MCB Bank Limited on Wednesday announced 10 per cent growth in net annual profit to Rs34.45 billion for the year ended December 31, 2022 as compared with Rs31.33 billion in the preceding year.
(more…)Category: Corporate
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K-Electric files suit against former member seeking Rs5 billion damages
KARACHI: K-Electric has filed a suit before Sindh High Court against a former member of Board of Directors demanding Rs5 billion as damages.
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GSK Pakistan secures top employer slot for third consecutive year
GSK Pakistan has been re-certified by The Top Employers Institute as a top employer 2023 for the third consecutive year.
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Engro LNG terminal helps Pakistan to save over $3 billion through import substitution
KARACHI: Engro LNG Terminal has helped Pakistan to save around $3 billion through import substitution of furnace oil, according to a statement issued Thursday.
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Martin Dow Group launches scholarship program for IBA students
KARACHI: Martin Dow, the Multinational Healthcare Group in Pakistan, has launched another initiative for deserving students at IBA Karachi under the program of M. Jawed Akhai Scholarship seats.
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Dawlance, Habib Metro Bank sign MoU for supply chain financing
KARACHI: Dawlance has signed a Memorandum of Understanding (MoU) with Habib Metro Bank Limited (HMBL) to enable the suppliers and contractors of Dawlance, to undertake Supply Chain Finance (SCF) transactions with ease.
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Mari Petroleum announces gas discovery in Sindh province
KARACHI: Mari Petroleum Company Limited (MPCL) on Monday announced gas discover in Sindh province.
In a communication sent to Pakistan Stock Exchange (PSX), the company said it had made a gas discovery at its exploratory well Mari Ghazij-1, located in Mari D&PL in Sindh Province.
MPCL is the Operator of Mari D&PL with 100 per cent working interest.
The well was spud-in on November 24, 2022 and successfully drilled down to the depth of 1,015 meters.
The gas flow rate established through Drill Stem Test (DST) is 5.1 Million Standard Cubic Feet Per Day (MMSCFD) with Wellhead Flowing Pressure (WHFP) of232 Pounds Per Square Inch (Psi) at 64/64 inch choke size.
The company plans to appraise the discovery to prove its extent and, in parallel, evaluate its development options.
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TRG moves court against JS Bank, others
KARACHI: The Resource Group International Limited (TRG International) has filed a suit before the Sindh High Court against JS Bank Limited and others.
According to the information shared with the Pakistan Stock Exchange (PSX, The Resource Group International Limited (TRG International) has filed Suit no. 19 of 2023 before the Sindh High Court at Karachi against JS Bank Limited, JS Global Capital Limited, Bank AL Habib Limited, DJM Securities Limited, Muhammad Ziaullah Khan Chishti (“Zia Chishti”), Sarah Jennifer Pobereskin (Zia Chishti’s wife) and others.
TRG International believes that the lending arrangements entered into by Zia Chishti and Sarah Jennifer Pobereskin with JS Bank Limited, JS Global Capital Limited, Bank AL Habib Limited and DJM Securities Limited are in violation of the Stock Purchase Agreement binding on Zia Chishti that places restrictions on any transfer or encumbrance on shares of TRG Pakistan directly or indirectly owned by him.
The Honourable High Court of Sindh was pleased to pass an interim order on January 7, 2023 in the abovementioned proceedings, restraining JS Bank Limited (including its Bahrain Branch), JS Global Capital Limited, Bank AL Habib Limited and DJM Securities Limited from creating any third party interest in any manner whatsoever in relation to the Company’s securities pledged by Zia Chishti and Sarah Jennifer Pobereskin wither them, till the next date of hearing.
