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Category: Corporate

  • Pak Kuwait Investment, Enertech sign $750 million pact

    Pak Kuwait Investment, Enertech sign $750 million pact

    KARACHI: Pakistan Kuwait Investment Company Pvt. Ltd. (PKIC) and Enertech Holding Company KSC (Enertech), a subsidiary of Kuwait Investment Authority, have signed an agreement worth $750 million to collaborate and jointly explore investment opportunities and business potential primarily within Pakistan, a statement said on Monday.

    Embarking on this journey of alliance with this agreement, both PKIC and Enertech have paved the way of future projects to support infrastructure development in Pakistan. In addition, this shall enable advancement in the digital and technology space in tandem with supporting financial inclusion and gender diversity. This alliance would not only bring foreign investment in Pakistan, but shall also support technology and knowledge spill over.

    The agreement was inked by Mohammad Al Fares, Chairman PKIC (pictured right) and Abdullah Al Mutairi, CEO Enertech (pictured left).  Addressing the signing ceremony, Mohammad Al Fares, Chairman PKIC, said “PKIC has a firm desire to support all important sectors of the economy.  The strategic alliance with Enertech, will help identify, invest and materialize viable investment opportunities in Pakistan. Where Both PKIC and Enertech would benefit from individual capabilities and knowledge structure of each other.”

    Speaking on this landmark initiative, MD PKIC Mubashar Maqbool expressed his elation “We have cemented this collaboration to support priority sectors of the economy including infrastructure, power, technology, housing and tourism with an objective of social upliftment and poverty alleviation. This strategic alliance would also bring in much needed foreign investment into Pakistan.” Yasser Malik CEO Enertech Pakistan emphasized that “These projects would be critical to energy security and sustainability in Pakistan.”

    Previously, PKIC also collaborated with Meezan Bank Limited to design a Sukuk as a quasi-equity instrument to finance the local equity requirement of a 61-kilometre water pipeline to deliver water to coal plants, being developed by Enertech in Thar, Sindh. This transaction, structured for Enertech, received two prestigious awards including ‘Pakistan Deal of the Year’ and ‘Most innovative Deal of the Year’ by Islamic Finance News (IFN) based in Malaysia.

    Pakistan Kuwait Investment Company (Pvt) Limited was established in 1979 as a Joint venture between the Governments of Pakistan and Kuwait, it is the largest AAA rated development financial institution engaged in investment and development banking activities in Pakistan. PKIC has played a pivotal role in promoting industrial activity, by way of equity and debt investments. PKIC has been accredited with many successful investments including the establishment of Meezan Bank Limited and Al Meezan Investments in which it presently holds thirty percent shareholding.

    Enertech Holding Company, KSC, a company registered in Kuwait, is a fully owned subsidiary of the National Technology Enterprises Company (NTEC), which is a wholly owned subsidiary of the Kuwait Investment Authority (KIA) and is engaged in the business of development and investment in clean energy, water, sustainable infrastructure and digital banking sector.

  • Rupee devaluation severely affects KE’s profitability

    Rupee devaluation severely affects KE’s profitability

    KARACHI: The net profitability of K-Electric declined by 84 per cent to settle at Rs1.5 billion in relation to last year’s Rs 9.44 billion mainly sharp devaluation in Pakistan Rupee (PKR).

    A statement issued on Monday stated driven by continued and targeted investments of Rs 36.99 Billion across the power value chain, key operational indicators showed positive growth over comparative period.

    However, despite showing consistent improvement in reduction of transmission and distribution losses of 1.5 per cent, and driving an increase in the units sent out by 2.8 per cent, KE’s net profitability declined by 84 per cent to settle at Rs 1.5 billion in relation to last year’s Rs 9.44 billion.

    “The impact of KE’s operational performance was set-off by negative impact of Pakistani rupees’ substantial devaluation in the international currency market resulting in exchange loss of Rs 4 billion in comparison to last year’s gain of Rs 1.2 billion along with an increase in financing cost by Rs 1.4 billion due to increase in effective rate of borrowing and Mid-term review (MTR) decision.”

