January 22, 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.

• Accomplishing a result-oriented anti-smuggling operation due to enhanced vigilance on all export consignments, the Collectorate of Customs Appraisement, Quetta seized illegal urea fertilizers worth Rs7.2 million being smuggled to Afghanistan.
• Pakistan's yearly inflation rate (new base 2015-16) in December 2021 hit a 22-months high at 12.3% compared to 11.53% in November 2021 and 8% in December 2020.
• In order to meet the petroleum levy target agreed with International Monetary Fund (IMF), the government on Friday had increased petrol prices by Rs4 per litre till January 15.
• On the same day, the Cabinet Committee on Privatization (CCoP) decided to omit Mari Petroleum Company Limited from the list of privatization.
• The Economic Coordination Committee (ECC) had approved the Petroleum Division’s proposal of debt swapping against a loan of Rs54 billion secured by Sui Northern Gas Pipelines Limited (SNGPL) in 2016 for the construction of a dedicated pipeline.
• ECC also approved the incentives for exchange companies against the surrender of foreign exchange in the interbank market.
• Oil and Gas Regulatory Authority (OGRA) issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of January, decreasing the commodity price by Rs69.63 per 11.8-kilogram cylinder.
• On the revenue side, the Federal Board of Revenue (FBR) collected net revenue of Rs2.92 trillion during July-December FY22.
• In addition, FBR will negotiate a double taxation agreement with Afghanistan in the second round of negotiations on the Double Taxation Agreement (DTA)
• The National Electric Power Regulatory Authority (NEPRA) has decided to extend 99 paisa per unit relief for the 4th quarter of the Fiscal Year 2020-21 under the quarterly adjustment mechanism.
• Amid gas supply shortage in the country, the Petroleum Division has announced a bidding round of 14 new blocks covering 24000 sq km for exploration of oil and gas.
• As a result of the modification in Priority Order of gas allocations, more than 200k tonnes of additional urea has been produced in November and December, saving $200 million by import substitution.
• A Special Cabinet meeting was convened on December 30, 2021, to discuss and approve the Finance (Supplementary) Bill, 2021.
• During the departed week, the Securities and Exchange Commission of Pakistan (SECP) issued a procedural guide on the formation and licensing of Non-Banking Finance Companies (NBFCs).
• Prime Minister Imran Khan directed the concerned authority to ensure the execution of the North-South Gas Pipeline (NSGP) project without any further delay in the agreed timelines.
• The Federal Minister for Finance and Revenue Senator Shaukat Tarin stressed the Jewellers Association to enhance the export of Jewellery while meeting with a delegation of the Jewellers Association on Tuesday.
• The Pakistan-China Technical and Vocational Training Institute (TVTI) at Gwadar will be functional from January 2022 as the development work on the project has been completed.
• Meezan Bank and Pak Suzuki Motor Company Limited signed an MoU, offering attractive financing benefits to facilitate the middle-income segment & young customers in availing Car Ijarah facility through Pak Suzuki One Window Solution.
• The average monthly economic indicator (MEI) for the first five months of the current fiscal year (2021-22) indicates that the average economic growth of the country during the period could be estimated at around 5%
• Minister for Communications and Postal Services Murad Saeed on Monday said that National Highway Authority (NHA)'s total revenue saw a jump of Rs99 billion in the last three years.
• Shaukat Fayaz Ahmed Tarinn has taken the oath as Finance Minister on Monday as per which he would be holding the portfolio of Minister for Finance.
• Pakistan Railways (PR) has earned around Rs200.33 billion during the last four years and also significantly decreased its working expenses to transform the organization into a profitable entity

Announcements:

• On the equity front, Systems Limited increased its authorized share capital from Rs2 billion to Rs4 billion.
• The Board of Directors (BoD) of Mughal Iron & Steel Industries approved the procurement and installation of melting plant and feedstock processing unit with an approximate aggregate project cost of Rs2,900 million for its non-ferrous segment.
• National Health Services, Government of Pakistan has approved the layout plan of the Nutraceutical facility of Citi Pharma Limited (CPHL).
• Pakistan Refinery Limited (PRL) has decided to restart the refinery operations from  January 1, 2022.
• Modaraba Al Mali (MODAM) has entered into an understanding with the management of Dadabhoy Sack Limited (DBSL) for the revival of DBSL.
• Gas & Oil Pakistan Limited (GO) has been granted permission by the Oil & Gas Regulatory Authority (OGRA) to operate an additional petrol storage facility of 8,050 MTs recently completed at their depot located in KPK.
• The shareholders of Archoma Pakistan Limited approved a cash dividend at the rate of 900% (Rs90 per share) of Rs3,071 million on the paid-up capital.
• United Brands Limited entered into the distribution of a portfolio of Candyland brand owned by Ismail Industries Limited,
• The BoD of Cordoba Logistics & Ventures Limited (CLVL) approved an investment of Rs65 million in Children Clothing Retail (Private) Limited (CC Retail).
• Pakistan Stock Exchange proposed amendments to regulations pertaining to the definition of the accredited individual investors and their eligibility to trade in Growth Enterprise Market (GEM) companies.
• K-Electric Limited (KE) received a fresh Public Announcement of Intention (PAI) from Shanghai Electric Power Company Limited (SEP) to acquire up to 66.40 % voting shares of K-Electric Limited.
• Pakistan Stock Exchange delisted Ghani Automobile Industries.
• The BoD of the Bank of Punjab (BOP) has taken an in-principle decision to explore the possibility of acquiring a strategic stake in NRSP Microfinance Bank Limited (NRSP MF Bank) from the National Rural Support Programme (NRSP) together with any other shareholder of NRSP MF Bank interested in selling its shares to BOP.
• VIS Credit Rating Company Limited has reaffirmed entity ratings of Lucky Textile Mills Limited (LTML) at ‘AA-/A-1’ (Double-A Minus/A-One)
• Meanwhile, VIS Credit Rating Company Limited (VIS) has upgraded the entity ratings of Mughal Iron & Steel Industries Limited from ‘A/A-2’ (Single A/A-Two) to ‘A+/A-1’ (Single-A Plus/A-One), and reaffirmed the ratings of outstanding Sukuk at ‘A+’ (Single A Plus) and Commercial Paper (CP) at ‘A-2’ (A-Two).
• Air Link Communication Limited is joining hands with Digicom Trading Private Limited and Realme mobile.
• The management of Azgard Nine Limited (ANL) requested the PSX to delist the Listed Term Finance Certificates of the Company
• The BoD of Nadeem Textile Mills (NATM) has approved the proposed scheme of arrangement involving the merger of Nadeem Power Generation (Pvt.) Limited (NPGPL).
• The shareholders of Telecard Limited approved to change the name of the company from Telecard Limited to Telecore Technologies Limited.
• The Ministry of Information and Broadcasting (MoIB) placed Hum News channel at Slab-1 and increased its advertisement rates to Rs140,000 per minute.
• National Refinery Limited (NRL) clarified that the “Fuel Refinery” of the company has been shut down due to scheduled turnaround for around three weeks while” Lube Refineries” are under normal operations.
• The name of Drekkar Kingsway Limited has been changed to Oilboy Energy Limited.
• PSX added 37 new companies whereas removed 13 companies from PSX-KMI All Share Islamic Index.
• Shanghai Electric Power Company Limited has withdrawn the Public Announcement of Intention (PAI) for the acquisition of up to 66.4% of the voting shares of K-Electric Limited.
• Pakistan Credit Rating Agency (PACRA) revised entity ratings of Sui Southern Gas Company Limited (SSGC) to ‘A’ for the long-term and ‘A2’ for the short-term.

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