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Weekly News Roundup

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November 21, 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 Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on November 19, 2021, in Karachi, has decided to raise the Policy Rate by 150 basis points (bps) to 8.75 percent.
  • On the same day, SBP decided to increase the frequency of monetary policy reviews from six (6) to eight (8) times a year, in continuation of efforts to make the process of monetary policy formulation more predictable and transparent in line with international best practice.
  • Incremental taxes to improve capacity utilization in the cement sector are under consideration for those who opted to produce less than their capacity threshold, Advisor to Finance Minister informed via  tweet on Friday.
  • Amid an expected shortfall in the country, Hammad Azhar, Minister of Energy assured the exporters of all provinces that the government would maintain the gas supply during winters.
  • On the upside, Egypt allowed ten Pakistani companies to export meat as the companies met the specification of Egpyt Veterinary regulations.
  • On Thursday, SBP met the CEOs of different banks to discuss the position of foreign exchange reserves, and the positive developments in this matter.
  • An important meeting with Asian Development Bank (ADB) officials was held on Wednesday in Federal Board of Revenue (FBR) HQs to review the progress made on FBR Reform Engagement with ADB.
  • The Securities and Exchange Commission of Pakistan (SECP) allowed Postal Life Insurance Company Limited to manage private pension funds under the Voluntary Pension System (VPS).
  • Adviser for Prime Minister on Finance and Revenue, Shaukat Tarin informed that the government has allocated Rs1 trillion for the next four years for economic development and social sector development in the country.
  • Prime Minister of Pakistan will inaugurate the Track and Trace system of the Federal Board of Revenue (FBR) for the sugar industry on 23rd November 2021 at PM House, Islamabad.
  • Under the reform initiatives within the Energy and Capital Markets Sectors, the government intends to move away 70% of energy production from fossil fuels to hydel-based and renewable sources by 2030.
  • During the outgoing week, The Economic Coordination Committee (ECC) of the Cabinet approved Rs134.783 billion for payment to IPPs on the second instalment (60%) as per the payment mechanism.
  • The government decided on Monday to maintain the price of petroleum products for the next fortnightly in order to provide maximum relief to the general public.
  • Consul General of Indonesia emphasized to further develop trade and economic relations with Pakistan through effective cooperation between the business communities and encouraging linkages between the youth of both the brotherly countries.
  • Building upon its initiative of end-to-end digitization of regulatory approval process, known as Regulatory Approval System (RAS), SBP has now achieved another milestone by launching a module pertaining to the banking policy and regulations.
  • To strengthen the link between industry and academia in the field of Islamic Finance & Economics, Mettis Global Pvt. Ltd and IBA Centre for Excellence in Islamic Finance (CEIF) signed an MoU.
  • Gwadar is set to become a regional logistic hub providing employment opportunities to around 30,000 people, said the China Overseas Port Holding Company (COPHC) Chairman Zhang Baozhong.

Announcement:

  • On the equity front, Fauji Fertilizer Company (FFC) informed investors that the company is planning to set up a 1.3mn ton fertilizer complex in Tanzania.
  • Following the notice issued by Pakistan Stock Exchange, G3 Technologies Limited, previously Service Fabrics Limited (SERF) issued a third rejoinder on Friday as per which the company has taken further steps for the removal of its name from the default segment.
  • Al Ghazi Tractors Limited (AGTL) posted a 2.5x YoY increase in net profits to Rs 2.2bn during 9MCY21 from Rs 889mn in the corresponding period last year.
  • TPL Properties Limited (TPLP) signed a Memorandum of Understanding (MoU) with Bahria Foundation.
  • The shareholders of Meezan Bank Limited (MEBL) passed the resolution to increase the authorized share capital of the bank from Rs28.294bn to Rs32.538bn.
  • The Board of Directors of Afiniti announced that Mr. Zia Chishti has stepped down from his role as Chairman, Chief Executive Officer, and Director of Afiniti, with immediate effect.
  • The name of Service Fabrics Limited (SERF) has been changed to G3 Technologies limited.
  • Honda Atlas Cars Ltd. (HCAR) wrapped up its half-year financial accounts witnessing a massive increment of Rs1.72bn in net profits to Rs1.87bn in 1HMY21.
  • The Board of Directors of Fauji Cement Company Limited (FCCL) amalgamation of Askari Cement Limited (ACL) with and into FCCL.
  • Pakistan Stock Exchange allowed the quoting of Cordoba Logistics & Ventures Ltd (CLVL) (Formerly: Mian Textile Industries Ltd.) under the Transport sector, with effect from November 22, 2021.
  • The management of Husein Sugar Mills Limited (HSM) has commenced the sugar crushing season 2021-2022 from Wednesday, November 17, 2021.
  • Voluntary Delisting Committee of the Exchange announced the delisting of Wyeth Pakistan Limited whereby the committee approved the minimum buy-back price of Rs2000 per share.
  • The share price of The Resource Group (TRG) drastically declined by Rs9.78 or 7.59% in a day after the news appeared on media about the accusation of sexual harassment and assault by a former employee on Zia Chishti, the Chief Executive of Afiniti.
  • E-Processing Systems B.V. subsidiary of Systems Limited (SYS) received an investment from the Bill & Melinda Gates Foundation.
  • Ghani Global Holdings Ltd (GGHL) and Kilowatt Labs Technologies Ltd (KLTL), Inc signed a joint venture agreement on Tuesday for manufacturing and sale of super capacitors and provide long-term energy storage solutions.
  • Waves Singer Pakistan Limited (WSPL) secured the largest corporate order worth Rs1.438bn from Coca-Cola.
  • National Refinery Limited (NRL) on Tuesday suffered a gas explosion over the surface due to entrapped gases during maintenance work on sub soil Korangi Keamari pipeline in the early hours.
  • Hascol Petroleum Limited (HASCOL)’s net losses during CY20 shrank by 28.22% YoY to clock in at Rs25.24 billion compared to Rs35.17bn incurred in the same period last year.
  • Flying Cement Company Limited decided to increase the authorized share capital of the Company from Rs4bn to Rs8bn
  • Hi-Tech Ltd informed that the Oil and Gas Regulatory Authority (Ogra) has allowed it to increase the number of fuel stations in Punjab from 26 to 52.
  • The shareholders of Summit Bank Limited (SMBL) resolved to increase the authorized capital by Rs 62bn.
  • The Board of Directors of Octopus Digital Limited resolved to further issue a minimum of 5million shares by way of other than right.
  • The shareholders of Avanceon (AVN) approved the amendment in the Employees Stock Option Scheme (ESOS) 2018 in order to accommodate eligible entrants for further options in the scheme.
  • Unity Foods Ltd planned to raise Rs5.4bn through a right issue of two million shares at a price of Rs27 per share in order to meet the increased working capital needs of the company.
  • SECP granted a license to Dawood Equities Limited (DEL) as an Underwriter to carry out activities under the Public Offering Regulation 2017.

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Posted on: 2021-11-21T18:50:52+05:00

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