July 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.
- Pakistan and Afghanistan signed the Protocol for Six months extension of Afghanistan Pakistan Transit Trade Agreement 2010 (APTTA).
- The Securities and Exchange Commission of Pakistan (SECP) registered 2,504 new companies in June 2021. SECP has also licensed three new Housing Finance Companies (HFCs) during the fiscal year ended June 30, 2021.
- During the departed week, the federal government released Rs115,446.53 million for the National Highway Authority (NHA) road infrastructure schemes under the Public Sector Development Programme (PSDP) 2020-21.
- The Executive Board of International Monetary Fund has backed a $650 billion allocation of IMF Special Drawing Rights, advancing the distribution of currency reserves to the IMF's 190 member countries towards a targeted completion by the end of August.
- On the positive note, Pakistan's Forex Reserves increased by $1,117.5mn or 4.8% and the total liquid foreign reserves held by the country stood at S24,414.90mn on Jul 02, 2021.
- Ericsson and Samsung signed a multi-year agreement on global patent licenses.
- On Thursday, Indus River System Authority (IRSA) released 263,800 cusecs water from various rim stations with inflow of 261,400 cusecs.
- On the same day, Pakistan has launched first environment-friendly electric bike.
- Departed week witnessed the collaboration of Meezan Bank and National Clearing Company of Pakistan Limited (NCCPL) to develop new Shariah-compliant products for the country’s capital market.
- Gwadar Port, the land of economic opportunities is going to become a regional trading hub. In addition, the newly inaugurated Gwadar Free Zone phase two is expected to have over one billion dollars of Chinese investment.
- Association of Builders and Developers of Pakistan (ABAD) demanded stabilize steel prices through abrogation of Regulatory Duty (RD) and Additional Regulatory Duty (ARD) on steel import.
- On the energy side, Pakistan achieved the highest demand & supply of power in history. Moreover, the government has also restored 100% supply of the Re-gasified Liquefied Natural Gas (RLNG).
- To push massive exploration activities in the country, government intends to open new areas through competitive bidding.
- Pakistan’s exports to Australia increased by 33 percent during the fiscal year 2020-21 as against the exports of the previous fiscal year (2019-20).
- Pakistan placed third in “The Economist’s Global Normalcy Index” among 50 nations with a score of 84.4 out of 100, suggesting that the country has taken effective measures against the covid-19.
- The Pakistan Credit Rating Agency Limited (PACRA) maintained ratings of Amreli Steels Limited (ASTL) at ‘A-’ for the long term and ‘A2’ for the short term with a stable outlook.
- Pakistan Stock Exchange (PSX) held a gong ceremony to welcome BankIslami Pakistan Limited as ‘Market Maker’.
- On the technology front, the Ministry of Information Technology and Telecom (MoITT) would execute 17 new schemes amounting to Rs7,050mn during the current fiscal year.
- Pakistan will participate in Dubai Expo, 2020 and represent t itself under the theme “The Hidden Treasure”.
- Pakistan and Iran agreed to boost existing cooperation specially in the area of economic development.
Announcements:
- On the equity front, the Board of Packages Limited (PKGS) authorized the company to further invest Rs1.159bn for acquiring of entire 19.33% Mitsubishi shareholding in Tri-Pack Films Limited.
- Sazgar Engineering Works Limited (SAZEW) sold 1,942 units of Auto Rickshaw during the month of June, 2021.
- The Board of Directors of the United Insurance Company of Pakistan Limited (UIC) approved the draft of the Scheme of Merger of SPI Insurance Company Limited with and in to UIC under some sections of the Companies Act, 2017.
- Pakistan Stock Exchange (PSX) notified the listing of Citi Pharma Limited (CPHL).
- Agritech Limited (AGL) announced that the urea plant operations have been terminated with effect from July 6, 2021.
- The shareholders of Image Pakistan Limited resolved that members of the company may invest up to Rs200mn in Image Tech Limited.
- Johnson & Phillips (Pakistan) Limited added “textile manufacturing” as a principal line of the business.
- Nestlé S.A transferred its entire shareholding to it’s directly and indirectly 100% owned subsidiary Société des Produits Nestlé S.A. (SPN).
- Rafhan Maize Products Limited (RMPL) restarted production at its Mehran Plant located in Kotri, Sindh.
- Bilal Fibres Limited denounced and disowned the letter currently circulating in the market, stating that the company has resumed its operations and started its Yarn production.
- Sui Northern Gas Pipelines Limited (SNGPL) revealed its financial performance for the 1QFY20, as per which the net profit of the company reached to Rs3.18bn.
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Posted on: 2021-07-11T12:27:00+05:00
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