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Weekly News Roundup

November 15, 2020 (MLN): The highlight of the departed week was a breakthrough on a potential vaccine for Covid-19, as Pfizer Inc on Monday said its experimental vaccine was more than 90% effective in preventing COVID-19 based on initial data from a large study. This development caused widespread excitement around the world as global markets including Pakistan posted sharp rallies following this announcement. Apart from this, the other 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, Pakistan called on the Group of 20 nations, representing the world's biggest economies, to extend the suspension of debt payments until the coronavirus-hit developing countries have recovered from the economic devastation wrought by the pandemic.

On Thursday, Prime Minister Imran Khan inaugurated the Naya Pakistan Certificates (NPCs) in a ceremony held in Islamabad.

Meanwhile, Pakistan is in talks with Tethyan Copper to settle a $5.8 billion dispute around the Reko Diq copper project, two senior Pakistani officials told Reuters on Thursday.

Besides, State Bank of Pakistan (SBP) decided to reduce the reflection period of written off/waived loans and advances for corporate borrowers in the Electronic Credit Information Bureau (eCIB) of SBP from 15 years to 10 years.

Furthermore, Prime Minister Imran Khan on Thursday, directed for finalizing incentives for setting up Special Technology Zones to attract foreign investments.

On the upside, Prime Minister Imran Khan in a tweet on Thursday shared a television news report about the increased economic activity in Faisalabad and the resultant shortage of 0.2 million labourers required to meet the high demand of orders in textile sector, as Faisalabad for the first time after 1990, has seen a massive economic growth following a high demand of export items and the government’s recently announced incentive of electricity supply for industrial sector at reduced rates.

On Wednesday, SBP issued the Mid-Year Performance Review (MPR) of the Banking Sector for the year 2020. The review comprehensively covers the performance and soundness of the banking sector for the period of January to June 2020 (H1CY20).

Moreover, Morgan Stanley Capital International (MSCI), a leading provider of research-based indexes and analytics, announced the results of its Semi-Annual Index Review, Nov 2020. As per the announcement, there have been no changes to Pakistan's EM status.

With regards wheat support price, the federal cabinet on Wednesday approved wheat support price at the rate of 1,650 rupees per 40 kilograms.

In addition, the Competition Commission of Pakistan (CCP) issued show-cause notices to Pakistan Sugar Mills Association (PSMA) and its 84 member mills on multiple instances of prima facie cartelization in violation of Section 4 of the Competition Act, 2010. 

Economic Coordination Committee (ECC), on Tuesday informed that the wheat imported from Russia will reach Pakistan within this month and there will be no shortage of the commodity in the country.

On Monday, the National Electric Power Regulatory Authority (NEPRA) increased Rs. 0.4828 per unit in the electricity tariff on account of variation in fuel charges for the month of August 2020.

On export front, Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood said that the government has set an export target of five billion dollars to Afghanistan in next three years.

Announcements

On the equity front, several companies made announcements during the departed week, some of which are:

Sui Northern Gas Pipeline Limited (SNGPL) issued a clarification regarding the news item published yesterday in a leading E-magazine about slashing of losses allowed to SNGPL for regasified LNG by OGRA for the purposes of determination of RLNG prices.

Mian Textile Industries Limited (MTIL) informed via notification to PSX that a Share Purchase Agreement has been executed between the majority shareholders and Elahi Group of Companies (the 'Acquirer') for the sale of 15,473,640/- shares (which constitutes 70% of the total Paid-up Capital of the MTIL) along with management control of the company.

Askari Life Assurance Company Limited notified the exchange that it has raised Rs 306 million from the shareholders against the total issue size of Rs 400 million (36.31% right shares) through rights issue of shares.

Samba Bank Limited informed that its Board of Directors have approved the issuance of Additional Tier 2 Capital Term Finance Certificates of up to PKR 5,000 million.

The Hub Power Company Limited through its wholly owned subsidiary, Hub Power Holdings Limited, has executed and issued an Islamic Shariah compliant discounted Sukuk of Rs. 6,000 Million.

Ghani Chemical Industries Limited (GCIL), a subsidiary company of Ghani Global Holdings Limited signed a Long-Term Supply Agreement with Engro Polymer & Chemicals Limited (EPCL) on November 12, 2020 for the Supply of Oxygen and Nitrogen Gases for a period of 15 years from April 2021.

Pakistan Petroleum Limited (PPL) commenced Extended Well Testing (EWT) production at Exploratory Well Bolan East-1, Ziarat Block, Balochistan.

TPL Properties Limited (TPLP) through its wholly owned subsidiary, entered into an ‘Agreement to Sell’ dated 10th November 2020, for the purchase of Plot situated at Korangi Industrial Area, Karachi, to develop a Technology Park.

Ghani Glass Limited, in an announcement to the Pakistan Stock Exchange, said that the operations of the pharma container glass furnace at the Karachi plant have been restarted.

Habib Rice Products Limited (HRPL) informed that it intends to set up a 100% wholly owned subsidiary company in Free Zone Sharjah after approval of the State Bank of Pakistan (SBP).

Copyright Mettis Link News

Posted on: 2020-11-15T16:23:00+05:00

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