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Weekly News Roundup

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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:

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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