September 10, 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 Friday,President ZTBL Muhammad Shahbaz Jameel handed over a cheque to Federal Minister for Finance and Revenue Mr. Miftah Ismail, worth Rs50 million for flood victims.
• The Economic Coordination Committee (ECC) of the cabinet on Thursday approved Rs540 million for Utility Stores Corporation (USC) for the provision of supply of essential commodities in flood-affected areas.
• The Cabinet Committee on Privatization (CCOP) on Wednesday allowed the re-engagement of the Financial Advisor to proceed further with the privatization of National Power Parks Management Company Limited (NPPMCL).
• On the same day, Masroor Khan, Chairman Oil and Gas Regulatory Authority (OGRA) held a meeting with Oil Marketing Companies (OMCs) to discuss the proposals for the deregulation of petroleum product prices.
• The government of Pakistan and Asian Infrastructure Investment Bank (AIIB) signed an advance loan agreement worth $1.6mn for the "Lahore Water and Wastewater Management Project".
• Terming the hike in electricity and petroleum prices a result of unwise policies of the previous government, Minister for Finance and Revenue Miftah Ismail hinted at slowing down the inflation rate from next month.
• During the week, Meezan Bank launched Point of Sale (POS) payment and online payment gateway services to enhance its digital retail offering and fast-track the country’s digital ecosystem.
• All Pakistan Textile Mills Association (APTMA) and the International Cotton Association (ICA) on Tuesday agreed to enhance cooperation on the cotton needs of the textile industry in Pakistan.
• Exchange Companies (ECs) have been asked to seek the State Bank of Pakistan’s (SBP) approval first before exporting US dollars.
• Minister for Foreign Affairs of Japan, on the same day, announced the government of Japan’s plan to provide emergency assistance of $7mn to Pakistan, in response to the devastating flooding nationwide.
• The cumulative outflows from the National Savings Schemes (NSS) in FY22 were recorded at Rs358.8 billion, mainly due to the restrictions imposed on financial institutions to invest in these schemes.
• The State Bank of Pakistan (SBP) signed a memorandum of understanding (MoU) with Zameen.com.
• During the same week, Federal Board of Revenue (FBR) clarified that the imported and local supplies of goods needed for flood relief activity as certified by the NDMA or PDMA have been exempted from the whole of sales tax.
• Privatisation Commission board members proposed that the privatisation of Pakistan Engineering Co. (PECO), Sindh Engineering Limited (SEL) and other remaining properties of the federal government should be halted on account of inherent issues faced by these entities.
• The United Arab Emirates (UAE) economic team on Monday appreciated the cooperation of the present government for foreign investment in Pakistan and deliberated on the ways to accelerate the economic activities between the two countries.
• China has put together 200 tons of onions and will soon dispatch via Karakoram Highway to the flood-hit people of Pakistan, Chinese Foreign Ministry Spokesperson, Mao Ning said on Monday.
• Federal Minister for Finance and Revenue Mr. Miftah Ismail directed the relevant authorities to take the desired steps for resolving various issues being faced by exporters.
• In the wake of unprecedented floods, the government of Pakistan has revised the GDP target to 2.3% against the IMF forecast of 3.5%.
• SBP barred banks of charging any service charges on donations to Prime Minister Flood Relief Fund 2022.
• The Central Directorate of National Savings (CDNS) on Monday collected the target of issuing Rs220nn fresh bonds in 2MFY23.
• The government decided to increase the flood relief assistance under Benazir Income Support Programme (BISP) from the existing Rs28bn to Rs70bn.

Announcement:

• On the equity side, National Foods (PSX: NATF) witnessed a 38% YoY increase in its profits that clocked in at Rs2.72bn in FY22.
• National Electric Power Regulatory Authority (NEPRA) renewed the generation license of Kot Addu Power Company Limited (PSX: KAPCO) for a period of three years from the date of expiry on September 21, 2021.
• TPL Trakker Limited (TPLT) partnered with Krave Mart to enable their Q-commerce platform through robust location-based mapping services for delivery.
• The members of ADOS Pakistan Limited unanimously resolved to voluntarily delist the company from Pakistan Stock Exchange (PSX).
• Mari Petroleum Company Limited (PSX: MARI) suspended production operations at Zarghun South Gas Field and Ziarat Block temporarily.
• The Board of Directors of Matco Foods (MFL) resolved to further invest up to Rs50mn as loan in Barentz Pakistan (Private) Limited (BPPL).
• Ghani Chemical Industries Limited (PSX: GCIL) disinvested 3.28mn ordinary shares of G3 Technologies Limited (GTECH) on September 06, 2022, at Rs10.05 per share through the NDM market.
• Bestway Cement Limited (BWCL)witnessed an 11.56% YoY decline in its net profits that clocked in at Rs10.24bn in FY22.
• The Board of Directors of Otsuka Pakistan Limited decided to transfer a sum of Rs150mn to the general reserve of the company from the profits for the year ended June 30, 2022.
• In the backdrop of the continued shortage of CKD raw materials, the management of Pak Suzuki Motor Company Limited (PSMC) decided to further extend the shutdown period of the automobile plant from September 12, 2022, to September 16, 2022.
• Kohinoor Textile Mills (KTML) has witnessed a 52% decline in its consolidated net profits that clocked in at Rs5.33bn in FY22.
• Ghani Chemical Industries Limited (GCIL)disinvested 16,511,628 ordinary shares of G3 Technologies Limited (GTECH).

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Posted on:2022-09-10T21:37:56+05:00

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