Economy

Monetary Policy: SBP maintained the Policy rate at 7%

The Monetary Policy Committee (MPC) decided to maintain thepolicy rate at 7 percent. The MPC noted that since the last meeting in September, the domestic recovery has gradually gained traction, in line with expectations for growth of slightly above 2 percent in FY21, and business sentiment has improved further. Nevertheless, there are risks to the […]

PSX Stock Market

MCB Bank has informed that the sale of its wholly owned subsidiary MCB Financial Services Ltd (MCBFSL) has now completed

In a notification to PSX, MCB Bank Limited , has informed that the sale of its wholly owned subsidiary MCB Financial Services Limited (“MCBFSL”), through Share Purchase Agreement has now completed in accordance with necessary approvals, including the approval granted by the Securities and Exchange Commission of Pakistan (SECP). Following this transaction, MCBFSL is no […]

PSX Stock Market

FBR selected TPL Trakker to avail its real-time video monitoring system

We are pleased to announce that the Federal Board of Revenue (“FBR”), after a rigorous qualification process, vide its approval letter dated November 23, 2020 has selected TPL Trakker Limited (the “TPLT”), as one of the approved vendors till December 30, 2023 to avail video monitoring system (“System”) as required under the newly implemented Video […]

PSX Stock Market

Avanceon Secures its Biggest Oil and Gas Contract to date in United Arab Emirates

Avanceon FZE, a subsidiary of Avanceon Limited, has secured a multimillion-dollar long term purchase contract from a major oil company in the middle east. As per the contract, Avanceon shall supply Hydraulic & PLC control panels on a call off basis as and when requested by the client. This contract execution gives a pathway for […]

PSX

PAKOXY approved an investment plan of Rs. 6.3Bn to setup an efficient Air Separation Unit

The Board of Directors of the Company in its meeting held on November 20, 2020 has approved an investment plan of about Rs. 6.3 billion to setup the latest and the most energy efficient Air Separation Unit (the “Plant”) in its class. The new state-of-the-art Plant will be sourced from Linde GmbH, Linde Engineering Pullach […]

PSX Stock Market

Avanceon FZE, wins Contract to Upgrade Critical Infrastructure for the Saudi Ministry of Environment

Avanceon FZE, a subsidiary of Avanceon Limited in Dubai, has been contracted to provide a comprehensive solution for the Sewage Treatment Plant in the city of Al Ras. Avanceon will be responsible for the Supply, Installation, Testing and Commissioning of the SCADA systems & PLC with HMI for the Sewage Treatment Plant. This contract execution […]

PSX Stock Market

Avanceon has incorporated a subsidiary in Qatar Avanceon QFZ LLC

In a latest notification issued to PSX, Avanceon Limited (PSX:AVN) announced that it has incorporated a new wholly owned subsidiary in the State of Qatar with the name Avanceon QFZ LLC. The Qatari Government has established Free Zones in Qatar Doha whereby allowing to incorporate Companies with full foreign ownership without having the need of […]

PSX

Samba Bank Ltd approve issuance of additional Tier 2 Capital Term Finance Certificates of up to Rs. 5 Bn

In a notification to the PSX, Samba Bank Limited (PSX:SBL) has infored that its Board of Directors have approved the issuance of Additional Tier 2 Capital Term Finance Certificates of up to PKR 5,000 million. The bank approved issuance of the TFC as an instrument of redeemable capital under Section 66(1) of the Companies Act, […]