February 7, 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:
Pakistan received its first batch of COVID-19 vaccine doses, 500,000 from China's Sinopharm, on Monday, Health Adviser Faisal Sultan said in a statement released on Twitter.
Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday wherein the committee approved technical supplementary grants worth over Rs190 million.
Furthermore, the Oil and Gas Regulatory Authority (OGRA) on Monday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of February.
Besides, Dairy farmers on Monday announced an increase of Rs 20 per liter in the price of milk. Following this hike, the milk will be sold at Rs 140 per liter from February 11, as announced by Dairy and Cattle Farmers Association President Shakir Umar Gujjar.
On the upside, Pakistan’s exports maintained growth and for the first time in 8 years, the exports have crossed the $2-billion mark in four consecutive months, said Adviser to Prime Minister of Pakistan for Commerce and Investment, Abdul Razzaq Dawood via his official Twitter handle on Monday.
Moreover, Pakistan and Uzbekistan agreed to enhance bilateral trade relations and expressed the resolve to enter into Preferential Trade Agreement (PTA).
The Federal Board of Revenue (FBR) successfully completed the evaluation process for the grant of a five-year license for an IT-based solution for electronic monitoring through the Track and Trace System of specified goods including Tobacco, Cement, Sugar, and Fertilizer.
Meanwhile, a Gong Ceremony was held at Pakistan Stock Exchange (PSX) to welcome Meezan Bank Limited on-board as a Market Maker for Shariah-compliant debt securities on PSX. An agreement was signed between PSX and Meezan Bank today at PSX Trading Hall whereby Meezan Bank becomes the first Islamic bank to be recognized as Market Maker for Shariah-compliant debt instruments on PSX.
Also, the National Assembly on Monday passed three bills that include, “The China Pakistan Economic Corridor Authority Bill, 2020”, The Public-Private Partnership Authority (Amendment) Bill, 2020” and “The Pakistan Single Window Bill, 2020”.
Financial Results:
Apart from this, several listed companies announced their financial results amid the ongoing earnings season last week, some of which are as follows:
International Industries Limited announced massive growth in its earnings for the six months ended December 31, 2020, as compared to the same period of last year, from Rs. 170.2 million to Rs. 3.86 billion.
Bank Alfalah reported a 17% decline in its earnings for the year ended December 31, 2020, from Rs. 13.03 billion (EPS: 7.35) to Rs. 10.84 billion (EPS: 6.1).
Announcements
On the equity front, Mari Petroleum Company Limited (MPCL) informed the stock exchange that the Economic Coordination Committee (ECC) of the Cabinet, in its meeting held on February 03, 2021, approved a summary for the removal of a cap on the distribution of dividends by MPCL.
Agha Steel Industries, a leading Steel rebar manufacturing company signed a contract with Renewable Power Pvt. Ltd. for installing a 2.25-Megawatt solar power project at its production facility located at Port Qasim Karachi.
The Board of Directors, in its meeting held on February 03, 2021, authorized AGP Limited to participate with its parent company Aitkenstuart Pakistan (Private) Ltd (Aitken) through a Special Purpose Vehicle (SPV) set up by Aitken to acquire a selected portfolio of products traded in Pakistan under the Sandoz brand.
AGP Limited also informed that the Drug Regulatory Authority of Pakistan (DRAP), on February 01, 2021, granted Emergency Use Authorization (EUA) for “Gam-COVID-Vac” combined vector vaccine to prevent coronavirus infection caused by SARS-CoV-2 virus (Sputnik V or the Vaccine) to the Company.
Furthermore, the Searle Company Limited, in a notification issued to PSX on Thursday, rejected rumors stating that it has installed a manufacturing unit of Reckitt Benckiser locally.
Besides, the Board of Directors of Nimir Industrial Chemicals Limited (NICL) in its meeting held on Thursday, February 04, 2021, approved the capital investments of PKR 1.0 billion for a new 30 tons per day (10,000 tons per annum) Chlorinated Paraffin Wax plant including Chlorine Liquefaction plant.
The Oil and Gas Development Company Limited (OGDCL) as an operator (95%) and Government Holdings (Pvt) Limited (5%) discovered gas & condensate from exploratory well Sial-1, which is located in district Hyderabad, Sindh Province.
In addition, the Board of Directors of Waves Singer Pakistan Limited approved the submission of an Expression of Interest (EOI) for the acquisition of 96.6% shares of Heavy Electrical Complex (Private) Limited (HEC) from the Government of Pakistan (GoP) by way of the privatization process.
The Board of Directors of Hascol Petroleum Limited, at an emergent meeting held on Friday, approved the increase in the authorized share capital of the company from Rs 10 billion to Rs 50 billion.
Lucky Cement (PSX: Luck) decided to enhance its cement production capacity at its Pezu Plant by 3.15 million tons per annum.
Moreover, on behalf of the Pakistan Water and Power Development Authority (WAPDA) several IPPs initialed a Master Agreement and an amendment to the Power Purchase Agreement between the Company and WAPDA in furtherance of the Memorandum of Understanding (MoU) executed between the company and the Government Committee for Negotiation with IPPs, these include, KAPCO, HUBCO, NCPL, NPL, Kohinoor, and Tenaga Generasi.
Copyright Mettis Link News
39584
