January 17, 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 Saturday, Minister for Industries and Production, Hammad Azhar said that the summary for import of 500k tonnes of sugar is being moved for the upcoming meeting of the Economic Coordination Committee. Taking to his official social media handle, he said: ‘Provisional estimates suggest local production of sugar will be higher than last season. But owing to low carry-over stocks, TCP, in consultation with provinces, will be advised to initiate imports early’.
On the vaccine front, Minister for Planning and Development, Asad Umar said the government has given approval of “AstraZeneca”, vaccine while discussion with a Chinese company, “Sinopharm” is also under progress.
Meanwhile, General of Petroleum Concessions publicly opened bids for 20 onshore blocks for grant of Petroleum Exploration Rights through open bidding at Petroleum House, Islamabad.
On Friday, Member Inland Revenue – Operations, Federal Board of Revenue (FBR) Dr. Muhammad Ashfaq Ahmad said that for the next budget, FBR’s priority is to cut the cost of doing business, get rid of excessive taxation, reduce compliance cost and set businesses free so that they could have minimum interaction with tax authorities and could focus on expanding their business and industrial activities.
The same day, Prime Minister Imran Khan approved a little increase in the petroleum prices against the recommendations of the Oil and Gas Regulatory Authority.
On Thursday, Cabinet Committee on Energy (CCOE) approved the design principles and implementation plan of the Competitive Trading Bilateral Contract Market (CTBCM).
Moreover, in an exciting development at Pakistan Stock Exchange, a Gong Ceremony was held to mark the listing of preference shares of Engro Polymer & Chemicals Limited (EPCL).
With regards to the robust growth in Large Scale Manufacturing Index (LSMI), Finance Minister, Dr. Abdul Hafeez Shaikh said that the significant growth in LSM is a testament to the incumbent government’s efforts to encourage industrialization and generate new employment opportunities in the country.
On Wednesday, the State Bank of Pakistan (SBP) had been voted as the Best Central Bank in promoting Islamic finance for the fourth time by a poll conducted by Islamic Finance News (IFN), REDmoney Group Malaysia, today.
Furthermore, Moody’s Investors Service says in a new report that its stable outlook for Pakistan’s banking system reflects banks’ solid funding and liquidity, although a challenging – but improving – operating environment will weigh on asset quality and profitability.
On the upside, Artistic Milliners (Pvt.) Limited, a global leader in denim fabric and garments acquired a denim factory in Commerce, Calif., with plans to invest in the facility to grow the business into a state-of-the-art design and production hub based on Supply Chain 4.0 principles and 360 design development solutions.
Also, Pakistan took the lead in adopting the 2030 Agenda for Sustainable Development and its 17 ambitious Sustainable Development Goals (SDGs), becoming one of the first countries in the world to take up their pledge to transform lives and protect the planet, said a report of United Nations Sustainable Development Framework for Pakistan (UNSDF).
Besides, the Prime Minister of Pakistan, Mr. Imran Khan, launched the completion of the first phase of Pakistan’s Instant Payment System, Raast, in a ceremony held in Islamabad on Monday and hosted by the State Bank of Pakistan (SBP).
In addition, Bank Alfalah Limited had been appointed as the first Designated Market Maker (DMM) for Debt Securities listed at the Exchange, the Pakistan Stock Exchange Limited informed all market participants on Monday.
Moreover, K-Electric Limited (KE) and Shell have signed a Memorandum of Understanding (MoU) to jointly develop the first three Electric-Vehicle (EV) Charging Stations across Karachi.
On the energy front, the National Electric Power Regulatory Authority (NEPRA) on Monday notified a Rs1.6 per unit increase for October and November 2020 under the monthly fuel adjustment mechanism.
Announcements
On the equity front, Packages Limited announced that its 100% wholly-owned subsidiary Packages Convertors Limited has received final approval of Securities and Exchange Commission of Pakistan (SECP) for issuance of 30,829,021 ordinary shares (of Rs. 100 each) to its parent company.
With regards to an unusual movement in the price and volume of its shares, K-Electric Company (KEL) on Friday informed the Pakistan Stock Exchange that it is not aware of any matter and/or material information which may have resulted in such a change.
Besides, the management of Hira Textile Mills Limited, in a notification issued to the PSX on Thursday, requested the Stock Exchange to shift the company from default segment to normal business segment in the interest of common shareholders.
In addition to the above, the Board of Directors of First National Equities Limited (FNEL) in their meeting held today on January 14, 2021, has approved to appoint consultant for the negotiation and subsequent execution of an equity sale of its stake in Kingbhai Digisol (Pvt.) Limited.
Moreover, Ghandhara Industries Limited clarified the news regarding its plans to introduce ISUZU MUX in Pakistan by stating that it has not entered into any negotiations or contract whether written or otherwise to introduce ISUZU MUX in Pakistan.
Byco Petroleum Limited has shut down false information circulating on WhatsApp groups stating that the Company has started production from two units (Diesel Hydro De Sulphurising Unit and Fluid Cracking Unit) with the facilitation of its subsidiary Byco Industries Incorporated.
Copyright Mettis Link News
39227
