March 27, 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.

Events of Importance through the week:

• The Federal Board of Revenue (FBR) has collected sales tax amounting to Rs26.5 billion in the current crushing season.
• On Friday, SECP Chairman Aamir Khan said that attracting private investment is critical in ensuring the sustainable management of infrastructure.
• On the same day, Deutsche Bank announced the launch of its award-winning FX trading platform, Autobahn, in Pakistan, offering 11 currency pairs to the Pakistani rupee.
• The State Bank of Pakistan (SBP) announced the opening of field offices of SBP Banking Services Corporation (SBP-BSC) and authorized branches of the National Bank of Pakistan (NBP) for extended hours on 30 and 31 March 2022.
• Meanwhile, SBP has suspended the authorization of M/s Noble Exchange International (Pvt) Limited till further orders for violation of SBP rules and regulations.
• The Economic Coordination Committee (ECC) of the Cabinet on Friday approved the summary submitted by Petroleum Division on High-Speed Diesel (HSD)/ Gas Oil Premium.
• On the development side, the Central Development Working Party (CDWP) has recommended four development projects worth Rs352.9bn to the Executive Committee of the National Economic Council (ECNEC) for approval.
• Shaukat Tarin, Federal Minister for Finance and Revenue approved the tax relief of 10% on the import of edible oil for the month of April and May.
• During the departed eek, Minister for Information Technology and Telecommunication Syed Aminul Haq emphasized that the government package announced for IT companies and freelancers should be implemented as soon as possible.
• On the upside, the production of sugar rose to 7.5 million tons this year, which is 36.3% higher than last year's 5.5mn tons.
• The government on Thursday has increased profit rates on almost all National Savings Schemes (NSSs) with effect from March 25, 2022.
• Mr Khalid Al-Falih, Saudi Arabia’s Minister for Investment has proposed to create a joint team between the Board of Investment (BOI) and the National Companies Promotion Program (NCPP).
• Meezan Bank- Pakistan’s first and largest Islamic bank has successfully instituted an Islamic alternate to Inland Bill Discounting Facility for Huawei Technologies Pakistan (Pvt.) Limited.
• On the same day, the Ministry of Finance said that the country will complete the IMF program successfully in September.
• Pakistan International Airlines (PIA) to operate direct non-stop flights to Sydney, Australia from Friday 22 April.
• Indus Motor Company has increased the prices of its various models by up to Rs1.257mn following a jump in freight and input cost.
• The Asian Development Bank (ADB) has approved a $30mn loan to further develop Pakistan’s capital markets.
• National Power Parks Management Company (Pvt.) Limited (NPPMCL) received an unprecedented response from a syndicate of local banks for project financing in excess of Rs100bn.
• As of December 2021, the Islamic Development Bank (IsDB) Group has approved total financing of about $14.5bn for 412 projects in Pakistan out of which 372 are completed and 40 are active ongoing projects.
• In addition, Pakistan and Islamic Development Bank (IsDB) on Monday signed three Framework Agreements amounting to $180 million to provide financing for the Mohmand Dam Hydropower Project (MDHP).
• Barrick Gold Corporation and the government of Pakistan have reached an agreement on a framework that provides for the reconstitution of the Reko Diq project in the country’s Balochistan province.

Announcements:

• On the equity front, the securities of Pakistan Oxygen Limited (PAKOXY) have been granted the status of Shariah Compliant.
• The shareholders of Askari Bank Limited have resolved to increase the shareholding of AKBL in Foundation Securities (Private)  Limited (FSL)  to 51% of the total shareholding.
• Jugnu has raised $22.5mn in funding after entering a strategic alliance with Sary which is the leading MENA-based online commerce marketplace.
• The shareholders of Jubilee General Insurance Co. Ltd (JGICL) have approved an investment of up to Rs150mn each in multiple companies.
• TPL REIT Management Company Ltd (TPL RMC) successfully secured its first funding round of Rs18.35bn for its TPL REIT Fund I with firm investment commitments in place with all initial investors.'”
• Nimir Industrial Chemicals Limited (NICL) has successfully completed the expansion of “Soap Noodle Plant”.
• The shareholders of TPL Properties will sell three projects to TPL REIT Fund I in lieu of units to hold a strategic shareholding of at least 35% in the REIT Fund.
• Pak Suzuki Motor Company Ltd. (PSMC) has wrapped up the year 2021 on a positive note as the company witnessed a notable turnaround wherein it posted a net profit of Rs2.68bn in CY21.
• International Steel Limited (ISL) has raised the prices of Cold Roll Coil (CRC) and Hot Dipped Galvanized Coil/Sheets (HDGC) by Rs2,000 per ton with effect from March 22, 2022.
• Flying Cement Company Limited (FLYING) has been granted a long-term mining lease by the Directorate General of Mines & Minerals (Punjab) for limestone over an additional area of 1,765 acres of land situated near to factory site, Dhok Meharwal in District Khushab, Punjab.
• During the week, Mr M. Z. Moin Mohajir and Mr Farhan Muhammad Haroon have been re-appointed as Chairperson and Chief Executive Officer (CEO) of GSK Consumer Healthcare Pakistan Limited, respectively with effect from March 21, 2022.
• Pakistan Stock Exchange (PSX) has restricted the trading facility of Strongman Securities (Pvt) Limited (SSPL).
• The shareholders of Tariq Glass Industries Limited (TGL) have approved long term equity investment of up to Rs 4,414,900,000 from time to time in Lucky TG (Private) Limited.
• Millat Tractors Limited has announced the resumption of its production operations from Tuesday, March 22, 2022.
• Federal Investigation Agency (FIA) reassured its support for all efforts of the Banking industry to enter into debt restructuring of Hascol Petroleum Limited (HPL).
• The shareholders of ICI Pakistan Limited (ICI) have passed the resolution to make an equity investment of up to Rs4.6bn by way of subscription of up to 460mn ordinary shares in the joint venture company (JVCO).
• K-Electric Limited has announced that the first unit of the 900 MW combined cycle power plant at Bin Qasim has been successfully connected to KE Grid (synchronized).
• Sui Southern Gas Limited (SSGC) has informed through a notice to exchange that the Economic Coordination Committee of the Cabinet (ECC) has approved the summary regarding swapping of SSGC secured loan from HBL — led consortium with Faysal Bank Limited amounting to Rs21bn and re-issuance of sovereign guarantee in favour of later.
• The authorized share capital of Oilboy Energy Limited has been increased to Rs1.6bn.
• Oil & Gas Development Company Limited will enter into a non-binding framework agreement with the Government of Pakistan, Government of Balochistan, Pakistan Petroleum Limited (PPL), Government Holding (Private) Limited (GHPL) and Barrick Gold Corporation to revive a joint mining project at Reko Diq stalled since 2011.
• Lucky Electric Power Company Limited (LEPCL) successfully completed the commissioning of its 660 MW supercritical, lignite coal-based power plant at Deh Ghangiaro, Bin Qasim, Karachi.

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