Synthetic Products Enterprises Limited in a latest notification PSX announced that the board has recommended to increase the share capital from Rs. 1Bn to Rs. 1.5Bn.
Moreover, the company also announced to sub-divide the face value of company from Rs. 10 to Rs. 5 by way of increasing number of shares to double.
Pakistan reports Current account deficit of $773mn in July 2021 as compared to the compared to a deficit of $1.6 bln in Jun21. While, a surplus of US$583mn in July 2020 was recorded. The deficit is in line with SBP’s expectations of a current account deficit of 2-3 pct of GDP as economic activity continued to progress.
Despite the recent increase in CAD, SBP’s foreign reserves position continued to strengthen on monthly basis. This is in contrast to past trends and is supported by country’s market-based exchange rate system.
International Packaging Films Limited (the Company or the Issuer) has applied for listing on the Exchange. The Company shall be issuing 63,500,000 Ordinary Shares using the 75% Book Building Method at a Floor Price of PKR 34/- per share.
Issue Size:
The Issue consists of 63,500,000 Ordinary Shares (i.e. 14.99% of the total post-IPO paid up capital of International Packaging Films Limited) of face value of PKR 10/- each. The Book Building portion of the Issue comprises of 47,625,000 ordinary shares (75% of the total issue) at a Floor Price of PKR 34.00 (including premium of PKR 24.00 per share) with a maximum price band of up to 40% (Justification of premium is given under “Valuation Section” i.e. Section 4A).
Method of Offering:
75% Book Building Method and 25% Retail/ General Public Portion
Book Building method and Floor Price:
The IPO would be conducted through 75% Book Building method and the strike price would be determined based on the same. The Book Building portion of the Issue comprises of 47,625,000 ordinary shares (75% of the total issue) at a Floor Price of PKR 34.00 (including premium of PKR 24.00 per share) with a maximum price band of up to 40% (Justification of premium is given under “Valuation Section” i.e. Section 4A).
Retail/general public portion:
General Public portion of the Issue comprises of 15,875,000 Ordinary Shares (25% of the total issue) at the Strike Price. The General Public portion will be fully underwritten. The Underwriters will be appointed upon determination of strike price and subsequently published in the supplement to the Prospectus.
The Taliban on Thursday announced the creation of the Islamic Emirate of Afghanistan on the 102nd anniversary of the country’s independence from British rule.
“[This is the] declaration of the Islamic Emirate of Afghanistan on the occasion of the 102nd anniversary of the country’s independence from British rule,” tweeted Taliban spokesperson Zabiullah Mujahid.
In Kabul, Taliban fighters manned checkpoints the airport as concerns were expressed that they were blocking Afghans from reaching evacuation flights, with the United States demanding safe passage.
Tens of thousands of people have tried to flee Afghanistan since the hardline militants swept into the capital on Sunday, completing a stunning rout of government forces and ending two decades of war.
Taliban leaders have in recent days repeatedly vowed not to seek revenge against their opponents, while seeking to project an image of tolerance.
They have also sort to portray growing political authority, with Taliban co-founder Mullah Abdul Ghani Baradar returning from exile and other senior figures meeting ex-president Hamid Karzai.
But the United States said Wednesday the Taliban were reneging on pledges to allow Afghans who worked with the United States and its allies out of the country.
“We have seen reports that the Taliban, contrary to their public statements and their commitments to our government, are blocking Afghans who wish to leave the country from reaching the airport,” Deputy Secretary of State Wendy Sherman told reporters.
“We expect them to allow all American citizens, all third-country nationals, and all Afghans who wish to leave to do so safely and without harassment.”
Taliban spokesman Zabihullah Mujahid said Tuesday that the new regime would be “positively different” from their 1996-2001 stint.
Sazgar Engineering Works Limited (SAZEW) sold a total of 829 units of three-wheelers against the production of 974 units during the month of July 2021.
The aforesaid information was revealed by the company in a notification issued to the Pakistan Stock Exchange, regarding the production and sales data for the month of July.
Maple Leaf Cement Factory (MLCF), has signed a contract with plant supplier, Zero Carbon for 5MW Solar Plant at the existing plant site Iskanderabad, District Mianwali, Punjab, Pakistan, company’s notice to PSX said.
The expected date of generation is January 01, 2022. The total estimated cost of the project will be Rs450 million.
Meezan Bank Limited (MEBL) conducted its corporate briefing session yesterday to discuss the latest financial performance and future outlook of the bank.
To recall, the bank posted an increase of 11.39% in its half-year net profits, standing at Rs12.90 billion which translated into an EPS of Rs9. This growth in earnings was primarily driven by a robust jump in Non-Funded Income of 36%YoY, lower provisions coupled with higher growth in non-remunerative deposits.
Despite a sharp fall in the interest rate during the said period, the Net spread of the bank went down by just 4% YoY in 1H2021 as a higher volume of earnings assets and current accounts supported the net spread of the bank.
The bank’s deposits grew by 32%YoY during 1HCY21 as against industry growth of 22% over the same period. Accordingly, the bank’s market share of deposits increased to 7%. However, the management expects this deposit growth would normalize to 18% in the near term.
Similarly, CASA of the bank expanded to 80% in the said period compared to 75% in 1HCY20.
The Afghanistan embassy in Tajikistan has demanded Interpol police to arrest former president Ashraf Ghani and his aides who fled the country after the collapse of their government as the Taliban seized control of Kabul.
The Afghanistan embassy in Tajikistan has asked Interpol police to detain Ashraf Ghani, Hamdallah Mohib and Fazal Mahmood Fazli on charges of stealing public wealth so that funds could be returned to Afghanistan, Afghanistan’s Tolonews reported while quoting sources.
A third dose of Pfizer /BioNTech’s COVID-19 vaccine was found to be 86% effective in people aged over 60, an Israeli healthcare provider said on Wednesday, citing initial results from a study of thousands of members.
Israeli HMO Maccabi, which covers around a quarter of the country’s 9.3 million population, compared results from 149,144 people aged over 60 who received their third dose at least a week ago against those from 675,630 more who had received only two doses, between January and February.
Some 37 people tested positive for coronavirus after their third jab, compared with 1,064 positive cases among those who had received only two doses, Maccabi said in a statement. The comparison groups had similar demographic profiles, it added.
Maccabi did not provide any information on the severity of the 37 positive cases, or whether they had any underlying conditions. The Health Maintenance Organisation (HMO) did not immediately respond to a request for comment.
Pfizer has said that its vaccine’s efficacy drops over time, and that a third dose showed significantly higher neutralising antibodies against the initial SARS-CoV-2 virus as well as against the Beta and highly infectious Delta variants.
The Taliban declared the war in Afghanistan was over after the group took control of the presidential palace in Kabul as US-led forces departed and Western nations scrambled on Monday to evacuate their citizens.
President Ashraf Ghani fled the country on Sunday as the militants entered the capital virtually unopposed, saying he wanted to avoid bloodshed, while hundreds of Afghans desperate to leave flooded Kabul airport.
“Today is a great day for the Afghan people and the mujahideen. They have witnessed the fruits of their efforts and their sacrifices for 20 years,” Mohammad Naeem, the spokesman for the Taliban’s political office, told Al Jazeera TV.
Afghan govt has collapsed; Ghani flees to Tajikistan
“Thanks to God, the war is over in the country.”
It took the Taliban just over a week to seize control of the country after a swift sweep ended in Kabul as Afghan forces, trained for years and equipped by the United States and others at a cost of billions of dollars, melted away.
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