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Weekly News Roundup

December 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.

  • The government on Saturday has extended the date for encashment, conversion and redemption of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 prize bonds up to March 31, 2022.
  • Pakistan’s cotton production soared by 43.83% to 7.274 million bales up to December 15, 2021, as opposed to 5.057 million bales produced in the same period of last year.
  • The Economic Coordination Committee (ECC) of the cabinet on Friday discussed the summary of Ehsaas Targeted Commodity Subsidy Program (ETCSP) worth Rs106.102 billion presented by the Poverty Alleviation and Social Safety Division.
  • During the same week, ECC approved Auto Industry Development and Export Policy (AIDEP) 2021-26.
  • The World Bank approved $195 million in financing to support Pakistan in improving electricity distribution and implementing energy sector reforms to increase service quality for consumers.
  • On the same day, Chief Executive Officer of Engro Elengy Terminal (EETL) Yusuf Siddiqui underlined the need for expansion of existing Liquefied Natural Gas (LNG) terminals and the development of onshore terminals to tackle the prevailing gas crisis in the country effectively.
  • The State Bank of Pakistan (SBP)’ governor, Dr. Reza Baqir informed that SBP will pause interest rate hikes to maintain economic recovery after delivering Asia’s boldest hikes since September 2021.
  • Hammad Azhar, Minister for Energy on Friday assured that there is no risk of shortage of Petroleum Oil Lubricants (POL) products in the country.
  • In order to provide maximum support to the pharmaceutical industry, the Adviser to the Prime Minister on Finance and Revenue Mr. Shaukat Tarin said that the government is fully committed to addressing the issues.
  • Following a policy of zero-tolerance against corruption, highhanded, and misconduct Federal Board of Revenue (FBR) on Thursday suspended three officials posted in the Collectorate of Customs Enforcement, Lahore.
  • The Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) experts, during the last fiscal year, inspected around 13,388 Town Border Stations (TBSs) and rectified 633 stations after finding them leaked.
  • The Oil and Gas Development Company Limited (OGDCL) has injected four operated wells, producing 69,770 barrels (BBL) crude oil and 184 million cubic feet (MMCF) gas, in its production gathering system during the first quarter of the current fiscal year.
  • To provide high-speed mobile broadband services on M3 and M5 Motorways Ministry of IT & Telecom (MoITT) through Universal Service Fund (USF) has awarded contracts worth approximately Rs300 million to Jazz.
  • Keeping in view the declining price trend in the international market, the federal government on Wednesday reduced the prices of all petroleum products with effect from December 16 for the next fortnight.
  • Supernet Limited and Belgium based SatADSL S.A. jointly announced the signing of an agreement empowering Supernet to benefit from the global service offering opportunities via SatADSL’s neXat platform.
  • Chery Automobile Co. has partnered with Ghandhara Nissan Limited (GNL), a leading name in the manufacturing and distribution of vehicles for local production of the latest generation Tiggo Series SUVs.
  • Following the startup financing boom, Pakistan’s rapid delivery startup, Krave Mart has raised $6 million, the country’s largest early-stage funding.
  • During the week, SNGPL suffered a major defeat at an international legal forum as it lost claims of approximately Rs19 billion against National Power Parks Management Company (Private) Limited (NPPMCL) in two arbitrations before the London Court of International Arbitration (LCIA).
  • The federal cabinet on Tuesday approved the amendment in the bilateral air route between Pakistan and Tajikistan. This decision will reduce both air distance and travel costs. It allowed Kazakh Air Company SCAT to operate in Pakistan to start air travel between Pakistan and Kazakhstan.
  • On the same day, the Monetary Policy Committee (MPC) has decided to raise the policy rate by 100 basis points (bps) to 9.75 percent to counter inflationary pressures and ensure that growth remains sustainable.
  • Pakistan Telecommunication Authority (PTA) has renewed the license of Telenor Pakistan (Pvt.) Ltd at the price of $ 449.2 million for the next 15 years.
  • SBP has allowed Exchange Companies (ECs) and Exchange Companies of 'B' Category (ECs-B) to carry out foreign currency sale transactions by obtaining original online verisys NADRA identity card verification slip if the biometrics of individual would not be verified.
  • On Monday, Governor SBP, Dr. Reza Baqir unveiled the Asaan Mobile Account (AMA) which allows the opening of a branchless banking account by dialing a simple code *2262# on a mobile phone.
  • The European Union had agreed to provide €250 million to Pakistan for assisting its clean energy transition and nature-based solutions for ecosystem restoration

Announcements:

  • On the equity front, the name of General Tyre and Rubber (PSX: GTYR) has been changed to Ghandhara Tyre and Rubber Company Limited.
  • Lalpir Power Limited and Pakgen Power Limited have announced a 2nd interim cash dividend of Re 1 per share i.e., 10%, taking cumulative cash dividend to Rs2 per share for the year ended December 31, 2021.
  • Octopus Digital Limited (OCTOPUS) has approved the resolution to further issue shares by way of other than right.
  • The Board of Directors of Dawood Hercules Corporation Limited (DAWH) has approved the appointment of Mr. Mohammad Shamoon Chaudry for the position of Chief Executive Officer (CEO) with effect from January 1, 2022.
  • Afiniti has appointed Larry Babbio as the company’s next Chief Executive Officer (CEO).
  • The shareholders of Chashma Sugar Mills Limited have resolved to issue a corporate guarantee amounting to Rs1.5bn to banks on behalf of its holding company “The Premier Sugar Mills & Distillery Company Limited.”
  • During the departed week, Pakistan Refinery Limited (PRL) has temporarily shut down its refinery operations due to operational constraints.
  • The shareholders of Ghani Global Holdings Limited approved to issue 15% bonus shares out of capital/revenue reserves of the company.
  • Fauji Cement Company Limited (FCCL) has approved the appointment of Mr. Qamar Haris Manzoor as Managing Director and Chief Executive Officer (MD & CEO) for the period of 3 years.
  • The shareholders of Faruki Pulp Mills Ltd (FMPL) during their extraordinary general meeting have resolved the disposal and sale of the company’s assets to the prospective buyers.
  • Pakistan Stock Exchange (PSX) has approved the listing of G3 Technologies (Formerly: Service Fabrics Ltd.) under the chemical sector, w.e.f from Monday, December 20, 2021.
  • Mr. Shahram Raza Bakhtiari has taken charge as the President and CEO of Silkbank Limited with effect from December 14, 2021.
  • At-Tahur Limited (PREMA) is planning to increase its presence in Karachi given the high demand for some products such as the newly launched cream cheese.
  • Pakistan Petroleum Limited (PPL) has been granted a large-scale mining lease for Lead and Zinc, in district Khuzdar, by the Government of Balochistan (GoB).
  • The board of directors of G3 Technologies Limited has decided to invest Rs400 million in Ghani Chemical Industries Limited (GCIL).
  • PSX has replaced three companies in the Karachi Meezan-30 Index (KMI-30) as they do not fall in the list of top 30 Shariah Compliant stocks.

Copyright Mettis Link News

Posted on: 2021-12-19T14:18:54+05:00

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