    As of March 31, 2022, KE’s net receivables from various Federal and Provincial government entities stood at Rs 53 billion on principal basis. Delays in reconciliation and release of legitimate payments from these entities are severely affecting the Company’s cashflow position and ability to further accelerate investment in key power infrastructure.

    Further, on March 01, 2022, NEPRA issued its decision on KE’s MYT Mid-Term Review, wherein NEPRA made a downward adjustment of Rs 0.22/kWh on the utility’s determined tariff and disallowed an additional investment of Rs 138 billion by KE to improve on its services including power supply and reliability.

    An important update for this quarter is the finalization and deployment of KE’s 900 MW RLNG-based power project, BQPS-III. The first Unit of 450 MW proceeded with its mandatory testing in March 2022 as well as synchronization with KE’s Grid, and is now in the final testing stages before commissioning.

    KE has also upgraded its infrastructure in its service areas to keep pace with and facilitate the economic growth in the city’s peri and suburban regions. Aside from rehabilitation, the grids in Winder are being enhanced and the 66kV line upgraded to 132 kV along with commissioning new lines to improve transmission capacity and reliability in the region. Additionally, to improve on capacity and systemic reliability, 6 new power transformers have been integrated into the network to ensure reliable power supply to consumers across Karachi.

    On the distribution front, the Company continued to make strides on its loss reduction efforts. Over 200,000 KG of illegal hooks (Kunda) have been eliminated from the system in the first 9 months of the current fiscal year, and a total of 800 Pole Mounted Transformers have been converted to Aerial Bundled Cables (ABC), with around 125,000 new connections installed. Furthermore, to focus on customer centricity, 17 additional ‘Customer Facilitation Centers’ have been deployed to facilitate our customer’s billing inquiries.

    In line with Sustainable Development Goals (SDG7), KE has signed an MoU with Sindh Energy Department (SED) and the World Bank (WB) for the establishment of solar projects with 350MW capacity. This tri-partite collaboration is set to add another 700 GWh to KE’s total clean energy supply and off-set 300-350 kilotons per annum of carbon emissions. KE has also partnered with Akhuwat and donated Rs 7.5 million as interest free microfinance loans to households for the installation of solar photovoltaic (PV) systems within the service territory of the Company.

    Aside from sustainable development, KE is heavily invested in empowering individuals and communities. After the success of the first cohort of the Roshni Baji Neighborhood Women Ambassador Programme, an expanded batch of 60 women were inducted in November 2021. They will be on field for nine months across Karachi’s most densely populated neighborhoods. By the end of March 2022, the Roshni Bajis held discussions on safety and legal connections with over 210,000 households, bridging the gap between the utility and a key demographic of women consumers in Karachi. Separately, 11 women from the first batch of the programme have been hired as KE female Meter Data Maintenance Officers (MDMO). This programme has received international recognition at the S&P Global Platts, under the Global Energy Award. This is also the first time for an energy company in Pakistan to receive the coveted award and recognition.

    In line with KE’s commitment towards safety, the Company initiated a comprehensive plan to revalidate the safety parameters on its High-Tension and Low-Tension network with the goal to improve on network resilience and uphold public safety; with 99 per cent of project completion achieved. Furthermore, KE’s HSEQ department conducted extensive Behavior Safety Management sessions for field staff to inculcate a culture of safety across the company.

    KE continues to engage with stakeholders on finalization and execution of the Power Purchase Agency Agreement (PPAA) and Interconnection Agreement (ICA) for supply of 2,050 MW to KE from the National Grid along with a Tariff Differential Subsidy Agreement (TDS) for timely release of subsidy which will streamline the process for the utility and relieve the pressure on the company’s financial viability.

  • BankIslami registers 34% profit after tax during 1Q22

    BankIslami registers 34% profit after tax during 1Q22

    KARACHI: BankIslami Pakistan Limited has declared 34 per cent growth in profit after tax during quarter ended March 31, 2022.

    Underpinned by growth in customer base, increase in income levels and improvements in cost efficiency; BankIslami’s underlying operating profit before provisioning for 1Q22 registered an increase by 95.8 per cent i.e. increase from Rs. 684 million recorded during 1Q21 to Rs 1,339 million during 1Q22.

