Weekly News Roundup

February 20, 2022 (MLN): The highlights of the important economic and business events that took place during the last week are to become acquainted with the recent developments in Pakistan’s economic and public policy.

Events of Importance through the week:

  • On Friday, President Dr Arif Alvi urged tech companies to invest in Pakistan as it possessed adequate tech talent and its economy was becoming more conducive to foreign investment.
  • On the same day, the State Bank of Pakistan (SBP) office issued a special 70 Rupee Commemorative Coin on the occasion of the 70th anniversary of the establishment of diplomatic relations between Germany and Pakistan.
  • The Securities and Exchange Commission of Pakistan (SECP) has registered 2,448 new companies in January 2022 witnessed an increase of 10% as compared to the corresponding period, last year.
  • The National Assembly on Thursday passed the Oil and Gas Regulatory Authority (Amendment) Bills, 2022 to bring entire Liquefied Natural Gas (LNG) and Re-gasified Liquefied Natural Gas (RLNG) licensing and pricing under the regulatory framework.
  • National Electric Power Regulatory Authority (NEPRA) has approved an Rs2.59 per unit decrease in power tariff for the consumers of K-Electric for December 2021 under the monthly fuel adjustment (FCA) mechanism.
  • The National Assembly's Standing Committee on Agricultural Products sought the government's intervention in the price and quality seed of cotton.
  • The Cabinet Committee on China-Pakistan Economic Corridor (CCoCPEC) approved several projects including the realignment of KKH from Thakot to Raikot, provision of utilities for CPEC Special Economic Zones (SEZ), an implementation plan for the vacation of PCG and PN land at Shamba Shamail, Gwadar.
  • During the same week, Federal Minister on Finance and Revenue, Shaukat Tarin directed the Federal Board of Revenue (FBR) to carry out all possible measures for the settlement of tax issues of the pharmaceutical industry.
  • The Economic Coordination Committee (ECC) of the cabinet approved the expansion of the Kamyab Pakistan Programme (KPP) throughout Pakistan.
  • On Wednesday, Asian Development Bank (ADB) reaffirmed the commitment to continue support for the implementation of structural reforms in Pakistan.
  • Intending to further facilitate exporters and encourage timely inflow of export proceeds, the State Bank of Pakistan has enhanced the scope of the Export Finance Scheme (EFS).
  • Meanwhile, SBP has also enhanced the indicative credit limits for agriculture financing by banks to farmers to align the amount of financing with agriculture input requirements.
  • The National Assembly’s Standing Committee on Finance and Revenue passed the Fiscal Responsibility and Debt Limitation (FRDL) Amendment bills 2021 aimed at reducing the country's debt to GDP ratio to 60 percent in 6 years.
  • Furthermore, the Federal Cabinet approved the 3rd Textiles and Apparel Policy aiming to consolidate the growth already achieved in the textile sector.
  • The Ministry of Commerce is in the process of developing a draft of the Preferential Trade Agreement (PTA) with Turkey.
  • The government on Tuesday decided to increase the price of petroleum products by up to Rs12.03 per litre owing to the surge in international oil prices.
  • Hysab Kytab’s White Labelled PFM solution is now available on Temenos Exchange, the open marketplace for fintech solutions.
  • Pakistani startup Energy and Automation (ENA) recently joined forces with Jolta Battery Private Limited to provide solutions to the telecom & banking sector.
  • SBP’s governor Dr Reza Baqir said that the potential risks associated with cryptocurrency far outweigh the benefits when evaluated against the core objectives of a central bank.
  • He also said that owing to the revolutionary initiatives introduced by the central bank, the e-banking transactions were recorded at around $500 billion during the last fiscal year (2020-21)
  • During the departed week, the Federal Cabinet has decided to extend already enforced Nonpharmaceutical Interventions (NPIs) till February 21, 2022, in cities where covid positivity ratio remains above 10% for at least 3 days.
  • The honourable Prime Minister of Pakistan, Mr Imran Khan launched the second phase of Raast, called the Person-to-Person instant payment system (P2P) on Tuesday.
  • The Federal Cabinet has given approval for the extension on the duration of the Saindak Mine lease for another 15-years to the Chinese company working on the Saindak Gold and Copper Mine project in Balochistan.
  • Meanwhile, the government is intended to announce a relief package for the middle, lower-middle and salaried class within days to help them cope with the current wave of inflation.
  • On the upside, after the first Islamabad-Tehran-Turkey (ITI) train in December 2021, the third ITI train from Pakistan has entered Turkey.
  • The Islamabad High court (lHC) has ordered the Oil and Gas Regulatory Authority (OGRA) to issue RLNG prices as per ECC guidelines dated 27-06-2016.


