InFrontier Ltd signed term sheet for acquiring 36.6% stake in TPL Life Insurance Ltd

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InFrontier Ltd signed term sheet for acquiring 36.6% stake in TPL Life Insurance Ltd

TPL Life Insurance Limited (“the Company”), a subsidiary of TPL Corp Limited, is pleased to announce that InFrontier Limited (“InFrontier”), a specialist investment firm focusing on frontier markets, authorised and regulated by the Financial Conduct Authority of the United Kingdom, through its fund InFrontier AF LP, has signed terms sheet with the Company for acquiring 36.6% stake in the Company by way of equity investment.

The transaction shall be executed upon satisfactory completion of legal and financial due diligence by InFrontier and shall be subject Boards’, Shareholders’ and all the regulatory approvals.

The Company aims to utilize the funds to strengthen its balance sheet, grow retail insurance offerings, invest in systems and human capital, and develop technological infrastructures in order to build product and platform awareness.

We shall keep our shareholders updated with respect to this transaction by making further announcements as and when the transaction progresses further.

GLPL to increase its authorized capital from Rs. 200Mn to Rs. 400Mn

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GLPL to increase its authorized capital from Rs. 200Mn to Rs. 400Mn

In a latest notifictaion to the PSX, Gillette Pakistan Limited (PSX:GLPL), has resolved that the authorized capital of the company to be increased from Rs. 200 million divided into 20 million ordinary shares of Rs. 10 each to Rs. 400 million divided into 40 million ordinary shares of Rs. 10 each.

It has been further resolved that the ordinary shares when issued shall carry equal voting rights and rank pari passu with the existing ordinary shares of the company in all respects/matter in conformity with the provisions of the Companies Act, 2017.

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

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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.

NETSOL’s sister concern in China has signed an agreement with a Global automotive financial services company

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NETSOL’s sister concern in China has signed an agreement with a Global automotive financial services company

In a latest notification to PSX, NETSOL’s sister concern in China has signed an agreement with a global automotive financial services company to upgrade from the Company’s legacy NFS system to its premier, next-generation Ascent® platform. This multi-million-dollar agreement includes licensing, implementation and support services including comprehensive data migration from the old system to the new platform.

The longtime Company customer provides automotive installment loans, credit loans, interest subsidies and other services and mainly conducts business domestically in China. NETSOL’s NFS Ascent® platform was chosen for its unrivaled capabilities and proven track record for success both in Asia-Pacific and globally.

NETSOL Technologies Pakistan will directly benefit from this contract through provisioning of both license as well as major services to the sister concern for implementation of NFS Ascent at the client site. This will result in generating additional revenues for the Company wh ich will be recognized over the life of the contract.”

THALL to invest Rs 1.7 bn in Woven Polypropylene (WPP) Bags manufacturing facility

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THALL to invest Rs 1.7 bn in Woven Polypropylene (WPP) Bags manufacturing facility

In a latest notifciation to the PSX, Thal Limited, in their meeting held on December 4, 2020, has approved the investment of Rs 1.7 billion by the company in Woven Polypropylene (WPP) Bags manufacturing facility, subject to finalization of negotiation with the supplier of the machinery.

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

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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

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Agritech Ltd shut down the Urea plant

In a latest notification to the Pakistan Stock Exchange, the Agritech Limited (PSX: AGL) announced that the Urea plant of the company has shut down on 30-11-2020 due to Gas Curtailment by Government of Pakistan due to winter load management.

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

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

At-Tahur Ltd, (PSX: PREMA) purveyor of Pakistan’s leading milk brand Prema, has been conferred with ‘Brand of the Year Award 2020’ for the Fastest Growing Brand in Milk and Yogurt category, for second consecutive year, by The Brands Foundation – FPCCI.

NETSOL Technologies and WRLD Introduce NXT: A COVID-Aware Smart Workplace Platform

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NETSOL Technologies and WRLD Introduce NXT: A COVID-Aware Smart Workplace Platform

NETSOL Technologies, Inc.  a global services and enterprise application solutions provider, in collaboration with WRLD, an immersive 3D mapping technology company, introduced NXT, a COVID-aware smart workplace solution.

NXT enables employees to safely return to the office by ensuring standard operating procedures are enforced and offering seamless communication and virtual interaction for those continuing to work remotely.

The NXT platform, powered by WRLD, leverages IoT technology and 3D gaming quality maps to connect and engage employees with their workplace while also ensuring they follow strict COVID-safety protocols such as contact tracing, wellness checks and social distancing while in the office.

The NXT platform has been successfully put into practice at NETSOL offices and is available as a software application that can be quickly scaled for companies of all sizes.

To view a video showcasing the NXT workplace platform key features, please visit: https://netsoltech.com/nxt/

“The global pandemic has radically transformed the modern working environment and has made even more clear every company’s responsibility to their employees’ health and safety,” said Faisal Bhatti, NETSOL’s Global Human Capital Management Officer. “Our collaboration with WRLD to transition our global operations to a work-from-home hybridization helped to inform the NXT product.

We believe its applications will be beneficial to any organization looking to meet today’s unique challenges both during and post-pandemic.

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