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Category: Corporate

  • GSK confirms raid related to Panadol shortage

    GSK confirms raid related to Panadol shortage

    KARACHI: GlaxoSmithKline (GSK) on Friday confirmed that government authorities raided one of its warehouses related to shortage of Panadol.

    According to information received by Pakistan Stock Exchange (PSX), the company confirmed the raid to one of its warehouses. “We firmly reject the claims related to the hoarding of Panadol intentionally to create shortage,” said Farhan Muhammad Haroon, Chief Executive Officer of GSK.

    GSK said that the stocks at the warehouse were intended to be released and distributed in the country in the normal course of business. As GlaxoSmithKline Consumer Healthcare Pakistan Limited (member of the Haleon Group), we are led by our purpose of delivering everyday health with humanity, the company added.

    It further said that this has been shown through our commitment to the people of Pakistan throughout challenging times. “We continue to supply Panadol products in the country and have adjusted our production capacity to ensure some product availability, despite market obstacles,” it added.

  • Lucky Cement installs 25.3 MW solar energy plant at Karachi

    Lucky Cement installs 25.3 MW solar energy plant at Karachi

    KARACHI: Lucky Cement Limited on Wednesday announced a signing of an agreement for installation of a 25.3 megawatts captive solar power project at an estimated cost of Rs3 billion.

    In a communication sent to Pakistan Stock Exchange (PSX), Lucky Cement informed that it had entered into an arrangement with Orient Energy System (Private) Limited for the supply and installation of a 25.3 MW captive solar power project at its Karachi plant.

    READ MORE: Lucky Cement posts record Rs36.42 billion profit

    The estimated cost of the project is Rs3 billion and the company is in the process of establishing LCs for import of equipment which is subject to receiving approval from the State Bank of Pakistan (SBP).

    The project is expected to be completed in approximately eight months after the establishment of the LC.

    The company further said that the information is in addition to the earlier announced 34 MW captive solar project with a 5.589 MW Reflex energy storage at the company’s plant in Pezu, Lakki Marwat.

    READ MORE: Lucky Cement announces Rs26.53 billion 9M profit

    Sustainability and adoption of clean energy has remained a cornerstone of the company’s strategy and it was one of the first cement companies to install waste heat recovery (WHR) units at both its plant sites.

    The company’s initiative for investment in renewable energy projects will play a key role in cost savings as well as reduction of the country’s reliance on imported fuel.

    READ MORE: Lucky Cement installs 34MW solar power project

  • ekaterra donates 100 tons of tea to flood victims

    ekaterra donates 100 tons of tea to flood victims

    ISLAMABAD: ekaterra, world renowned company, has donated 100 tons of tea to one million families displaced by the devastating floods, according to a statement issued on Tuesday.

    As part of the national plan of providing maximum relief to over 33 million flood-affected people across Pakistan, the company pledged to donate 100 tons of tea to one million families displaced by the devastating floods.

    The relief assistance will be provided through its partner NGOs, Indus Hospital, The Citizens Foundation Al-Khidmat Foundation, and Roshan Academy, ekaterra said in a press release issued here on Tuesday.

    Tea is not only a part of the staple diet in Pakistan but also it’s an essential item that helps people get a sense of community. It is a ritual to have tea and sit together in open spaces, reminiscing the good times.

    “The flood devastation in Pakistan is of an unimaginable magnitude: almost 20 per cent of the world’s 5th most populous country is submerged under water. Pakistan emits less than 1 per cent of the greenhouse gases in the world and yet it is still reeling from the effects of intense climate change. It’s not a matter of “if” but “when” we’ll all be affected for mistreating Mother Earth,” said Farheen Salman Amir, President BSPAN and GM Pakistan, ekaterra, while announcing the tea donation.

    She said that Ekaterra believes in giving back more than it takes from nature. “We’re announcing our commitment to the flood affected by donating 100 tons of tea to one million displaced families, that’s 100% of the displaced families as per the latest UNHCR data.”

    Pakistan continues its relentless battle against the floods triggered by the heavy monsoon rains which have claimed 1,400 lives and injured over 2,000 people. Over 33 million have been affected and one million families have been displaced, while over 218,000 houses have been destroyed, and a further 500,000 damaged. More than 750,000 livestock, which is the most critical source of sustenance and livelihood, have died and around 2 million acres of crops have been impacted.

