April 3, 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:
- Prime Minister Imran Khan has sent advice to President Dr Arif Alvi to dissolve National Assembly and called an early election, PM said in an address to the nation today.
- The 5th Trade Policy Review (TPR) of Pakistan at the World Trade Organization (WTO) was successfully concluded on Friday.
- Large Taxpayers Office (LTO) Karachi has collected revenue of Rs1.147 trillion during the July-March FY22 period, witnessing a growth of 42.48% YoY.
- Meanwhile, the Federal Board of Revenue (FBR) collected net revenue of Rs4,382 billion during 9MFY22.
- The National Electric Power Regulatory Authority (NEPRA) has notified an Rs3.278 per unit increase in the power tariff for the electricity consumers of K-Electric (KE).
- On the same day, the Pakistan Tourism Development Corporation (PTDC) and the Trade Development Authority of Pakistan (TDAP) signed a Memorandum of Understanding (MoU) for the promotion of tourism in Pakistan and abroad.
- The Oil and Gas Development Company Limited (OGDCL) has made four hydrocarbon discoveries with an expected cumulative daily production potential of 39 MMCF gas and 2,850 BBL of crude oil, during first half of the current fiscal year in different parts of the current year.
- The Islamic Banking Industry (IBI)’s assets surpassed the 5 trillion mark to reach Rs5,577bn with the highest ever increase of Rs1,308bn, whereas deposits reached Rs4,211bn with an increase of Rs82bn.
- Pakistan Suzuki Motors Company Limited (PSMC), for the second time in 2022, has increased car prices by up to Rs1.6mn.
- Pakistan's Yearly Inflation Rate (New Base 2015-16) in March 2022 was 12.72 percent compared to 12.24 percent in February 2022 and 9.1 percent in March 2021.
- During the departed week, the government has decided to keep the petroleum products prices unchanged till April 15.
- The National Security Committee (NSC) decided to issue a strong demarche to the country whose official communicated the “threat” to the government.
- Pakistan’s leading broker Topline Securities and the fastest-growing Fintech Platform, Investors Lounge, joined hands to provide world-class trading and research experience to students.
- H.E. Ismatullo Nasredin, Ambassador of Tajikistan in Pakistan has expressed his desire for an enhanced level of trade and economic ties with Pakistan.
- The National Command and Operation Center (NCOC) has ended its operations on Thursday.
- The Federal Government has released Rs575.95bn for various ongoing and new social sector uplift projects under Public Sector Development Programme (PSDP).
- In addition, the government has also released Rs1,949.72mn to execute seven ongoing and six new petroleum-related projects.
- Federal Secretary for Industries & Production, Mr Jawad Malik has directed a monitoring committee to carry out a forensic analysis of recent price hikes in different models of cars across the board.
- On the upside, Pakistan has received Silver Award for the interior design out of 192 pavilions sets in Dubai Expo 2020.
- Moody’s Investors Service has viewed the no-confidence motion as credit negative for Pakistan on Monday.
- During the same week, Foreign Minister Makhdoom Shah Mahmood Qureshi expressed satisfaction with the facilitative movement of trucks under Transports Internationaux Routiers (TIR).
- The government of Pakistan has been in communication with the Chinese authorities for the roll-over/refinancing of all ongoing facilities worth $4.3 billion upon their maturity.
- On Wednesday, the government has announced the Nisab of Zakat for the year 1442-43 AH which is fixed at Rs88,927.
- On the same day, the Economic Coordination Committee (ECC) of the Cabinet approved Rs23.30mn for the Heavy Electrical Complex (HEC) to pay liabilities on account of markup to the Bank of Khyber (BoK).
- ECC also approved the provision of indigenous gas to two SNGPL based Urea plants and revised/rationalized the Drawback of Local Taxes Scheme (DLTS) for the period of five financial years from 1st July 2021 to 30th June 2026.
- During the same week, the governor of State Bank Dr Reza Baqir visited CDC House to mark the successful operationalization of important projects for Pakistan Capital Market, namely Roshan Equity and RAAST for Dividend payments.
- Fauji Fertilizer Company Limited (FFC) has increased urea prices by Rs70 per bag with effect from March 29, 2022.
- Mr Omar Ayub Khan, Federal Minister for Economic Affairs witnessed the signing ceremony of the Capital Market Development Program (Subprogram 2) amounting to $300mn between the Economic Affairs Division, Government of Pakistan and Asian Development Bank (ADB).
- The SECP’s Registrar Modaraba authorized the floatation of Burj Clean Energy Modaraba.
