CHCC has announced that it has decided to undertake BMR for Cement Line 1 & install a main Crusher. These measures will help improve the operational efficiencies of the Company.
The total cost of BMR of Cement Line 1 & installation of main Crusher is approximately Rs 3.5bn which will be financed through long-term loans.
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 the lease along with other payments that are with held,and these amounts are shown as profits by the air force management on deputation in PIA headed by Air Marshal Arshad malik.
Hirat Textile Mills Limited (PSX: HIRAT) has launched a special type of Yarn i.e. Melange Yarn in October 2020. Out of Total Yarn, 40% of the Melange yarn was produced & sold to Export Oriented Units. The units includes the following:
The production of Melange Yarn will be increased gradually and target of 100% production of Melange Yarn will be achieved by end of June 2021
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 July-December (2019-20), according to the latest PBS data.
The imports into the country during the period under review also increased by 5.72 percent by growing from $23.195 billion last year to $24.521 billion during the first half of current fiscal year.
Meanwhile, on year-on-year basis, the exports from the country increased by 18.31 percent during the month of December 2020 as compared to the exports of December 2019. The exports during December 2020 were recorded at $2.352 billion against the exports of $1.988 billion in December 2019, the data revealed.
The imports into the country also increased from $4.020 billion in December 2019 to $5.035 billion in December 2020, showing growth of 25.25 percent.
On month-on-month basis, the exports from the country increased by 8.19 percent during December 2020 when compared to the exports of $2.174 billion in November 2020.
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.
In a latest notification to the Stock Exchange, the Sazgar Engineering Works Limited (PSX:SAZEW) announced the production & sales data for the month of December 2020.
SAZEW Production Units were recorded at 1,608 units, showing a rise of 30% on Monthly basis.
While 991 units were sold as compared to the 806 units sold in November.
In a latest notification to the PSX, Service Global Footwear Limited (`SGFL’) a subsidiary of Service Industries Limited (SRVI) will be included as a shareholder in Joint venture project, Service Long March Tyres (Private) Limited (‘SLM’), incorporated in terms of Joint Venture Agreement executed amongst the Company, Chaoyang Long March Tyre Co., Ltd (LM) of China and Myco Corporation of Pakistan (MC).
The equity stake of the parties in SLM will be – Service Industries Limited and associates/others (51% including SGFL not to be more than 23%), LM (44%, maximum 49%) and MC (maximum 5%).
SLM is setting up a greenfield project for undertaking the manufacturing and sale of truck and bus radial category of tyres in Pakistan for local consumption and export. SGFL, as intimated vide notification dated 29 September 2020, is in the process of raising capital through Initial Public Offering (IPO) and get itself listed on the Pakistan Stock Exchange Limited. The proceeds of the IPO will mainly be utilized for making investments in SLM.
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In a latest notification to PSX, Azgard Nine Limited (ANL),has announced that the Agent Banks of Creditors have finalized and approved the sale of lands related to the FPR unit including all plant, equipment and installments thereon at a price of PKR 825 million.
The company, on the demand of Agent Banks of Creditors, has therefore executed sale agreement/deeds for its FPR unit on December 29, 2020.
However, the sale of said FPR unit will not affect the business/ production of the company as it has arranged sufficient production facilities to cater to its business requirements.
In a latest ntification to PSX, Matco Foods Limited (MFL) has approved the business plan of the Corn-Starch business in Allama Iqbal Industrial Estate SZE, which shall be financed through mixed of debt and Equity.
The estimated cost of the business plan is as follow:
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