Weekly News Roundup

June 20, 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 government decided to withdraw the increase in general sales tax (GST) on dairy products and assign zero-rating to the dairy sector.

In order to promote financial literacy amongst the youth, State Bank of Pakistan (SBP) and JazzCash signed a Memorandum of Understanding (MoU).

On Friday, The World Bank’s Board of Executive Directors approved $442 million to improve access to water and sanitation services for the rural communities in Punjab province.

On the energy front, Power tariff for the consumers of Ex-Wapda Distribution Companies (Discos) may come down by about 12 paisa per unit.

Electricity generation in May rose by 8.3% year-on-year to 13,010 GWh.

In order to combat excessive load shedding in Karachi, federal government provided additional 500 Megawatt electricity.

On the same day, Indus River System Authority (IRSA) released 272,200 cusecs water from various rim stations with inflow of 288,000 cusecs.

Government announced a hike in prices of petroleum products for the next fifteen days.

Another IPO is going to hit the trading floor as Pakistan Aluminium Beverage Cans Ltd (PABC), is all set to issue 93,888,000, 26% of Paid-up Capital.

On the upside, Pakistan’s domestic tractor assembling witnessed 65.36% growth during 10MFY21.

Pakistan Mortgage Refinance Company (PMRC) announced the closing of yet another Sukuk worth Rs1billion, with HBL Islamic Banking.

The Securities and Exchange Commission of Pakistan (SECP) issued guidelines for the issuance of green bonds in Pakistan.

During the week, Coca-Cola Beverages Pakistan Limited (CCI Pakistan) announced to invest $50million in a Greenfield project.

The book-building process of Citi Pharma’s Initial Public Offer (IPO) concluded with an oversubscription of 2 times.

The State Bank of Pakistan (SBP) directed banks to provide free-of-cost digital fund transfer services up to, at least, a minimum aggregate sending limit of Rs25,000 per month per account/wallet.

On the technology side, the government has doubled the budgetary allocation for science and technology sector.

During the departed week, Pakistan lifted a rule barring the use of AstraZeneca's COVID-19 vaccine for people below 40 years old.

The Board of Investment (BOI) launched the Pakistan Regulatory Modernization Initiative Strategy (PRMI), Special Economic Zone Management System (SEZMIS), and Investor Relationship Management System (IRMS) with Public & Private partnership.

The group of 20 countries (G-20) suspended Pakistan's debt payments of $3.17bn by the end of this year.

Federal Board of Revenue has been allowed to conduct third-party audits against the persons who are deliberately trying to hide their taxable money.

The total electricity consumption by Industrial sector during November- March FY21 increased by 15% YoY compared to the same period last year.

Pakistan and Russia agreed to make joint efforts for enhancing bilateral trade volume.

Economic Coordination Committee of the Cabinet approved the launch of second phase of the Ehsaas Emergency Cash.

Announcements:

On the equity front, Fecto Cement Limited commissioned the commercial operation of a 5 MW captive solar power plant at its factory located at Sangjani, Islamabad.

Panther Tyres Limited (PTL) entered into a contract with Al-Ghazi Tractors Limited for a regular supply of tractor tyres.

Bawany Air Products Limited (BAPL) informed that the company has received a withdrawal of Public Announcement of Intention from Fossil Energy Private Limited.

Flying Cement Company Limited (FLYNG) announced that the company has successfully completed the installation of the new captive power plant of 12 MW in District Khushab.

Pak Brunei Investment Company Limited completed the acquisition of ten percent (10%) of KASBM's issued Modaraba certificates.

The Board of Directors of Byco Petroleum Pakistan Limited has considered and approved a change in the Company's name.

During the departed week, Reanda Consulting Private Limited submitted a Public Announcement of Intention (PAI) to acquire 35% of total voting ordinary shares and 63.08% of preference shares of Saudi Pak Leasing Company.

Copyright Mettis Link News

Posted on: 2021-06-20T12:22:00+05:00

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