- The prices of local rebar have been surged by Rs7,000 per ton, taking the new local rebar prices to Rs216,000 per ton and Rs214,000 per ton for deform and Xtreme rebars, respectively.
Announcements:
- On the equity front, Treet Holdings Limited has signed a Memorandum of Understanding (MoU) with an interested party for inter alia, manufacture, sale, market and supply of Electric Motor Cycles.
- Lucky Cement Limited and Reon Energy today announced a 34 MW captive solar power project with a 5.589 MWh Reflex energy storage.
- Pakistan Stock Exchange (PSX) has delisted Babri Cotton Mills, as a result of a merger/amalgamation with and into Janana De Malucho Textile Mills Limited.
- The Board of Directors of Service Global Footwear Limited has recommended the renewal of investment up to Rs4.5bn in the form of a working capital loan in Service industries Limited.
- Ghandara Nissan Limited (GHNL) has commenced the local assembly of Chery Tiggo 4 and Tiggo 8 Pro SUVs in Pakistan.
- The aggregate amount of Capital Gain Tax (CGT) on disposal of shares at the Pakistan Stock Exchange (PSX) for February 2022, would be collected on Friday, April 8, 2022.
- Highnoon Laboratories Limited is in the process of installing a grid-tied solar system to provide clean and more efficient energy that helps the environment.
- Descon has signed an investment agreement to acquire a shareholding in two dynamic enterprises – ‘Vital Agri Nutrient’ (VAN) and ‘Vital Green’ (VG).
- The cash dividend of Re1 per share i.e, 10% recommended by the National Bank of Pakistan on March 8, 2022, could not be declared in today’s Annual General Meeting (AGM) as it is still under the process of approval by the federal government.
- The Board of Directors of Habib Metropolitan Modaraba Management Company (Private) Limited has resolved in principle to merge Habib Metro Modaraba with and into First Habib Modaraba.
- The shareholders of Habib Bank Limited (HBL) have approved the purchase of the entire shareholding (9.5%) of Allied Bank Limited (ABL) in Habib Allied Holding Limited, UK (HAHL).
- The shareholders of Bank of Punjab have in its Annual General Meeting (AGM) on Wednesday resolved to donate Rs30mn to Akhuwat for the installation of Solar Solution.
- The shareholders of Bank Alfalah Limited (BAFL) in its 30th Annual General Meeting on Tuesday resolved to purchase 521,739 ordinary shares of Alfalah CLSA Securities (Private) Limited.
- Cordoba Logistics & Ventures Limited procured ten new ISUZU Trucks worth Rs53mn.
- The Board of Directors of Pakgen Power Limited (PKGP) and Lalpir Power Limited (LPL) have decided to renew investments up to Rs500mn each in the form of a working capital loan extended to Nishat Hotels and Properties Limited (NHPL).
- Packages Limited (PKGS) witnessed a profit of Rs7.15bn during CY2021, up by 57.64% YoY compared to Rs4.53bn in the year 2020.
- Pak Elektron Limited's full-year 2021 earnings clocked in at Rs1.59bn, up by an impressive 8.6x YoY from Rs223.8mn in the previous year.
- The shareholders of Bank Al Habib Limited in its 31st Annual General Meeting on Tuesday have resolved to increase the authorized share capital of the bank from Rs15bn to Rs20bn.
- BRR Investment (Pvt) Limited has informed that the Registrar of Modaraba has issued the no-objection certificate (NOC) on the proposed merger by way of amalgamation of BRR Guardian Modaraba with and into BRR Guardian Limited.
- Fauji Fertilizer Company Limited (FFC) has won the first award “Top 25 Companies Awards for the year 2020.”
- Telecard’s subsidiary Supernet Limited (SNL) has received clearance from Pakistan Stock Exchange (PSX) for the book building dates for its proposed listing.
- Pakistan Paper Products Limited has installed a used “GALLUS” Flexo machine imported from Switzerland in its Pro Label segment.
- The shareholders of Husein Sugar Mills Limited approved the investment by way of short-term running finance up to Rs50mn in Tariq Capital (Private) Limited (TCPL).
- AGP Limited witnessed a slight decline in its net profits for the year ended on December 31, 2021, to Rs1.56bn from Rs1.58bn profits earned in 2020.
- Mari Petroleum Company Limited (MPCL) has announced the commencement of the first gas from the Tipu compartment of the “Goru B” reservoir of the Mari gas field.
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Posted on: 2022-04-03T15:53:14+05:00
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