    With respect to its balance sheet, BankIslami had a robust start to the year 2022 wherein it continued its strategy to improve its deposit mix and deployment of liquidity towards profitable Shariah compliant avenues.

    Consequently, Bank’s Current Account composition improved from 39.0 per cent in December 2021 to 40.4 per cent in March 2022.

    Likewise, the Bank diverted its asset mix towards better yielding corporate and consumer segments which was in line with increase in domestic demand.

    As a result, the net Islamic Financing of the Bank grew by 8.2 per cent, whereas a decline of 23.9 per cent was witnessed in its treasury placements.

    Owing to growth in credit book and persistent recovery efforts against delinquent exposures, infection ratio reduced from 8.7 per cent in December 2021 to 8.1 per cent in March 2022 with an improved coverage ratio (including general provision) of 91.4 per cent in March 2022 versus 89.6 per cent in December 2021.

    To improve overall credit risk profile, the Bank booked additional provisioning against its existing and potential delinquencies during the 1Q22. Despite recording additional provisioning, the Bank posted Profit After Tax amounted to Rs. 522 million for the quarter ended March 31, 2022, depicting a growth of 33.9 per cent from PAT of Rs. 390 million posted during same period last year.

    Going forward, the Bank will remain poised towards enhancing its Current Account Base; increasing its trade based business turnover; and expanding its Corporate, SME, Auto and Agri finance book backed by its dynamic risk management capabilities.

    Moreover, to reinforce BankIslami’s capital structure and to fortify its asset base, the Bank has also planned further issue of an Additional Tier-1 Sukuk to the tune of Rs. 1 billion, subject to regulatory approvals.

  • Lucky Cement announces Rs26.53 billion 9M profit

    Lucky Cement announces Rs26.53 billion 9M profit

    KARACHI: On a consolidated basis, Lucky Cement Limited reported the profit after tax to date of Rs 26.53 billion of which Rs 5.81 billion is attributable to non-controlling interests for the nine months (9M) ended March 31, 2022. This translates into earnings per share (EPS) of Rs 64.07 / share as compared to Rs 56.36 / share reported during the same period last year.

    Further, on a consolidated basis, the Company achieved gross turnover of Rs 265.70 billion which is 31.2 per cent higher as compared to the same period last year’s turnover of Rs 202.46 billion.

    During the 9M 2021-22 under review, the Company’s consolidated net profit (attributable to owners’ of the Holding Company) increased by 13.7 per cent as compared to the same period last year.

    Despite the challenges due to increasing production costs across all segments, the Group has been able to secure double-digit growth in its profitability.

    The increase in Net Profit was mainly attributable to impressive performance of the Group’s chemicals business and overseas cement segment.

    The Group’s Polyester, Pharmaceutical and Animal Health segments were able to secure growths of 30.4 per cent, 56.7 per cent and 95.9 per cent respectively in operating results, versus same period last year, on the back of enhanced volumes, better sales mix and new product launches in the pharmaceutical segment.

    This increase is in addition to the one-off unrealized gain on acquisition of controlling shares in NutriCo Pakistan amounting to Rs 1.85 billion. On the other hand, the Group’s joint venture cement production facility in Samawah, Iraq, which started its commercial production in March 2021, has also added healthy profits to the Group’s profitability.

    During the outgoing quarter, a major milestone was achieved when Lucky Electric Power Company Limited – a wholly owned subsidiary of Lucky Cement, achieved the Commercial Operations Date (COD) of its 660 MW coal-fired power project on March 21, 2022. The addition of 660 MW to the national grid will not only play a key role in increasing the energy security and prosperity of Pakistan but will also go on to reduce the cost of electricity and reliance on imported fuel in the long run after the completion of Phase III of SECMC in June 2023.

    On unconsolidated basis Company’s local sales volumes posted a decline of 3.4 per cent to reach 5.51 million tons during 9M 2021-22. The marginal decline for the Company versus negligible change in the industry numbers was mainly due to other cement plants becoming operational in the current period. Moreover, the export sales volumes of the Company decreased by 18.0 per cent to 1.56 million tons compared to 1.90 million tons during the same period last year, on the back of continuous volatility in international coal prices and exorbitantly high freight costs globally. Hence, overall sales volumes of the Company declined by 7.1 per cent to reach 7.07 million tons during 9M 2021-22.

