Weekly News Roundup

October 24, 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, the State Bank of Pakistan (SBP) released its Annual Payment Systems Review (PSR) for the fiscal year 2020-21 which shows strong growth in the space of digital financial transactions in the country.
  • On the energy front, Central Power Purchasing Agency (CPPA) proposed an increase of Rs2.66/kWh over the reference fuel charges of Rs5.023/kWh under fuel price adjustment for the month of September 2021 for Ex-WAPDA Discos.
  • The Prime Minister said the construction of Lift-cum-Gravity project of Chashma Right Bank Canal (CRBC) would be a real game-changer for the socio-economic uplift of a vast area in southern KPK.
  • The Financial Action Task Force (FATF) under its Plenary meeting decided to maintain the status quo with respect to Pakistan, for the time being.
  • The China-Pakistan Economic Corridor (CPEC) has entered a new phase of high-quality development after making significant achievements, said Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC).
  • In addition, a 300 megawatts coal-fired Gwadar Power Plant would start functioning from October 2023 under CPEC.
  • Chief Financial Officer (CFO) of Engro Fertilizers Imran Ahmed on Wednesday said Pakistan’s fertilizer industry was internationally competitive and could thrice in a fully deregulated environment, even without any subsidies.
  • In order to provide relief to the citizens, the government has decided in principle to reduce the edible oil price by forty-five to fifty rupees per kilogram.
  • According to International Monetary Fund (IMF), Hosting new refugees from Afghanistan will cost Pakistan around $0.5 billion (0.2pc of the GDP) per annum as a large influx could burden public resources.
  • The talks between the International Monetary Fund (IMF) and the government of Pakistan on the Sixth Review of the $6 billion Extended Fund Facility (EFF) progressed to a “very good step”, said IMF’s Middle East and Central Asia Department Director Jihad Azour while answering a question from MG News on Tuesday.
  • VIS Credit Rating Company Limited reaffirmed entity ratings of BMA Capital Management Limited at single A minus/A-two. Long-term rating of ‘A-’ signifies good credit quality with adequate protection factors.
  • The Oil and Gas Development Company (OGDCL)’s production of Liquefied Petroleum Gas (LPG) witnessed a 9% increase and crude oil 2% during the last fiscal year.
  • During the departed week, the government has appointed Shaukat Tarin as Adviser to the Prime Minister on Finance and Revenue with the status of Federal Minister with immediate effect.

Announcement:

  • On the equity front, Pakistan Stock Exchange (PSX) on Friday issued the new trading session timing / Designated Time Schedule (DTS) which shall take effect from the date of Go-Live of the new Trading System, planned for 25 Oct 2021.
  • Oil and Gas Development Limited has made a Gas discovery over Mughalkot Formation from its exploratory efforts at Jandran West X-1 well which is located in Kohlu District, Balochistan Province, Pakistan.
  • The Board of Directors of Askari Bank Limited (AKBL) consented to the Expression of Interest (EOI) received by Askari Securities Limited (ASL) from Foundation Securities (Pvt) Limited (FSL) to explore the possibility of merger and amalgamation of ASL with and into FSL.
  • The management of Al-Abbas Sugar Limited informed that the production of ethanol has been currently suspended due to a fire incident that took place at a distillery plant located at Mirwah Gorchani, District Mirpurkhas.
  • The United Insurance Company of Pakistan Limited (UNIC) informed that the VIS Credit Rating Company Limited (VIS) upgraded the Insurer Financial Strength (IFS) rating of the company from AA- (Double A Minus) to AA (Double-A).
  • The Ghani Global Holdings Limited (GGL) informed that the Board of Directors of Ghani Chemical Industries Limited (GCIL) decided to increase the paid-up capital by the way of 6.5% Right Issue for every hundred existing ordinary shares at Rs40 per share.
  • The newly appointed Managing Director (MD) and Chief Executive Officer (CEO) of Oil & Gas Development Company Limited (OGDCL), Syed Khalid Siraj Subhani assumed the charge on Wednesday, in place of Mr. Shahid Salim Khan.
  • Telecard’s outstanding Term Finance Certificates (TFCs) have been successfully restructured after the consent of the majority of TFC holders.
  • Dost Steel Limited (DSL) has been informed by the Sponsors that the Letter of Intent (LOI) sent by Crescent Star Insurance Limited (CSIL) to acquire 78.86 million shares of DSL is an unsolicited proposal on its own account, hence the same is not acknowledged by the Sponsors of the Company.
  • Crescent Star Insurance Limited (CSIL) issued a Letter of Intent (LOI), wherein the company expressed its intention to acquire 78,858,534 shares of Dost Steels Limited (DSL) from the group of shareholders forming 24.97% at Rs7/64 per share.
  • The Hon'ble Sindh High Court (SHC) announced the de-attachment of the assets and bank accounts of Hascol Petroleum Limited  (HASCOL).

Financial Results:

Apart from this, several listed companies announced their financial results amid the ongoing earnings season last week, some of which are as follows:

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Posted on: 2021-10-24T12:59:15+05:00

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