March 21, 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:
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on March 19, 2021, in Karachi, decided to maintain the Policy Rate at 7 percent.
On Thursday, Pakistan reversed its decision to allow uncapped prices for COVID-19 vaccines imported by private firms, the health minister said, a move that coincided with the arrival of the first shipment of privately imported Russian Sputnik V shots.
In addition, the Finance Committee of Export Development Fund (FC-EDF) approved Rs. 950 million for up-gradation of PPTF.
On Wednesday, Pakistan received a Chinese donation of 500,000 doses of Sinopharm vaccine, bringing the country's total supply to 1 million shots, Health Minister Faisal Sultan said.
Furthermore, the federal cabinet approved the Ramadan Relief Package worth 7.8 billion rupees on 19 essential items to facilitate the common people during the holy month through the network of Utility Stores across Pakistan.
On Monday, founded by two female doctors turned entrepreneurs, Dr. Sara Saeed Khurram and Dr. Iffat Zafar Aga, Sehat Kahani raised a one million USD Pre-Series A round from leading Global investors to expand its telemedicine network in Pakistan.
The same day, the Cabinet Committee on Energy (CCOE) approved the Circular Debt Management Plan (CDMP) 2021 to ensure effective management of circular debt.
Moreover, Pakistan Mortgage Refinance Company (PMRC) issued a first-of-its-kind Sukuk of PKR 3.1 billion at 8.25% for the promotion of housing finance in Pakistan.
On the energy front, the National Electric Power Regulatory Authority (NEPRA) has allowed K-Electric to increase electricity prices up to Rs1.97 per unit for three quarters.
Announcements
On the equity front, Pakistan Stock Exchange, on Wednesday, issued a series of notifications to various companies inquiring about the unusual changes in the price or volume of their traded securities.
At the Extra Ordinary General Meeting (EOGM) of the Babri Cotton Mills Ltd, held on 13th March 2021, the members of the Company, through special resolutions, approved the Proposed Scheme of Arrangement of Merger /Amalgamation of the Company with Janana De Malucho Textile Mills Ltd (JDMT), under Companies Act, 2017.
Sazgar Engineering Works Limited (SAZEW) applied to the relevant Government Authorities for obtaining approval for the manufacture/assembly, sales, and after-sales service of passenger and commercial vehicles under brand GWM “HAVAL”.
Waves Singer Pakistan Limited decided to increase the paid-up share capital of the Company via an issue of further 93,802,029 ordinary shares, having a face value of Rs 10 each as Right shares.
Bestway International Holdings Limited (“BIHL”), on 19 March 2021, acquired 631,728,895 shares comprising 51.6% shares of United Bank Limited (“Company”) as part of the Bestway Group's internal Re-Organization.
A Millat Group Company, Bolan Castings Ltd (BCL), in an announcement to Exchange, informed that the company as a part of its annual maintenance plan will shut down its manufacturing plant from Monday, March 22, 2021, to Sunday, April 11, 2021.
The Ismail Industries decided to invest in the recently incorporated associated/subsidiary company Ismail Resin (Private) Limited, which has the intention of setting up a Polyester Resin (PET Resin) Manufacturing Plant with a capacity of 108,000 tons per annum, keeping in view of growing demand.
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