    Further, with regards to Company’s unconsolidated financial performance, the gross sales revenue increased by 19.6 per cent as compared to the same period last year.  Per ton cost of sales of the Company increased by 49.1 per cent as compared to the same period last year. This was mainly due to substantial increase in coal prices along with other input costs, which was a direct result of international commodity super cycle followed by the continuing conflict between Russia and Ukraine. Lucky Cement recorded net profit after tax of Rs 11.31 billion. It includes amount of Rs 1.48 billion as fee for provision of technical services to Nyumba Ya Akiba, Company’s joint venture in Democratic Republic of Congo during the current financial year.  The standalone EPS of the Company is Rs 34.97 / share as compared to the same period last year’s reported EPS of Rs 36.14/ share.

    The Company reported progress on its brownfield plant expansion activities in KPK with project completion targeted for December 2022.

    Lucky Cement continued its patronage on Education & Scholarship, Women Empowerment, Health, Environment Conservation and reassured its commitment for the development of society and the communities in which it operates. A recent testament of its commitment for energy conservation and promotion of green energy resources was the launch of a 34 MW captive solar power project with a 5.589 MWh Reflex energy storage to be installed at Pezu plant in Khyber Pakhtunkhwa. While the Company has faced non-availability of both Gas and Furnace Oil in the past, with the launch of this project it will not only attempt to overcome the impact of looming energy crisis in the country but will also make its operations sustainable.

    As Pakistan once again witnesses significant drop in Covid-19 infections, the challenges posed by the pandemic have reduced significantly. However, the political uncertainty in the country as well Russia-Ukraine tension over-shadowed the recovery from the pandemic. Domestically, the challenges posed by looming energy crisis, circular debt, increased inflation, pressure on balance of payments, reduced foreign exchange reserves, exchange rate parity and fiscal deficit will continue to test the competitiveness of all businesses in the short to medium term. We expect that the performance of the economy will mirror the new Government’s strategy to negotiate and resume IMF program and to improve various economic indicators through sustained and effective policy measures.

    The volatility in commodity prices internationally mainly due to Russia-Ukraine conflict, particularly coal and crude oil along with higher freight charges, is constantly impacting input costs of cement. Similar factors have also increased the cost of other construction materials particularly steel, due to which overall construction cost has gone up. On the other hand, due to recent hike in interest rate coupled with double-digit inflation and increasing cost of construction, cement demand is expected to remain under pressure in near future. Albeit in medium to long term, we expect strong demand to come from construction of dams, hydropower projects and other real estate development projects.

  • Bank Alfalah posts 45% growth in profit after tax

    Bank Alfalah posts 45% growth in profit after tax

    KARACHI: The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on April 26, 2022, approved BAFL’s financial results for the quarter ended March 31, 2022. The Bank’s impressive performance for 2022 is an endorsement of its customer centricity and product innovation driven by the growth strategy.

    The growth trajectory continued in the first quarter of 2022. The Bank declared record profit after tax of 5.019 billion, showing a double digit growth of 45 per cent YoY,  that translated into an EPS of Rs2.82 (SPLY: Rs. 1.95).

    READ MORE: Bank Alfalah, Paymob collaborate for digital payments

    This is one of the highest growth in profit after tax for Q1 across the industry, and is the testament that Bank Alfalah is maintaining its competitive position in the industry.

    During the period under review, the Bank’s revenue increased by 31.9 per cent backed by strong net interest income and non-interest income growth. The Bank’s net interest margins improved year on year as a result of well thought out, focused and prudent ALM strategy, along with strong deposits growth.

    The growth continued the upward trajectory with a growth momentum in home remittance business and trade flows, increase in market share, higher debit and credit card spend.

    READ MORE: Mastercard, Bank Alfalah enter strategic partnership

    Non-markup expenses were 21.6 per cent higher compared to the same period last year. This surge was driven by the full year impact of new branches opened last year along with expenses attributable to new initiatives.

