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Weekly News Roundup

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January 3, 2021 (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, in a major development, the Independent Power Producers (IPPS) and the government have in principle come to an agreement over payment terms of the outstanding circular debt.

The same day, Adviser to the Prime Minister for Commerce and Investment, Abdul Razzak Dawood,  announced that Pakistan’s exports for the month of December 2020 have grown by 18.3% to USD 2.357 billion as compared to USD 1.993 billion in December 2019, showing an increase of USD 364 million over December 2019.

Furthermore, the Federal Board of Revenue issued a clarification regarding the extension in the Prime Minister’s Construction package by stating that the last date for seeking immunity by builders and developers from probing their source of funds and availing fixed tax regime has been extended from 31st December 2020 to 30th June 2021.

On the upside, Pakistan and Afghanistan agreed to continue discussions and exchange of views on the Afghanistan Pakistan Transit Trade Coordination Authority (APTTCA).

On Thursday, Prime Minister Imran Khan, approved the minimum possible increase in petroleum prices against the recommendations forwarded by the Oil and Gas Regulatory Authority (OGRA).

The Security Exchange Commission of Pakistan (SECP) on the same day, granted its approval to extend the cutoff date for phased implementation of a minimum threshold of Liquid Capital (LC) and relevant ratios till May 01, 2021.

Another development had been witnessed during the departed week, the Cabinet Committee has decided to initially purchase 1.2 million doses of the vaccine from the Chinese company Sinopharm, which will be provided free of cost to frontline workers in the first quarter of 2021,” Pakistani Minister for Science and Technology said on Twitter.

On Wednesday, the federal cabinet allowed in principle, Water and Power Development Authority (Wapda) to issue Eurobonds in the international market for raising $500 million to meet foreign financing needs for Mohmand and Diamer-Bhasha dam projects.

On the energy front, around 11 wind projects with a cumulative capacity of 660 MW had already achieved financial closing and are likely to start generation by December 2021. Sharing the details of these projects, official sources told that these were included 50 MW Master Green Energy Ltd, 50 MW Tricom Wind Power Pvt Ltd, 50 MW Lakeside Energy Pvt. Ltd, 50 MW Artistic Wind Power Ltd, and 50 MW Liberty Wind Power 1 Pvt Ltd.

 Moreover, the federal government approved an increase in the electricity tariff up to 18 paisas per unit for all consumers except those of Karachi effective from December 1, 2020.

To safeguard the hard earnings and interests of the general public, the Securities and Exchange Commission of Pakistan (SECP) on Wednesday issued a public warning to refrain from investing in any fraudulent investment schemes that promise hefty profits and unrealistic incentives.

Announcements

On the equity front, National Refinery Limited (NRL) started to supply HSD compliant with Euro-V specifications from its DHDS up-gradation plants which were commissioned in June 2017, from today.

The Board of Directors of Macter International Limited, in its meeting held on December 30, 2020, authorized the company to evaluate these potential opportunities and conduct necessary feasibility studies, engage consultants, valuators, and advisors as may be required from time to time.

Furthermore, Azgard Nine Limited (ANL), in a notification to PSX, announced that the Agent Banks of Creditors have finalized and approved the sale of lands related to the FPR unit including all plant, equipment and installments thereon at a price of PKR 825 million.

The shareholders of Archoma Pakistan Limited (ARPL) approved a cash dividend at the rate of 300% (Rs. 30 per share) of Rs. 1,024 Mio-on the paid-up capital as recommended by the directors.

Also, the Board of Directors of Ghani Global Holdings Limited, in their meeting held on December 26, 2020, decided to issue Bonus Shares in the proportion of one (01) Ordinary Share for every ten (10) Ordinary Shares held by the Members (i.e.@ 10%) by the capitalization of a sum of Rs. 254,487,668/- out of the share premium account whose names will appear on the Members' register on the book closure date.

Besides, Engro Polymer & Chemicals Limited successfully undertaken the Initial Public Offering of its Preference Shares. The public subscription was held successfully on December 17th & 18th 2020. The listing of the said shares took place on 31st December 2020.

In addition, Ghandhara Industries Limited termed news reports claiming that the company has entered into any negotiations or contract to introduce Cherry Tiggo 8 in Pakistan as baseless and has no legal standing.

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Posted on: 2021-01-03T15:12:00+05:00

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