YoY mainly on the back of imposition of super tax.
- Archroma Pakistan Limited (ARPL) informed through a notice to exchange that the group, Archroma agreed to acquire the Textile Effects Business of Huntsman Corporation globally.
- The Board of Directors of ICI Pakistan Limited authorized a partial divestment of approximately 26.5% of the issued and paid-up share capital of its subsidiary, NutriCo Morinaga (Private) Limited (NMPL) to Morinaga Milk Industry Co. Ltd. at an aggregate sale price of $45.08mn
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