Descon, one of Pakistan’s leading conglomerates, has officially announced its intentions to diversify in to agriculture by setting up a division called Descon Agri Businesses (DAB), said a press release on Thursday.
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Engro Fertilizers organizes seminar to enhance food security
KARACHI: Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, has organized mega farmer seminars in Bahawalpur, Kabirwala, and Hafizabad, to support the Government of Punjab’s “Grow More Wheat” initiative for enhanced food security and farmer productivity in the country.
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Millat Tractors announces production holiday on Fridays
KARACHI: Millat Tractors Limited (MTL) on Thursday announced production holiday on Fridays due to lower demand of tractors.
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Kohinoor Spinning Mills stops production due to high cost
KARACHI: A spinning mill has stopped production due to high cost of production and economic downturn.
Kohinoor Spinning Mills Limited in a communication sent to Pakistan Stock Exchange on Wednesday said that due to prevailing global and economic downturn, overdue plant maintenance, high cost of production and low price and demand, it is not feasible to operation the production facility.
“Therefore, the management of the company has decided to temporary close/stop the production activities of the company with immediate effect,” the company said.
The management is hopeful that the current situation will improve in the first quarter of 2023 enabling the company to restart its operations.
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Attock Refinery shuts down distillation unit
KARACHI: Attock Refinery Limited on Tuesday announced a temporary shutdown of its distillation unit due to ullage constraints.
In a communication shared with the Pakistan Stock Exchange (PSX), the company informed that due to ullage constraints from low demand for furnace fuel oil, Attock Refinery Limited is temporarily shutting down its main distillation unit for approximately eight days.
“During this period some necessary maintenance jobs would also be carried out,” the company added.
Consequently, as result of this shut down refinery will be operating at capacity of 35 per cent.
However, adequate inventories of products are available to meeting the current requirements, the company added.
“This has been intimated to the ministry of energy (petroleum division) and Oil and Gas Regulatory Authority (OGRA) accordingly,” the company said.
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SECP company registration tops 182,598 by November 2022
ISLAMABAD: The total number of registered companies with Securities and Exchange Commission of Pakistan (SECP) increased to 182,598 by end of November 2022, a statement said on Monday.
The SECP registered 2,380 new companies in November, 2022, indicating an increase of 10 per cent as compared to corresponding period last year.
Total capitalization (paid-up-capital) of the newly incorporated companies is PKR1.9 billion.
READ MORE: Floor tile production halts on LC restrictions, gas shortage
Among the newly incorporated companies, about 59 percent were registered as private limited companies, 39 percent as single member companies and 2 percent were public unlisted companies, not for profit associations, trade organizations and limited liability partnership (LLP).
About 99.9 percent of companies were registered online. In November, the SECP also registered three investment companies / micro finance companies with paid-up capital of Rs.255 million.
READ MORE: PVC market growing with wide array of downstream applications
In November, the real estate development & construction sector took the lead with incorporation of 407 companies followed by the information technology with 347 and trading with 300 companies subsequently, services with 258, food & beverages with 87, education with 82, tourism with 81, corporate agricultural farming with 76, ecommerce with 70, marketing & advertisement with 63, engineering with 62, textile with 57, pharmaceutical with 50, healthcare with 43, mining & quarrying with 38, chemical with 37, fuel & energy with 35, transport with 31, power generation with 30, communications with 27, cosmetics and toiletries and lodging with 18 each, broadcasting & telecasting with 14, auto & allied and paper & board with 13 each, cables and electrical goods with 12, arts and culture with 9, and 102 companies in other sectors.
READ MORE: ABHI, Chase Up join hands to extend earned wage access
Foreign investment has been reported in 85 new companies from Afghanistan, Austria, Australia, Canada, China, Germany, Hongkong, Jordan, Korea South, Mauritius, Nigeria, Norway, Oman, Singapore, South Africa, Spain, Tunisia, Turkey, UAE, UK and the US.
As a result of SECP’s eServices integration with FBR and various provincial departments, 2,211 companies were registered with FBR for generation of NTN, 57 companies with EOBI, 32 companies with PESSI/SESSI and 43 companies with excise and taxation department.
READ MORE: Daraz highlights problem of cross-border payments
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Floor tile production halts on LC restrictions, gas shortage
KARACHI: A ceramic company has decided to shut down its floor tile production due to restrictions of Letter of Credit (LC) opening and prevailing gas shortage.
In a communication received by Pakistan Stock Exchange (PSX), Frontier Ceramics Limited announced the shut down its floor tile production plant for an uncertain period due to gas supply shortage.
The company further stated that the unforeseen devaluation of Pakistani Rupee (PKR) coupled with government’s restriction, including LC approval constraints and general economic instability were also the reason behind the decision.
