Weekly News Roundup

April 11, 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.

  • The State Bank of Pakistan (SBP)’s governor Dr. Reza Baqir in an interview with CNN on April 9, 2021, said that SBP is studying an option to launch its own digital currency in Pakistan.
  • On the upside, Pakistan witnessed one of the smallest increases in public debt in the world after Covid due to the prudent and well-targeted fiscal response to COVID that includes re-allocation of spending to the most vulnerable through the landmark Ehsaas program.
  • Jaffer Business Systems (JBS) acquired a significant share of ENA (Energy N Automation), a Green Tech, Power, and IoT startup by investing 300 million rupees. 
  • The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.1,650.10 Billion into the market for 7 Days.
  • On Thursday, Finance Ministry said Pakistan entered the international capital market after a gap of over three years by successfully raising USD 2.5 billion through a multi-tranche transaction of 5-, 10- and 30-year Eurobonds.
  • Prime Minister Imran Khan reaffirmed Pakistan's resolve to expeditiously conclude the requisite legal process for the Pakistan Stream (North-South) Gas Pipeline project and commence the work as early as possible.
  • The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.869.20 billion for 3 and 6 months.
  • Given Pakistan’s observable characteristics in terms of economic size, level of development, remoteness, and factor endowments, it is estimated that Pakistan’s potential annual exports are at US$ 88.1 billion, about 4 times the actual current level, World Bank said in its recent report “Pakistan Development Update”
  • The Federal Government started registering E- Vehicles (EVs) without any Fees in Islamabad Capital territory.
  • On the electricity front, the National Electric Power Regulatory Authority (NEPRA) on Wednesday notified an increase of Rs 0.6416 per unit in power tariff on account of variations in the fuel charges for the month of February 2021.
  • The government of Pakistan acquired an additional debt of Rs.14.74 billion during the week ended March 26, 2021, which brings its total net borrowing for the ongoing fiscal year 2021 to Rs.669.83 billion. As of the prior week, the government had borrowed a net sum of Rs.655.09 billion.
  • State Bank of Pakistan (SBP) unveiled its third five-year Strategic Plan for the Islamic Banking Industry.
  • Adviser to PM for Commerce and Investment Ministry of Commerce, Abdul Razak Dawood said that Commerce Ministry is finalizing the Preferential Trade Agreement (PTA) with Uzbekistan in consultation with all the stakeholders.


  • On the equity front, the management of Chashma Sugar Mills Limited approved to incorporate a new subsidiary company in the name of “Ultimate Whole Foods (Private) Limited” to set up mills for milling wheat, gram, other grains, cereals, bran, other allied products and value-added products and by-products such as biscuits, flakes, pasta, confectionery and other related by-products from flours of all kinds and description.
  • Service Global Footwear Limited (SGFL) the largest footwear exporter of Pakistan since the last decade, closed its book-building successfully. The company witnessed historic book building as the IPO was over-subscribed by 5.8x with a strike price clocked in at Rs 53.2 per share, i.e. 40% higher than the floor price of Rs 38 per share.
  • In order to have more visibility in the market, Treet Corporation Limited (TREET)  decided to sell up to 20 million Modaraba Certificates of its subsidiary; First Treet Manufacturing Modaraba (FTMM), to the general public through PSX.
  • The Board of Directors of Engro Corporation Limited (ENGRO), in its meeting held on April 8th, 2021, approved an amount of up to USD 31.4 million or the equivalent in PKR, towards conducting engineering, design, and technical studies including a Front End Engineering Design (FEED) study in relation to the PDH-PP Project.
  • Avanceon Limited (AVN) had been contracted to deploy a state-of-the-art fuel retail automation solution for one of the largest oil marketing companies in Pakistan. The fuel retail automation solution will be deployed on multiple sites and integrated with the customer’s central remote monitoring system.
  •  Silk Bank, in an announcement to Exchange, said that Fauji Foundation will not be proceeding with the due diligence process of Silkbank Limited, in pursuance of its application to acquire the majority stake in the bank.
  • Citi Pharma Limited (CPL)  applied for a listing on the Pakistan Stock Exchange (PSX).
  • Archroma Pakistan Limited (ARPL) informed via notification to Exchange that the company appointed Mr M. Veqar Arif as Chairman of the Board.
  • BIPL Securities received a letter of Public Announcement of Intention (PAI) from AKD Securities Limited to acquire up to 11.4% ordinary shares of the company.
  • The Board of Directors of JS Global Capital Limited proposed to purchase/buy back up to a maximum of 3,991,525 issued ordinary shares (13.06% of the total outstanding shares) of the company, having a face value of Rs10 each at a purchase price of Rs80 per share.
  • Maple Leaf Cement Factory Limited (MLCF), in an announcement to Exchange, said the existing clinker capacity of brownfield clinker production line-3 located at Iskanderabad, which commenced its production on May 21, 2019, has been enhanced by 500 tons per day of clinker from 7,300 tons to 7,800 tons per day of clinker due to a debottlenecking and Balancing, Modernization and Replacement program.

Financial Results:

  • Pak Elektron Limited (PAEL) unveiled its financial results for the year ended December 31, 2020.  As per results, the company has posted net profits of Rs 223 million, depicting a significant increase of 26% YoY when compared to net profits of Rs 177 million in the same period last year.
  • Pakistan International Airline Company Limited (PIA) announced that its net losses for CY20 have shrunk by 34% YoY to Rs 35.3 billion as compared to the losses of Rs 52.6 billion that the company incurred in the previous year.

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Posted on: 2021-04-11T18:55:00+05:00