  • PSX announces top 25 companies for year 2021

    PSX announces top 25 companies for year 2021

    KARACHI: Pakistan Stock Exchange (PSX) on Monday announced top 25 Companies Award for the year 2021.

    In a statement the stock exchange said that every year, the PSX announces the names of the twenty-five (25) leading, publicly traded companies which have been adjudged in accordance with a comprehensive Selection Criteria approved by the PSX Board of Directors.

    Continuing with its tradition, the Pakistan Stock Exchange is pleased to announce the winners of the prestigious Top 25 Companies Award for the year 2021.

    01. Fauji Fertilizer Company Limited

    02. Engro Corporation Limited

    03. Systems Limited

    04. Ferozsons Laboratories Limited

    05. Engro Fertilizers Limited

    06. Security Papers Limited

    07. Dawood Hercules Corporation Limited

    08. Habib Bank Limited

    09. TRG Pakistan Limited

    10. Meezan Bank Limited

    11. The Hub Power Company Limited

    12. MCB Bank Limited

    13. Cyan Limited

    14. EFU Life Assurance Limited

    15. Pakistan Oilfields Limited

    16. Bank Alfalah Limited

    17. Jubilee Life Insurance Company Limited

    18. International Industries Limited

    19. Engro Polymer & Chemicals Limited

    20. Mari Petroleum Company Limited

    21. Gadoon Textile Mills Limited

    22. International Steels Limited

    23. Pakistan Cables Limited

    24. Packages Limited

    25. Adamjee Insurance Company Limited

    The following are the salient benchmarks of the Selection Criteria of 2021:

    (i) Profitability Ratios,

    (ii) Liquidity Ratio,

    (iii) Dividend Related Ratios,

    (iv) Solvency Ratios,

    (v) Free-Float of Shares,

    (vi) Turnover of Shares,

    (vii) Corporate Social Responsibilities,

    (viii) Reporting on Sustainable Development Goals,

    (ix) Diversity and Inclusion,

    (x) Corporate Governance & Investor Relations

    (xi) Compliance with Listing of Companies & Securities Regulations.

    The PSX congratulated the Board of Directors and the Senior Management of the Top Companies for their commendable performance and wish them continued success in the future.

  • Total company registration increases to 176,329 in Pakistan

    Total company registration increases to 176,329 in Pakistan

    ISLAMABAD: Total registration of companies in Pakistan has increased to 176,329 by end of August 2022, according to official statement issued on Monday.

    Securities and Exchange Commission of Pakistan (SECP) said it registered 2,362 new companies in August 2022, raising the total number of registered companies to 176,329.

    “This shows an increase of 16 per cent as compared to corresponding period last year,” the SECP said.

    Total capitalization (paid-up capital) with regard to the newly incorporated companies for the current month stood at Rs4.9 billion.

    READ MORE: SECP’s company registration goes up to 169,919 till May 2022

    SEC Pakistan said foreign investment had been reported in 70 new companies. These companies have foreign investors from China, Czech Republic, Egypt, Germany, Hong Kong, Iran, Korea South, Malaysia, Maldives, Mongolia, Morocco, the Netherlands, Nigeria, Poland, Portugal, Singapore, Somlia, Spain, Sri Lanka, Syria, Thailand, Turkey, UAE, UK, Ukraine, the US, Vietnam, and Yemen.

    READ MORE: SECP, FBR integration brings 2,365 companies under tax net

    In August, about 59 per cent companies were registered as private limited companies, while 38 per cent were registered as single member companies. Three per cent were registered as public unlisted companies, not for profit associations, foreign companies and limited liability partnership (LLP).

    About 99.8 per cent companies were registered online, while 94 foreign users were registered from overseas.

    READ MORE: RDA: SECP exempts banks from obtaining license

    The real estate development and construction sector took the lead with incorporation of 418, trading with 318, information technology with 307, services with 234, tourism with 97, food and beverages with 91, ecommerce with 84, education with 78, marketing and advertisement with 69, textile with 65, engineering with 58, power generation with 44, transport with 43, corporate agricultural farming with 39, mining and quarrying with 35, chemical with 34, healthcare with 31 and 317 companies were registered in other sectors.

