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Weekly News Roundup

July 03, 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:

  • On Saturday, the Federal Board of Revenue (FBR) clarified about the enhanced rate of Federal Excise Duty (FED) on the international air tickets. Meanwhile, it has also uploaded the Income Tax Return forms for tax year-2022
  • Minister of State for Energy Mohammad Hashim Notezai on Friday said that additional 5,000 megawatts of electricity would be added in the system by March 2023.
  • In light of the ongoing power supply constraints, K-Electric announced a rationalized load-shed schedule for its customers.
  • On the same day, following the hike in petroleum product prices, the Oil and Gas Regulatory Authority (OGRA) increased Liquefied Petroleum Gas (LPG) price by Rs1.66 per Kg for the month of July.
  • On the upside, the US delegation showed their interest in investments in various sectors including wind, renewable energy, textile, and agricultural sector.
  • Pakistan's yearly inflation rate in June 2022 rose to a 13-year high of 21.3% compared to 13.8% in May 2022 and 9.7% in June 2021.
  • The government released funds amounting to Rs1,949.72 million to execute seven ongoing and six new petroleum-related projects during the last fiscal year under the Public Sector Development Programme (PSDP 2021-22).
  • Meanwhile, an amount of Rs46, 868.33 million has been released for various power division schemes under PSDP.
  • Large Taxpayers Office (LTO), Karachi has shown remarkable achievement by collecting Revenue at Rs1.59 trillion in all taxes in FY22 as against Rs1.124tr collected in FY21, showing an overall growth of 42%.
  • The federal government on Thursday decided to increase the petrol prices by Rs14.85 to Rs248.74 per litre while imposing a Petroleum Levy (PL) of Rs10 per litre.
  • On the same day, the government discontinued the Mera Pakistan Mera Ghar (MPMG) and Prime Minister's Kamyab Jawan Youth Entrepreneurship Scheme (PMKJ-YES).
  • Savyour launched its #NotSoSmall initiative on the United Nation’s Micro, Small and Medium Enterprises (MSMEs) Day.
  • During the week, a consultative session was held at National Electric Power Regulatory Authority (NEPRA) to discuss how to maximize the utilization of coal as a cheaper source of electricity generation to reduce power tariff.
  • Despite facing financial constraints, KE made another payment of Rs500 million to SSGC on 29 June 2022, bringing the total payout to over Rs6 billion during the month.
  • Meezan Bank, Pakistan’s leading Islamic bank has installed its 1,000th Automated Teller Machine (ATM).
  • Federal Minister for Finance and Revenue, Miftah Ismail on Wednesday said the government was taking all required measures for enhancing the ease of doing business and providing an export-friendly environment to the business community.
  • National Assembly passed the Finance Bill-2022 after clause-by-clause consideration and adopting certain amendments in it.
  • After the United States and China, Pakistan is now the third-largest popular new seller on Amazon Marketplace with over 1.2 million registered vendors.
  • The coalition government has started consultation on procuring Russian oil and gas at much cheaper rates than currently available in the international market.
  • Paymob, the leading omnichannel financial services platform in the MENAP region, signed an agreement with National Institutional Facilitation Technologies (NIFT) to facilitate digital payments in Pakistan.
  • On Tuesday, the All Pakistan Textile Mills Association (APTMA) requested Prime Minister Shehbaz Sharif to announce competitive prices of electricity and gas for the textile sector.
  • Deputy High Commissioner of Bangladesh in Karachi S.M. Mehboob-ul-Alam invited Pakistani businessmen to invest in Bangladesh as there exist potential opportunities in various economic sectors.
  • The Securities and Exchange Commission of Pakistan (SECP) has initiated the process of constituting the panel of audit firms to conduct statutory audits of certain entities registered or licensed with SECP.
  • During the departed week, the government of Pakistan finally received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF).
  • Prime Minister Muhammad Shehbaz Sharif Monday approved the import of super-critical quality coal from Afghanistan in Pakistani rupee instead of dollars to help generate low-cost electricity in the country.
  • The Central Development Working Party (CDWP) has cleared 19 development projects worth Rs142.3 billion
  • The Central Directorate of National Savings (CDNS) attained the target of issuing Rs1110 billion fresh bonds in the last months of the current fiscal year 2021-22, from July 1, 2021, to June 25, 2022.
  • The government has notified the revised control lists of goods, technologies, materials and equipment that are subject to the Strategic Export Control Division (SECDIV) license for export.
  • Pakistan has signed an agreement with France to get a suspension of loans worth $107 million under the G-20 Debt Service Suspension Initiative (DSSI) framework
  • Bykea raised $10 million from its existing backers to tap the rising demand for online services in the country.

