November 22, 2020 (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, Economic Coordination Committee of the Cabinet (ECC) evaluated a proposal submitted by the Ministry of National Health Services, Regulations & Coordination and approved, in principle, the provision of technical supplementary grant of US$ 150 million for the purchase of the COVID-19 vaccine.
Meanwhile, Adviser to PM for Commerce and Investment, Abdul Razak Dawood via his official twitter account announced that following Prime Minister Imran Khan’s visit to Kabul, the Ministry of Commerce (MOC) will begin engagement with all the stakeholders on the items to be placed in the proposed Pakistan-Afghanistan PTA, starting next week.
On Thursday, the Monetary Policy Committee of SBP announced to meet on Monday, November 23, 2020 at SBP Karachi to decide about Monetary Policy.
Furthermore, SBP announced new regulatory incentives to promote low cost and affordable housing finance.
Besides, Pakistan Customs issued the notification regarding Duty Drawback Rates for Poultry Sector for promotion & diversification of exports from the country.
In addition to this, Minister for Industries & Production, Hammad Azhar via his official Twitter handle informed that Government will be formalizing proposals for Small and Medium Enterprises (SME) growth in the coming days.
On the other hand, as per finance ministry spokesman Kamran Ali Afzal, Pakistan is aiming to raise funds through bonds in December or January.
On the capital market front, Pakistan Stock Exchange (PSX) is exploring the possibility of further enhancement in the circuit breakers from the existing 7.5% to 10% in a phased manner along with the introduction of 2nd level of index-based market halt at 7%.
On the equity front, several companies made announcements during the departed week, some of which are:
Honda Atlas Cars (Pakistan) Limited (HCAR) announced its financial performance as per which the company witnessed 80.6% YoY deterioration in net profits after tax to Rs.145.8 million during Apr-Sep 2020, compared to Rs.751.4 million in the corresponding period of last year.
Pakistan Qxygen Limited via notification to PSX informed that the Board of Directors of the Company in its meeting held today, has approved an investment plan of about Rs. 6.3 billion to set-up the latest and the most energy efficient Air Separation Unit (the “Plant”) in its class.
Banklslami Pakistan Limited (BIPL) approved the final bid of AKD Securities Limited (AKD) for the purchase of BIPL's entire shareholding of 77,117,500 shares in BIPL Securities Limited (Target Company) at a price of PKR 8.60 per share
HBL received SBP’s approval to exercise Call Option for Term Finance Certificate issued in 2016
Avanceon’s subsidiary awarded a contract to provide comprehensive solution for Sewage Treatment Plant in city of Al Ras
JS Global withdrew its intention to acquire up to 77.12% shares of the BIPL Securities Limited (Target Company) under Regulation of the Takeovers Regulations.
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