    READ MORE: SEC Pakistan amends regulations to facilitate startups

    As a result of integration of SECP with the Federal Board of Revenue (FBR) and various provincial departments, 1796 companies were registered with the FBR for generation of National Tax Number (NTN), 78 companies with Employees Old-age Benefit Institution (EOBI), 46 companies with PESSI/SESSI and 50 companies with excise and taxation department.

  • Suzuki Motor announces further plant shutdown in Pakistan

    Suzuki Motor announces further plant shutdown in Pakistan

    KARACHI: Pak Suzuki Motor Company Limited has announced further plant shut down due to shortage of raw material following restriction imposed by the central bank.

    The company in a communication sent to Pakistan Stock Exchange (PSX) on September 06, 2022, stated that the State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category including CKD through a circular No. 09 of 2022 dated May 2022.

    READ MORE: Suzuki Motor Pakistan continues plant shutdown

    Restriction had adversely impacted clearance of import consignment which resultantly affected the inventory levels, the company added.

    Therefore, due to shortage of inventory level, the management of the company has decided to shut down period of automobile plant till September 09, 2022.

    “However, due to continued shortage of CKD raw material, management decided to extend the shutdown of automobile plant from September 12, 2022 to September 16, 2022,” the company said, added that the motorcycle plant will remain operative.

    READ MORE: Suzuki Motors extends plant shutdown in Pakistan

    “Further, in lieu of periodic maintenance, the automobile plant will also be shut down from September 19, 2022 to September 23, 2022. However, motorcycle plant will remain operative,” it added.

    Pak Suzuki Motor Company Limited is facing severe shortage of raw material for the past couple of months. Previously, the company announced a temporary shutdown of its production plant due restriction on imports imposed by the government.

    READ MORE: New prices of Suzuki cars in Pakistan from August 16, 2022

    It stated that State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKDs) vide Circular No. 09 of 2022 dated May 20, 2022. “Restriction had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” it added.

    READ MORE: Suzuki Motors warns plant shutdown in Pakistan

    The company further stated that due to shortage of inventory level, the senior management of the company had decided to temporarily shut down its production plant of automobile products from August 18, 2022 to August 19, 2022.

  • President Alvi directs State Life Insurance to pay compensation

    President Alvi directs State Life Insurance to pay compensation

    ISLAMABAD: The President of Pakistan Dr. Arif Alvi has directed State Life Insurance Corporation to pay compensation to family of policy holders.

    While rejecting four similar representations preferred by State Life Insurance Corporation of Pakistan (SLICP) against the decisions of the Wafaqi Mohtasib, President Dr Arif Alvi has directed SLICP to pay Rs 1.78 million to the family members of the policyholders, a statement said on Tuesday.

    READ MORE: President Alvi rejects Habib Bank plea, orders to pay victims

    He said that by denying rightful dues to the claimants SLICP has committed maladministration.

     The President disregarded the arguments of SLICP and said that SLICP had failed to prove the existence of alleged pre-insurance ailments with irrefutable evidence at the time of approving the life insurance policies to deceased policyholders.

    The President said that while filing appeals, the SLICP did not factor in the reports of its own Field Officers who had declared the insured persons as completely healthy.

    READ MORE: HBL ordered to compensate bank fraud victim

    He further observed that the denial of life insurance claims without irrefutable evidence was highly unjustified and reflected maladministration on the part of the SLICP.

    The President held that in all four cases, no clinical investigation or diagnostic assessment had been produced by SLICP to corroborate that the deceased policyholders were in fact patients of different diseases.

    READ MORE: FBR directed to bring entire sugar supply chain into tax net

    He rejected all four representations and directed SLICP to report compliance to the Mohtasib within 30 days. As per details, the complainants (Mst Irshad Bibi, Mst Samreen Aasima, Muahammad Awais and Muhammad Ismail) had approached SLICP for the payment of the sum assured as per the insurance policies.

    SLICP refused to pay the claims by alleging that the deceased policyholders had pre-insurance ailments, such as TB, Cystic Bronchiectasis, kidney disease or lung disease, which they wilfully kept secret at the time of obtaining the policies.

