Weekly News Roundup

Weekly News Roundup
Weekly News Roundup

June 19, 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:

Announcement:

  • On the equity side, Pakistan Stock Exchange Limited (PSX) intends to acquire 1,949,995 ordinary shares of Rs10/- each in the Central Depository Company of Pakistan Limited (CDC), from IGI Investments (Private) Limited (IGI), a shareholder of CDC.
  • Sui Northern Gas Pipeline Limited (SNGPL) has approved to lay 295 KMs of pipeline from the newly discovered gas fields in the vicinity of North Waziristan and Lakki Marwat area, to the SNGPL transmission network injection point.
  • Pakistan’s TPL Corporation Limited has hired Racha Alkhawaja to oversee their expansion into the United Arab Emirates, as more hedge funds look to attract Middle East money.
  • Modaraba Al Mali (PSX: MODAM) secured agreements for completing the 26% share capital of LSE Financial Services Limited.
  • United Distributors Pakistan Limited (UDPL) decided to invest $50,000 in Farmdar Private Limited.
  • MCB Bank Limited (PSX: MCB) injected additional capital of Rs4 billion into its wholly-owned subsidiary namely MCB Islamic Bank Limited.
  • Hashmi Can Company Limited (HACC) initiated necessary steps for seeking the removal of suspension at PSX due to the fact that the matter of winding up against the Company already stands set aside by the SECP.
  • The Oil & Gas Development Company (OGDC) has informed that the Joint Venture of Guddu Block discovered Gas from an Exploratory well namely Umair South East # 01.
  • AGP Limited will acquire a selected portfolio of products from Viatris Inc.
  • D.G Khan Cement Company (DGKC) is in a process to ship 50,000 tons of the building material to the US.
  • Gas & Oil Pakistan Ltd. (GO) announced its deployment of a Fire Tender at its Mahmoodkot Terminal.
  • TPL Insurance Limited (TPLI) will make an equity investment of Rs200 million in the associated company TPL Life Insurance Limited.
  • The Board of Directors of TPL Trakker approved the de-merger of the mapping segment of the business from the Company by creating a separate entity in Pakistan and transferring the net assets to the same.
  • The Federal Board of Revenue (FBR) has granted TPL Trakker a license for a period of three years to carry out Safe Transport Environment Project (STE Project).
  • International Steel Limited (PSX: ISL) increased the price of Cold Rolled steel (CRC) and Hot Dipped Galvanized Coil/Sheets (HDGC) by Rs7,000 per ton to Rs239,500 and Rs258,000 per ton, respectively
  • Amreli Steels has also increased the booking rates to Rs.231,000/MT for size (9.5/10mm & 12mm) & Rs.229,000/MT for size (16mm & above).
  • ICI Pakistan Limited has announced that a unit for the production of 100% PET Recycled chip, for the manufacture of Recycled Polyester Staple Fibre, has successfully been commissioned at its plant in Sheikhupura.
  • The Board of Directors of Lucky Cement Limited (PSX: LUCK) authorized the management of the company to undertake a feasibility study for a renewable energy project at its plant in Karachi, including wind and solar power.

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Posted on: 2022-06-19T13:11:08+05:00

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