June 27, 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.
Pakistan Water and Power Development Authority (WAPDA) awarded contract amounting to $241million for the 1530 MW-Tarbela 5th Extension Hydropower Project.
Moreover, WAPDA also commenced construction work on the extension of Kachhi Canal during the departed week.
The Securities and Exchange Commission of Pakistan (SECP) concluded adjudication proceedings against B4U Group for raising illegal deposits from the public and operating pyramid schemes.
During the same week, SECP also specified the framework for the issuance of Debt and Hybrid ETFs.
Pakistan remained in the grey list of the Financial Action Task Force (FATF).
On the economic front, Pakistan’s current account balance posted a deficit of $632 million in May’21.
Index provider MSCI proposed to downgrade Pakistan to Frontier Markets (FM) from Emerging Markets (EM).
Avanceon Limited received an A-in long term, A2 in short term, and a ‘Stable’ outlook from The Pakistan Credit Rating Agency Limited (PACRA).
On Thursday, All-Pakistan Oil Tankers Contractors Association (APOTCA) called for a strike to cut off supplies across the country for an unspecified time.
Fitch Ratings’ latest ‘20/20 Vision illustrated that producer prices have raised sharply in recent months in the wake of supply-chain pressures and rising commodity prices.
On the upside, Jazz secured Rs50billion syndicated credit facility from a banking consortium led by HBL.
The Economic Coordination Committee (ECC) of the Cabinet approved Rs9.85billion worth of technical supplementary grants for different government ministries and programs.
Meanwhile, the book-building phase of Pakistan Aluminum Beverage Cans Ltd (PABC)'s Initial Public Offer (IPO) concluded with an oversubscription of 3.3 times.
PVC-Ethylene margins have increased by 4% WoW or US$38/ton, reaching around US$940/ton from US$902/ton in the international market.
On Wednesday, Indus River System Authority (IRSA) released 272,800 cusecs water from an inflow of 221,600 cusecs while on Tuesday it released 274,900 cusecs water from various rim stations with an inflow of 226,500 cusecs.
Ehsaas Interest-Free Loans programme disbursed a total of 1.2 million loans including 46 percent loans to women with a value of Rs 44.42bn from its inception till March 2021.
VIS Credit Rating Company Limited (VIS) maintained entity ratings of Sapphire Textile Mills Limited (STML) at ‘A+/A-1’ (Single A Plus/A-One).
During the departed week, Pakistan made an agreement with Pfizer to procure 13 million doses of COVID-19 vaccine.
On the export front, cement exports jumped by a whopping 90% MoM and 47.8% YoY to $28.527 million.
In a major development, Fauji Meat Limited received an approval from Government of Malaysia to export meat to Malaysia.
In order to ensure long term and sustainable foreign investment in the country, Government of Pakistan is up to provide full facilitation to the Chinese companies.
In a major initiative, the State Bank of Pakistan unveiled a comprehensive policy to enhance the financial inclusion of Persons with Disabilities (PWDs).
On Monday, the Council of Common Interests has unanimously passed National Electricity Policy.
Saudi Arabia agreed to resume oil assistance to Pakistan worth at least $1.5bn annually in July.
Announcements:
On the equity front, TPL Corp Limited clarified that defamation attempt by Private Media Channel for Mr. Ali Jameel, CEO and Ms. Sabiha Sultan, Director has no involvement with the Company.
Sitara Chemical Industries installed the Soap Noodles Plant based on European Technology having production capacity of 34,000 Metric Tons per annum.
Engro Polymer and Chemicals Limited (EPCL) commenced commercial operation of the new capacity (VCM Plant Debottlenecking of 50,000 MT per annum)
Mari Petroleum Company Limited (MPCL) passed a special resolution to acquire 11.9 million fully paid ordinary shares in National Resources (Private) Limited (NRL).
The Board of Directors of Cherat Cement Company Limited (CHCC) approved the installation of a Greenfield cement plant at D.I. Khan, Khyber Pakhtunkhwa.
Balochistan Glass Limited (BGL) successfully ignited the newly refurbished second Furnace at Unit-III at Kot Abdul Malik, Lahore.
The Board of Directors of Landmark Spinning Industries Limited decided to withdraw the voluntary delisting application of shares of the company from the Pakistan Stock Exchange Limited.
Next Capital Limited received a Public Announcement of Intention (PAI) from Alfalah CLSA Securities (Pvt.) Ltd.
During the week, SECP approved Ghani Global Glass Limited’s Employee Stock Option Scheme (ESOS).
In order to increase its market participation, the Board of Directors of Macter International Limited (MACTER) decided to increase the paid-up share capital of the Company by the issue of a further 6.66 million ordinary shares.
The board of directors of Bhanero Textile Mills Limited (BHAT) approved the sale of 67.74 acres of land either partially or entirely under the powers conferred to the board of directors by the provisions of section 183 of the Companies Act, 2017 “Act”.
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