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Weekly News Roundup

May 23, 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 provisional growth of GDP for the year 2020-21 has been estimated at 3.94%- based upon growth estimates of the agricultural, industrial, and services sectors.
  • The Economic Coordination Committee (ECC)  approved the signing of an arbitration agreement between Sui Southern Gas Company (SSGC) and K-Electric.
  • On Friday, Asian Development Bank (ADB) and the Government of Pakistan signed a $300million loan to finance the construction of a 300-megawatt hydropower plant in Balakot, Khyber Pakhtunkhwa province.
  • On the same day, Prime Minister Imran Khan virtually inaugurated the Karachi Nuclear Power Plant (NPP) Unit-2 (K-2), a third-generation state of the art plant with improved safety systems.
  • The Competition Commission of Pakistan (CCP) is up to declare e-commerce policy guidelines to build consumer confidence in the electronic marketplace and encourage fair trade practices.
  • During the departed week, Indus River System Authority (IRSA) released 193,000 cusecs water from various rim stations with inflow of 172,300 cusecs.
  • On the energy side, authorities are planning sale of the first green Eurobond to raise $500mn to fund hydropower projects.
  • The past week also witnessed a great achievement of Pakistan’ ecommerce industry as Amazon has added Pakistan to its Sellers’ List.
  • The Economic Coordination Committee (ECC) decided to recommend to the cabinet to cancel plans to sell shares of OGDCL and PPL on the advice and summary of the petroleum division.
  • Pakistan Refinery Limited (PRL) announced to install around $1.2billion up-gradation projects in order to expand its production capacity.
  • On the upside, Pakistan’s leading Exploration & Production (E&P) companies succeeded in winning an offshore block for the drilling of oil in Abu Dhabi.
  • State Bank of Pakistan revised the Statutory Liquidity Reserve (SLR) requirement of Exchange Companies from 25% to 15% of their capital.
  • The opening of Roshan Digital Accounts by overseas Pakistanis in Saudi Arabia witnessed a significant upward trend following the visit of Prime Minister Imran Khan to the Kingdom.
  • State Bank of Pakistan (SBP) decided to begin announcing a half-yearly schedule of Monetary Policy Committee (MPC) meetings on a rolling basis.
  • On Wednesday, the government reduced profits rates on almost all National Saving Schemes with immediate effect.
  • In order to provide substantial relief to the common man, government slashed petroleum levy on diesel by 64% since the beginning of CY21.
  • Other major development during the week includes Saudi Arabia’s positive gesture towards the resumption of the Saudi Oil Facility (SOF) for Pakistan on deferred payments.
  • On the technological side, Federal Board of Revenue launched an online electronic hearing of tax audits and assessment cases to facilitate the taxpayers.
  • To maintain the price stability in the construction industry, Association of Builders and Developers of Pakistan (ABAD) demanded of the government to abolish Regulatory Duties on steel import.
  • During the week, a foreign company IGCF Oil and Gas Limited sold 523mn shares out of total 22% in Byco Refinery at the price of Rs9.46 per share.
  • Oil and Gas Development Company Limited (OGDCL) discovered gas from its exploratory well Jandran X-04, which is located in District Barkhan, Balochistan Province.

Announcements:

  • Topline Securities Limited submitted a Public Announcement of Intention (PAI) to acquire at least 51% of the issued and paid-up capital of the Summit Bank Limited on behalf of the acquirer, Mr. Nasseer Abdullah Hussain Lootah.
  • To make Pakistan a self-sufficient producer of Polypropylene, Engro Corporation announced to invest $1.5bln on polypropylene production.
  • The Board of Directors of Wyeth LLC, USA (currently holding 40.55% of the shareholding in Wyeth Pakistan Limited) resolved to delisted Wyeth Pakistan Limited from PSX under Voluntary Delisting Regulations.
  • Sazgar Engineering Works Limited decided to commence import, market, sell, and after-sales service of Completely Built-Up (CBU) vehicles under the brand name HAVAL.
  • In order to gain more visibility in the market, the shareholders of Dandot Cement Company Limited approved to increase the authorized share capital by Rs4bn.
  • During the last week, AKD Securities submitted PAI on behalf of ARY communications Limited and ARY Digital FZ LLC to acquire more than 51% of the Issued and Paid-up Share Capital of WorldCall Telecom Limited.
  • Amreli Steels Limited re-appointed Mr. Abbas Akbarali (Non-Executive Director) as the Chairman of the Board of Directors and Mr. Shayan Akberali as the Chief Executive Officer of the Company for the term of three years.
  • Past week also witnessed the successful completion of the sale and purchase transaction for the ‘Centrepoint Building’ between Bank Al Habib Limited (BAHL) and TPL Properties Limited.
  • The shareholders of Tata Textile Mills Limited approved to increase the Authorized Share Capital of the Company from Rs200mn to Rs1bn.
  • Packages Limited finalized the price Rs154.62 for the purchase of 19.3% shareholding in Tri-Pack Films Limited from Mitsubishi Corporation.

Financial result:

  • On the financial front, Mobilink Microfinance Bank Limited (MMBL) posted a 70% increase in Net Revenues and a whopping 1,390% increase in profit before tax in Q1, 2021 against the corresponding quarter of the last year.

Copyright Mettis Link News

Posted on: 2021-05-23T16:07:00+05:00

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