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Weekly News Roundup

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March 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:

On Friday, Pakistan elected to Chair Committee on Trade & Development of the WTO for 2021.

Finance Ministry, in its monthly economic outlook, uplifted expectations about economic recovery on improved signs during 7MFY21.

On the upside, the International Labour Organization ranked Pakistan as the 3rd largest contributor of technical manpower for online services globally, Advisor to PM on Commerce and Industry, Abdul Razzak Dawood announced on Monday.

Moreover, San Francisco and Karachi-based Indus Valley Capital (IVC), led by former LinkedIn executive Atif Awan,  raised $17.5 million in its debut fund to invest in early-stage Pakistani startups.

On the energy front, the government decided that the prices of petroleum products will remain the same for the first fortnight of the next month.

Furthermore, the Oil and Gas Regulatory Authority (OGRA) on Friday notified the revised price of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGC and SNGPL for the current month with a slight downward adjustment.

With regards to saving schemes, the government on Friday raised the rates on National Saving Schemes (NSS) by up to 60 basis points, with effect from March 3, 2021.

In addition, Central Directorate of National Savings (CDNS) received Rs 29 billion new investments by February 28, through registered Premium Prize Bonds of Rs 40,000 and Rs 25000 introduced by the institution.

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: 

Glaxo SmithKline Consumer HealthCare Pakistan Limited (GSKCH) announced its financial performance for the CY20, as per which the company’s net profits after tax remained flat at Rs 1.26 billion with Earnings per share stood at Rs 10.78/sh.

Shell Pakistan Limited (SHEL) incurred losses of Rs. 4.82 billion (LPS: 45.05) for the year ended December 31, 2020, which signifies an increase of 224% as compared to the losses reported last year.

Dawood Hercules Corporation Limited reported earnings of Rs. 42.63 billion for the year ended December 31, 2020, i.e. nearly 42% higher as compared to the earnings of last year.

Agha Steel Industries reported net profits of Rs 1 billion, which was 43% higher than the profits of Rs 737.2 million reported in the corresponding period last year.

Pak Suzuki announced the new model of Suzuki Swift is expected to be launched in the second quarter of 2021 and will be available for sales by the end of this year.

Announcements

On the equity front, the Board of Directors of Dawood Lawrencepur Limited, in its meeting held on March 3, 2021, approved the renewal of the subordinated loan facility of up to PKR 300 million to its subsidiary, Tenega Generasi Limited (TGL), for a further one-year period, on an arm’s length basis.

Mughal Iron & Steel Industries Limited raised and received Rs.3 bln in its designated bank account by successfully issuing Rated, Privately Placed, Secured, to be Listed, Sukuk (Islamic Bonds) to Qualified Institutional Buyers (QIBs) for a period of 5 years.

Samba Bank received Rs 5 billion in its designated account for receipt of proceeds against the issue of Rated, Privately Placed, Unsecured, and Subordinated Term Finance Certificates (TFCs).

The Board of Directors of Feroze 1888 Mills Limited, in their meeting held on February 26, 2021, considered equity investment to be made in 1888 Mills LLC, an associated company, to the tune of USD 5 million upon terms to be approved by the shareholder under a Special Resolution.

The Board of Directors of Pakistan Oxygen Limited (PAKOXY) approved an investment plan of about Rs. 417.5 million for setting up a new electrode manufacturing facility (the “Plant”) at Karachi.

Hascol Petroleum Limited sold two of its properties at Dolmen Sky Tower, Clifton Karachi to Liberty Mills.

Engro Polymer & Chemicals Limited (EPCL) achieved the commercial operation date of a new PVC plant of 100,000 MT per annum.

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Posted on: 2021-03-07T15:54:00+05:00

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