July 17, 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:

• Federal Minister for Finance and Revenue, Mifah Ismail on Saturday said that the government was reshaping ‘Mera Ghar Scheme’ to ensure the safety of money people had invested in it.
• The World Bank’s Board of Executive Directors approved $200 million in financing to support Pakistan in transforming the agricultural sector.
• The Federal Board of Revenue (FBR) on Friday extended the last date for filing monthly sales tax returns up to July 20, 2022.
• Meanwhile, the revenue board also announced Rs 53 million cash prizes for 1000 lucky winners of the Point of Sale (POS) draw from across the country including Rs one million and Rs 500,000 first and second cash prizes respectively.
• The Securities and Exchange Commission of Pakistan (SECP) has allowed insurance companies to invest in open-ended mutual funds including Exchange Traded Fund (ETF).
• In the backdrop of a decline in oil prices in the international market, Prime Minister Shehbaz Sharif on Thursday announced a reduction in petrol and diesel prices by Rs18.50 per litre and Rs40.54 per litre respectively.
• The government has planned to provide around 537,070 new gas connections in domestic, commercial, and industrial sectors across the country during the current fiscal year.
• The Central Directorate of National Savings (CDNS) has set a saving target of Rs1.5 trillion for the current Financial Year (2022-23) which will promote a savings culture in the country.
• During the departed week, the Ministry for Information Technology and Telecommunications (MoITT) approved a budget of Rs32.13 billion for the Universal Service Fund for the financial year 2022-23.
• Pakistan’s dollar bonds maturing in 2031 and 2051 are due for a bounce of at least about five points after the IMF deal, Nicholas Yap, Head of Asia credit desk analysts at Nomura said on Thursday.
• Pakistan will receive $1.177 billion after the approval of IMF’s Executive Board, bringing total disbursements under the program to about $4.2 billion, said Nathan Porter, IMF Mission Chief on Wednesday.
• On the same day, Federal Minister for Finance and Revenue Mr. Miftah Ismail expressed the resolve of the present government to promote business activities and facilitate the business community to attain sustainable growth in the country
• On the upside, the Pakistan Agricultural Research Council (PARC) developed six commercial varieties of beans, which will help reduce reliance on imported pulses, besides increasing farm income.
• The two state-owned companies, SNGPL and SSGC, would collectively spend funds amounting to Rs 113.899 billion on the reinforcement of gas transmission networks in their operational areas across the country during the current fiscal year.
• The Oil and Gas Development Company Limited (OGDCL) has injected eight operated wells, producing 305,804 barrels (BBL) crude oil and 3,677 metric million cubic feet (MMCF) gas, in its production gathering system during the first nine months of the last fiscal year.
• Airlift has closed its operations from Wednesday amid the global recession.
• The State Bank of Pakistan (SBP) has appointed twelve banks as primary dealers (PDs) and two companies as Special Purpose Primary Dealers (SPDs) of government securities i.e., Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs) for the financial year 2022-23.

Announcement:

• On the equity side, Finnish Fund for Industrial Cooperation Limited (Finnfund), a private limited company incorporated in Finland, has made an investment in TPL Insurance Limited (TPLI), by acquiring 17.59% of the company’s stake.
• G3 Technologies Limited (PSX: GTECH) has Rs990.78 million (42.32%) unutilized funds out of Rs2.34 billion of right subscription amount for the quarter ended June 30, 2022.
• The shareholders of Bhanero Textile Mills Limited (PSX: BHAT) on Thursday resolved the scheme of arrangement for the reconstruction of Bhanero Energy Limited and BHAT, inter alia, by demerging the BEL-Kotri Unit 1 Undertaking against the allotment and issue of shares by BHAT to the shareholders of Bhanero Energy Limited.
• Pak Elektron Limited (PEL) intends to partner with foreign investors to split the home appliances and power division into two independent companies.
• The Board of Directors of Searle Company Limited (PSX: SEARL) allowed the company to enter into a transaction with Universal Ventures Pvt Limited (UVPL) for the sale of property for Rs510mn.
• ICI Pakistan Limited has received a conditional offer from Morinaga Milk Industry Co., Ltd to acquire an aggregate of approximately 33.3% of the issued and paid-up share capital of NutriCo Morinaga (Private) Limited (NMPL).
• The shareholders of Dawood Lawrencepur Limited (PSX: DLL) have resolved to renew the unsecured subordinated loan facility of up to Rs1 billion to its subsidiary, Tenaga Generasi Limited (TGL), for a further one-year period
• Amreli Steels Limited (ASTL)’s profit margins may squeeze down due to augmented finance cost, Pakistan Credit Rating Agency (PACRA) said on Wednesday.
• Madian Hydro Power Limited (MHPL) has entered into an agreement with Pakhtunkhwa Energy Development Organization (PEDO) for the sale of the feasibility study for total consideration of Rs160 million.
• The acceptance period for the Public Announcement of Offer (PAO) to acquire up to 1.9677 million ordinary shares of Karam Ceramics Limited (PSX: KCL) ended on July 07, 2022.
• Suhail Jute Mills Ltd (PSX: SUHJ) is exploring the financial and legal ramifications of a proposal received by an interested party to set up an Industrial Zone under the CPEC umbrella.
• JS Momentum Factor Exchange Traded Fund (JSMFETF) has informed through a notice to exchange that the rebalancing activity of the JSMFETF portfolio has been concluded. Accordingly, the iNAV dissemination has been resumed from today i.e. July 13, 2022, as per practice.
• The board of directors of Universal Network Systems Limited (PSX: GEMUNSL) has approved the formation of a wholly-owned local subsidiary to partner with global logistics/courier networks for international express courier and other kinds of similar services
• The board of directors of Kohat Cement Limited (PSX: KOHC) approved the setting up of a 10 MW (approx.) on-grid solar power plant at the company's plant site, Kohat.

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