“The resumption of operation (as the case may be) will be communicated accordingly,” the company stated in the communication.
It said the information is being conveyed in accordance with the requirements of Regulation of Pakistan Stock Exchange Limited (PSX) and the applicable provisions of the Securities Act, 2015.
The company also requested the stock exchange that the information may be disseminated amongst the TRE Certificate Holders of the stock exchange as well.
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PVC market growing with wide array of downstream applications
KARACHI: With growing consumer awareness about new construction materials and sustainability, the PVC downstream market in Pakistan is expected to witness an upward trend in the coming years.
A recent report by PACRA expects the local construction industry to record growth of 6 percent this year. Over the next seven years, the sector is expected to grow by a whopping 92 percent as Pakistan enters the rehabilitation phase in the aftermath of catastrophic floods and CPEC-related activities revive as well.
As a result, the demand for PVC applications and other construction materials is also likely to gain traction.
According to Muhammad Idrees, Chief Commercial Officer of Engro Polymer and Chemicals Limited (EPCL), “The PVC market in Pakistan has undergone a phase of growth and diversification in the last few years. To meet the market requirements, we have continued to scale our operations and completed Plant expansion to 295,000 tons annually.
“Last year, we contributed USD 165 million in import substitution through local PVC & VCM production and generated USD 28 million in foreign exchange through exports.”
He further mentioned that due to Pakistan’s inherit advantages and claose proximity to growing regional markets, there is huge export potential for PVC downstream products, which should be capitalized by local manufacturers.
He added that to promote the use of high-quality PVC downstream products, especially in the construction sector of Pakistan, EPCL is undertaking various market development initiatives and has made significant investment with its partners to launch a branded outlet called thinkPVC.
Elaborating on the concept of thinkPVC outlet, he said that EPCL wants to engage the construction industry and other associated stakeholders to highlight innovative construction materials, with a focus on sustainable materials such as PVC. Currently, around 55 percent market share of PVC application in Pakistan is held by pipes and fittings.
The goal is to create wider awareness that PVC resin applications include the manufacturing of doors, windows, flooring, roofing, outdoor furniture, vanities, and other products.
Idrees shared that with increasing population, there is a dire need to adopt modern and innovative construction materials for sustainable living. Compared to other materials, PVC is waterproof, termite and damage resistant, fire retardant, and a light-weight material, which offers high durability and requires minimal maintenance.
PVC is more sustainable as it has 50 percent lower carbon footprint as compared to aluminum, a competing product. It also has a much longer life span and is recyclable. Consumers can save up to 28 percent in heating and cooling costs when using a double-glazed PVC window.
He believes that the future of PVC downstream market in Pakistan remains promising as climate change tops the government agenda and more sustainable practices will be adopted by the construction industry.
“All sectors in Pakistan are expected to adopt greener solutions in line with the government policy of preserving natural resources and forests. PVC is a viable alternative to wood products, and we expect to see greater market penetration of PVC downstream products as the construction sector embraces a Go Green approach”, Idrees stated.
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ABHI, Chase Up join hands to extend earned wage access
KARACHI: ABHI and Chase Up join hands to extend ABHISalary (Earned Wage Access) to 2500 employees working at Chase Up.
Chase Up takes pride in its hardworking employees and values the care they show to their customers.
As a token of appreciation, they have partnered with ABHI to provide the benefit of Earned Wage Access and improve the financial well-being of their employees. The partnership will empower the workforce to access their earned but unpaid salaries before their payday to live their special moments and pay for unexpected expenses anytime, anywhere.
On this occasion, Mohammad Zaidi, Director at ABHI said, “We are thrilled to partner with Chase Up, a well-known chain that interacts with thousands of people daily. With Earned Wage Access, we hope that the employees are able to make their financial decisions with ease.”
Mustafa Bashir, Director at Chase Up, added, “Times have been difficult for all of us, as individuals, as families and as organizations. What matters now is how we, as employers, can bring financial relief to our staff. Getting Abhi onboard is an important step towards enhanced convenience for Chase Up staff.”
ABHI is a financial wellness startup with well over 140,000 employees onboard and is on a mission to financially empower the entire salaried workforce across Pakistan.
Chase Up was founded in 1984, Chase Up has grown from selling affordable clothes to delivering a complete shopping experience, supplying garments, groceries, utensils and more to hundreds of customers. It is one of the largest department stores in the country, operating in Karachi, Faisalabad, Multan and Gujranwala.
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Daraz highlights problem of cross-border payments
Daraz, a leading online marketplace operating in Pakistan, has brought to the forefront significant issues related to cross-border payments. During a high-level meeting with Finance Minister Ishaq Dar on Wednesday, Ehsan Saya, Managing Director of Daraz, along with a delegation, discussed these operational challenges in detail.
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