    READ MORE: President Alvi directs bank to refund unfair recovery

    Feeling aggrieved, the complainants separately approached the Wafaqi Mohtasib to seek compensation, which passed the orders in their favour. Later, SLICP filed representations against the decisions of the Mohtasib with the President, which were also rejected.

  • Amreli Steels stops all production facilities

    Amreli Steels stops all production facilities

    KARACHI: Amreli Steels Limited on Wednesday announced to shut down all production facilities with immediate effect for about 20 days.

    In a communication sent to Pakistan Stock Exchange (PSX), the company informed about the shutdown of its plants.

    “The company has decided to shut down its plants for twenty days owing to low demand of steel bars in the country due to unprecedented monsoon and flash floods witnessed across the country,” the company said.

    Consequently, no manufacturing will take place from August 31 to September 19, 2022.

    The resumption of operations or further extension in production suspension (as the case may be) will be communicated accordingly, it added.

    The company stated that this information was being conveyed in accordance with the requirements of Regulations of Pakistan Stock Exchange Limited (PSX) and the applicable provisions of the Securities Act, 2015.

  • OGDCL discovers gas deposits in Khyber Pakhtunkhwa

    OGDCL discovers gas deposits in Khyber Pakhtunkhwa

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced discovery of gas deposits at Kohat district in the province of Khyber Pakhtunkhwa.

    In a communication sent to the Pakistan Stock Exchange (PSX), the company said the TAL Joint Venture comprising MOL Pakistan Oil and Gas Co. B. V. (Operator), OGDCL (30 per cent working interest in exploratory phase), Pakistan Petroleum Limited (PPL), Pakistan Oilfield Limited (POL) and Government Holdings Private Limited Development and Production Lease (D&PL) in the Tolanj West-2 development well, which is located in district Kohat, Khyber Pakhtunkhwa Province.

    READ MORE: Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    OGDCL stated that the well was spudded-in on April 10, 2022 to produce already discovered horizon of Tolanj West D&PL i.e. Lumshiwal Formatino and to test Hydrocarbon potential of Lockhart & Shinwari & Samanasuk Formation (as exploratory targets). The well successfully drilled down to depth 4119.34m TVD.

    “Based on interpretation results of wireline logs data, the deeper Samansuk and Shinwari Formations were tested successfully at rate of around 2.5 million standard cubic feet per day (MMSCFD) of gas through choke size 32/64” at Wellhead Pressure (WHFP) of 374 Pounds per square inch (Psi),” OGDCL said, adding that further testing operations are going to evaluate full potential of the well.

    READ MORE: Hascol Petroleum announces rehabilitation plan

    It further said that the new discovery had de-risked an exploration play in deeper reservoirs over Tolanj West D&PL and in TAL Block, leading to new upside opportunities. “The discovery will also help and contribute towards improving energy security of the county from indigenous resources and add to the hydrocarbons reserves base of MOL, its joint venture partners and the country.

  • Suzuki Motor Pakistan continues plant shutdown

    Suzuki Motor Pakistan continues plant shutdown

    KARACHI: Pak Suzuki Motor Company Limited on Monday announced a further extension in plant shutdown due to shortage of inventory.

    “Due to shortage of inventory level, the management of the company has decided to further extend the shutdown period of automobile plant from August 29, 2022 to August 31, 2022,” the company said in a communication sent to Pakistan Stock Exchange (PSX).

    READ MORE: Suzuki Motors extends plant shutdown in Pakistan

    However, motorcycle plant will remain operative, it said, adding that further update, if any, in this regard will be communicated accordingly.

    Pak Suzuki Motors Co. Ltd. in a communication sent to Pakistan Stock Exchange (PSX), stated that the State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKD) vide circular No. 09 of 2022 dated May 20, 2022.

    READ MORE: New prices of Suzuki cars in Pakistan from August 16, 2022

    Previously, due to shortage of inventory level, the management of the company has decided to further extend the shutdown period of automobile plant from August 22, 2022 to August 26, 2022.

    The company also shut down the plant due to shortage of inventory level from August 18, 2022 to August 19, 2022.

    READ MORE: Suzuki Motors warns plant shutdown in Pakistan