  • On the equity front, ICI Pakistan Limited has executed the joint venture (JV) and shareholders agreement with Tariq Glass Industries Limited (TGIL) to set up a greenfield state-of-the-art float glass manufacturing facility.
  • Ministry of National Health Services Pakistan has approved the layout plan of the Carbapenem facility of Citi Pharma Limited.
  • Hysab Kytab has signed an agreement with Askari Bank, which will empower Askari bank’s internet and mobile banking app users to take greater control of their financial well-being.
  • Waves Singer Pakistan Limited has resolved the Scheme of Arrangement between the company and Samin Textiles Limited (SMTM) as per which the home appliance business shall be demerged from the company and be amalgamated with and into SMTM.
  • Kohat Cement Company Limited in its upcoming extraordinary general meeting on March 21, 2022, will consider and approve investment by way of short-term running finance of up to Rs600 million in Ultra Kraft (Pvt.) Limited (UKPL), an associated company of KOHC.
  • Fazal Cloth Mills Limited will acquire land of area up to 50 Acres in Special Economic Zone as defined in Special Economic Zone Act 2012 for establishing a dyeing and finishing unit.
  • The Board of Directors of Reliance Weaving Mills Limited has approved the conversion of outstanding loans and advances of Fatima Energy Limited amounting to Rs763,778,970 into 76,377,897   unlisted,   non-voting,  non-cumulative, participatory, convertible and redeemable preference shares.
  • Habib Bank Limited (HBL) and TPL Group have signed a term sheet for equity investment of Rs2.25 billion in TPL REIT Fund 1.
  • The honourable Sindh high court has passed an order suspending the operation of the show cause notice about the sale of property and also restrained the SECP from taking any adverse action against Mirpurkhas Sugar Mills Limited (MIRKS) of the same.
  • Packages Limited (PKGS) has purchased 7.5 million ordinary shares, i.e. 19.33% shareholding of Tri-Pack held by Mitsubishi Corporation at a negotiated purchase price of Rs154.62 per share.
  • Cherat Packaging Limited has decided to acquire another Rotogravure Printer together with allied equipment to enhance the production capacity of the flexible packaging division at a cost of approximately Rs1 billion.
  • Pakistan Petroleum Limited (PPL) will be taking over the operations and working share from China Zenhua Oil in the Baska Block that covers 2500 square kilometre area in the DI Khan, DG Khan and Musa Khel.
  • The Board of Directors (BoD) of Janana De Malucho Textile Mills Limited has resolved that 2.13 million ordinary shares of the company be issued to the shareholders of Babri Cotton Mills Ltd. (BCML)on a swap ratio of 1 share of the company for every 1.438266 shares of BCML.
  • Pakistan Stock Exchange Limited (PSX) has approved the formal listing and quotation of the units of the HBL Financial Sector Income Fund.
  • Avanceon Group of Companies has secured the largest commercial infrastructure project in its history.
  • At-Tahur Limited has added 375 imported and other Holstein Friesian cows to increase the production of milk.
  • Escorts Investment Bank Limited (ESBL) has received a notice from Bahria Town (Private) Limited (BTPL) for termination of shares sale and purchase agreement.
  • ARY Communications Limited and ARY Digital FZ LLC have decided not to proceed with the acquisition of 51% ordinary shares of the capital of WorldCall Telecom Limited.
  • Following the fire incident on February 9, 2022, Bulleh Shah Packaging (Private) Limited (BSPL) has resumed the plant operation and deliveries to its customers.
  • Under the arrangement with Yousaf Weavings Mills Limited (YOUW) for its revival, Modaraba Al Mali (MODAM) & its associates may invest in the YOUW’s right issue up to 10% i.e., up to 10,000,000 shares.
  • Ghani Chemical Industries Limited (GCIL) has set up its 4th Air Separation Unit (ASU) plant at Port Qasim, Karachi to supply the liquid oxygen and liquid nitrogen to Engro Polymer & Chemicals Limited (EPCL) for 15 years.

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: 2022-02-20T09:27:20+05:00