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ECC approves the removal of dividend distribution cap on MPCL

The Economic Coordination Committee (ECC) was presided over by Minister for Finance and Revenue Dr Abdul Hafeez Shaikh on Wednesday received a summary from the Petroleum Division for removal of dividend distribution cap on Mari Gas Company Limited (MPCL) under Gas Pricing Agreement as the company is being considered for privatisation. The ECC of the […]

PIA 777 impounded in kualumpur for not paying Lease amount

Pakistan’s Exports increased 18% YoY & imports surged 25% during December, 2020

Relaxation of Tax granted to IT Industries for 10 years – Amir Ahmad Hashmi

Forex Reserves inched up by 0.79% to USD 20,402.40Mn

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PSX Stock Market

Unity Foods Ltd approved acquisition of 31% shares of Sunridge Food (Pvt) Ltd

Unity Foods Limited approved in principle acquisition of 16,467,818 (31%) shares of Sunridge Food (Pvt) Ltd at Rs. 28 per share. It may be noted that the company also holds 69% shares of of Sunridge Food (Pvt) Ltd. This acquisition is subject to approval of shareholders for which General Meeting will be convened in due […]

Service Global Footwear Ltd enters as shareholder in JV for Greenfield Project

SECP enlisted Investors Hub (Ascamo Analytics Pvt Ltd) in list of Notified Research Entities

PSX

TOMCL awarded an approx $3.9Mn to supply frozen boneless meat to biggest Food Processor in Middle East

In a latest notification to PSX the Organic Meat Company Limited (PSX: TOMCL) has secured a high value contract for supply of frozen boneless meat with a multinational customer National Food Company (Americana) in Saudi Arabia. This group is considered to be one of the largest Food manufacturing and distributing company in the region.

Agritech Ltd shut down the Urea plant

PREMA won the Brand of the Year Award 2020 for the 2nd Consecutive year

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Unity Foods Ltd approved acquisition of 31% shares of Sunridge Food (Pvt) Ltd

Unity Foods Limited approved in principle acquisition of 16,467,818 (31%) shares of Sunridge Food (Pvt) Ltd at Rs. 28 per share. It may be noted that the company also holds 69% shares of of Sunridge Food (Pvt) Ltd. This acquisition is subject to approval of shareholders for which General Meeting will be convened in due course.

Kohat Cement approves setting up of Cement manufacturing Plant

In a latest notification to the PSX, Kohat Cement Company Limited (PSX:KOHC) in its Board of Directors meeting has approved subject to all regulatory approvals, setting up of 7,800-10,000 tpd Cement manufacturing Plant along with 8-10 MW Waste Heat Recovery and 25MW Coal fired Recovery Power Plants, in Khushab , Punjab. The estimated cost of the project is PKR 30 billion which shall be financed through mix of Debt and Equity and is expected to be completed in 2 to 2.5 years.

ECC approves the removal of dividend distribution cap on MPCL

The Economic Coordination Committee (ECC) was presided over by Minister for Finance and Revenue Dr Abdul Hafeez Shaikh on Wednesday received a summary from the Petroleum Division for removal of dividend distribution cap on Mari Gas Company Limited (MPCL) under Gas Pricing Agreement as the company is being considered for privatisation. The ECC of the Cabinet has allowed removal of dividend distribution cap on Mari Petroleum Company Limited (MPCL) to ensure that the divestment transaction generates optimum sale proceeds for the government. After due deliberations, the ECC allowed that the dividend distribution cap may be removed to ensure that the divestment transaction

CPI clocked in at 5.7% in January 2021

Pakistan Bureau of Statistics (PBS) released the Consumer Price Index (CPI) inflation figure for the month ended January, 2021. The CPI clocked at 5.7%YoY in January 2021 as compared to an increase of 8.0% in the previous month and 14.6% in January 2020. On month-on-month basis, it decreased by 0.2% in January 2021 as compared to a decrease of 0.7%.

Hascol’s board approve to increase the Authorize capital from Rs. 10Bn to Rs. 50Bn

Hascol Petroleum Limited in a latest notification to PSX, has announced that its board of Directors approved the increase in Authorize share capital of the company from rs. 10Bn to Rs. 50Bn subject to obtaining the requisite approvals from the shareolder of the company.

Lucky Cement decided to increase its cement production capacity at its Pezu plant

Lucky Cement in a notification to PSX, announced that company has decided to increase its cement production capacity at its Pezu plant by Rs. 3.15Mn tonnes per annum. This has been done with the increasing demand in the domestic cement industry on the back of revival of economic activity and an uptick in the construction project including both retail level projects as well as mega infrastructure development projects. The total project cost of the above expansion shall be finalized after negotiation with suppliers/contractors. The construction work on the project is expected to commence within the current financial year.

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Economy Stock Market

ECC approves the removal of dividend distribution cap on MPCL

The Economic Coordination Committee (ECC) was presided over by Minister for Finance and Revenue Dr Abdul Hafeez Shaikh on Wednesday received a summary from the Petroleum Division for removal of dividend distribution cap on Mari Gas Company Limited (MPCL) under Gas Pricing Agreement as the company is being considered for privatisation. The ECC of the […]

Economy

PIA 777 impounded in kualumpur for not paying Lease amount

PIA Boeing 777 registration APBMH operating flight islamabad Kuala Lumpur Islamabad is impounded by the Malaysian Authorities in Kuala Lumpur by orders of the court which was approached by the lessor of the aircraft. The leasing company has not been paid the lease amount hence they approached the courts there. PIA managment has not paid […]

Economy

Pakistan’s Exports increased 18% YoY & imports surged 25% during December, 2020

Pakistan Bureau of Statistics (PBS) revealed the exports from the country increased by 4.98 percent during the first half (H1) of the current fiscal year (2020-21) as compared to the corresponding period of last year. The exports from the country during July-December (2020-21) were recorded at $12.098 billion against the exports of $11.524 billion during […]

Economy IT

Relaxation of Tax granted to IT Industries for 10 years – Amir Ahmad Hashmi

Amir Ahmad Hashmi head of Special Technology Zone Authority in a meeting of launch ceremony of Special Technology Zone Authority announced the relaxation of Tax to IT Industries for 10 years.

Economy

Forex Reserves inched up by 0.79% to USD 20,402.40Mn

As per the data released by the SBP, the Pakistan’s Forex Reserves increased by USD 160.60 Million or 0.79% and the total liquid foreign reserves held by the country stood at USD 20,402.40 Million on Dec 04, 2020.

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