Announcement:

  • On the equity side, Sazgar Engineering Works Limited (PSX: SAZEW) has successfully completed manufacturing facilities as of June 30, 2022, for the manufacturing/assembly of GWM “HAVAL” vehicles.
  • ICI Pakistan Limited successful commenced the operations of the 75,000 tons per annum (TPA) expansion project at its soda ash manufacturing facility in Khewra.
  • Pakistan Credit Rating Agency Limited (PACRA) has maintained the long-term entity rating of Banklslami Pakistan Limited (BIPLSC) at “A+” and the short-term rating at “A-1”.
  • PACRA has also maintained ratings of Soneri Bank Limited at ‘A+’ for the long term with a stable outlook.
  • Mehmood Textile Mills (PSX: MEHT) informed that the honourable Lahore High Court, Multan Bench has graciously approved the Scheme of Arrangement for the rearrangement and reconstruction of Mahmood Group into Group A and Group B.
  • Power Cement (PSX: POWER) has increased its authorized share capital to Rs13.9 billion from Rs13.1 billion
  • NETSOL Technologies Limited has been awarded a contract worth over Rs450 million, namely “Workflow and Document Management System” from the Government of Khyber Pakhtunkhwa (GoKP), funded by the World Bank.
  • The shareholders of Bank of Punjab (BoP) on Wednesday resolved the issuance of the proposed Additional Tier-I capital by the bank in the amount up to Rs10 billion, inclusive of a green shoe option of Rs5bn.
  • Packages Limited (PKGS) has made a public offer to purchase 585,254 ordinary shares of Sanofi-Aventis Pakistan Limited, having a par value of Rs10 each at an offer price of Rs1,704 each.
  • The shareholders of Millat Tractors Limited (MTL) have resolved an increase in the authorized capital of the Company from Rs1 billion to Rs2bn in an extra general ordinary meeting held on June 27, 2022.
  • The shareholders of Treet Corporation Limited (TREET) on Tuesday resolved to give an additional loan of Rs3 billion in addition to the already sanctioned loan to First Treet Manufacturing Modaraba (FTMM), being an associated undertaking, in the form of a working capital loan for a period of one year.
  • Pakistan Stock Exchange (PSX) has directed the sponsors/majority shareholders of Saudi Pak Leasing Co. Ltd (SPLC) to provide all the concerned shareholders with an option for selling their shares to them at a price to be fixed by PSX.
  • The shareholders of Landmark Spinning Industries Limited (PSX: LMSM) on Monday resolved the draft Scheme of Arrangement for the merger between LMSM and Liven Pharmaceuticals (Pvt.) Limited (LPL).
  • K-Electric Limited (KE) has received intimation for an extension in the timeline for making a Public Announcement of Offer (PAO) by Shanghai Electric Power Company Limited.
  • The Board of Waves Singer Pakistan Limited formulated a plan to complete all actions regarding the Scheme of Arrangement between Waves Singer Pakistan Limited and Samin Textiles Limited, in accordance with the Order of Lahore High Court (LHC).
  • SECP approved the demerger of Allied Rental Modaraba,
  • International Steels Limited (ISL) has informed that a state-of-the-art rewinding line with an electrolytic cleaning section has been commissioned.
  • Mari Petroleum Company Limited (MPCL) has informed that a post-acid test has been performed at its exploratory well Bannu West-l ST-l in Bannu West Block.
  • TPL REIT Fund I has successfully achieved its First Financial Close with disbursements of the first tranche of 50% of the first round of equity funding, Rs5.625 billion from the eight (08) leading commercial banks in Pakistan.

Copyright Mettis Link News

Posted on: 2022-07-03T16:45:37+05:00

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