March 14, 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:
After resisting IMF’s request for more than a year, the Federal government on Tuesday approved “The Income Tax Second Amendment Bill 2021”.
The Federal Board of Revenue (FBR) on Thursday, clarified news circulating on social media about a proposal to withdraw exemption available to income from exports of computer software or IT services or IT-enabled services.
In addition to this, FBR issued the Sales Tax General Order (STGO) for the Cement manufacturers, for the implementation of Electronic Monitoring of production and sales of goods in the manner prescribed in the law on all manufacturing sites.
On Wednesday, the Federal cabinet accorded approval to the draft of the State Bank of Pakistan Amendment Bill 2021
Furthermore, the Executive Committee of the National Economic Council approved twelve development projects worth over 267 billion rupees in various sectors including infrastructure, water and roads.
Meanwhile, the Economic Coordination Committee (ECC) of the Cabinet approved revising OMCs and Dealers Margins on the basis of 85% of the latest average core inflation.
On the gas front, a senior official privy to petroleum sector developments said the government would finalize the new Liquefied Petroleum Gas (LPG) policy in consultation with all stakeholders aimed at streamlining the matters related to the commodity’s production, import, distribution, and marketing.
Announcements
On the equity front, the Board of Directors of Adamjee Insurance Company Limited on Wednesday announced that its wholly-owned subsidiary company, Adamjee Life Assurance Company Limited, decided to list itself on the Pakistan Stock Exchange through Initial Public Offering.
Ittehad Chemicals Limited (ICL) successfully achieved the financial close of the LABSA / SLES Plant within the time frame and a Letter of Credit has been established to import the Plant and Machinery.
The Board of Directors of Mughal Iron & Steel Industries Limited, in their meeting held on March 10, 2021, considered and approved the increase in the authorized capital of the Company from Rs. 3 billion to Rs. 5 billion by amending the Memorandum and Articles of Association of the Company.
The Board of Directors of International Steels Limited (ISL) in its meeting approved a capital expenditure of Rs.1.235 billion for a debottlenecking project to enhance the finishing capacity of Cold Rolled Coils and sheets by 120,000 tons per annum using Temporary Economic Refinance Facility (TERF) and Long Term Financing Facility (LTFF) offered by State Bank of Pakistan.
The Board of Directors of Ghani Global Holdings Limited decided to enter into green energy technology business by way of manufacturing and sale of supercapacitors and to provide long term energy storage solutions for Electric Vehicles, Solar & UPS Battery Solutions, Telecom, Microgrid, Locomotives, Industrial Equipment, Energy Harvesting, and Green Technology, etc. in Pakistan and export to other countries with an estimated cost of Rs. 3,200 million.
Hub Power Holdings Limited, a wholly-owned subsidiary of The Hub Power Company Limited together with ENI’s local employees (in a 50:50 joint venture) executed definitive agreements to acquire all the upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan.
Sazgar Engineering Works Limited signed another Vehicle Assembly Technical and Cooperation Agreement with a renowned Chinese Automobile Manufacturer, for the manufacture/Assembly, sales, and after-sales service of passenger and commercial vehicles.
The Board of Directors of Jahangir Siddiqui & Co. Ltd approved to offer 183,188,477 listed, convertible, redeemable, non-voting, non-participatory, cumulative Class “A” Preference Shares of Rs10/- each, of the aggregate subscription amount of PKR 1,831,884,770 to the existing Shareholders of the Company.
Lucky Cement Limited announced that the Greenfield cement production facility in Samawah, Iraq with a capacity of 1.2 million tons per annum has successfully commenced its operations with effect from March 10, 2021.
Hascol Petroleum Limited incurred losses of Rs. 17.26 billion (LPS: 18.15) for the half-year ended June 30, 2020, i.e. nearly 42% lower than the losses recorded during the same period of last year.
The Board of Directors of Ravi Textile Mills Limited, in a meeting considered and resolved in-principle to change the Company's principal line of business to 'Steel and Allied products'.
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