    The Bank continues to invest in technology, people and businesses, to improve market share and to become a leading transactions Bank. Despite the investment in multiple initiatives, Bank Alfalah witnessed an improvement in the cost to income ratio to 55.1 per cent.

    The Bank’s quarter end deposit footing stood at Rs. 1.178 trillion at the end of Q1’22, with YoY growth of 29.0 per cent compared to Q1’21. The Bank continues to outpace the industry in deposit growth as well as exceptional current account growth. The current and savings accounts achieved an impressive YoY growth of 31.0 per cent and 35.6 per cent respectively. Bank Alfalah’s CASA mix noted an increment to 80.6 per cent versus 78.2 per cent SPLY that reinforces the clients’ trust on the Bank.

    READ MORE: Bank Alfalah tops in house financing under MPMG

    The Bank grew loans by record 17.3 per cent YoY, while maintaining stellar credit discipline and a strong balance sheet with significant capital and liquidity positions. Part of this growth is backed by government-backed schemes for economic development, in which the Bank’s delivery of Mera Pakistan Mera Ghar and Prime Minister’s Kamyab Jawan Scheme is ranked amongst the top performing banks.

    The Bank, not only achieved the targets but also added value to these initiatives of SBP with effective marketing. As at the period end, the Bank’s gross advances to deposits ratio achieved 60.4 per cent, which is one of the highest in the industry. The Bank’s non-performing loans ratio stood at 3.4 per cent, while the non-performing loans remain fully covered.

    READ MORE: Financing for Mera Pakistan Mera Ghar gains momentum

    Despite the robust growth in advances, the Bank’s remains adequately capitalized, and well above the regulatory requirement with 14.77 per cent as at December 31, 2021.

    This momentum will continue, despite the prevailing uncertainty, since the Bank is committed to its strategy of growth, customer centric approach and innovation.

  • Fertilizer industry provides Rs900 bn benefit to farmers

    Fertilizer industry provides Rs900 bn benefit to farmers

    KARACHI: Fertilizer industry is providing benefit of Rs900 billion to farmers through the provision of urea at significant discount.

    The local fertilizer Industry is providing urea at around 84 per cent discount, equivalent to Rs9,823 per bag, and is expected to enable import substitution of $5.3 billion in 2022.

    READ MORE: FrieslandCampina Engro Pakistan posts 21% Q1 growth

    Discussing the latest business results and future outlook in first quarter analyst briefing, Imran Ahmed – Chief Financial Officer of Engro Fertilizers shared that the fertilizer sector is passing on a benefit of Rs900 billion per annum to farmers through the provision of urea at significant discount to current global prices.

    Over the last 10 years, the industry is passed on benefit of over Rs1.4 trillion to the farmers through lower urea prices. This amount is four times higher the benefit that industry has received through gas pricing under the Fertilizer Policy 2001.

    READ MORE: Engro Corp declares over 19% growth in annual profit

    At the same time, the industry has been playing a significant role towards reducing the country’s trade and fiscal deficit as the country is self-sufficient in urea production.

    In the last annual general meeting of the Company, shareholders expressed concerns over the sharp disparity between international and local urea prices. Shareholders further added that the company has been losing shareholders’ value by pricing urea at a significant discount to import parity.

    Imran Ahmed emphasized that urea demand has increased by 17% in Q1 2022 compared to the same period last year.

    READ MORE: Ghais Khan elected OICCI president

    The Company’s research indicates that, as per crop mix and cultivated area for the first quarter, there has been an estimated increase of 2% in agronomic demand.

    He added that this situation may in part be due to advance buying by the farmers, but also indicates a strong probability of product movement across border emanating from significant disparity among local and international urea prices.

    Imran also highlighted the challenges faced by fertilizer industry, including recoveries of outstanding subsidy and sales tax receivables from the Government, disallowances made under Income & Sales Tax for sales to unregistered dealers, and FBR clarification on Concessionary custom duty withdrawing the concession / relief given earlier.

    READ MORE: Engro Corp declares 32% revenue growth

    He also stated that continued Government support will be required to resolve these pressing matters, which will allow Engro Fertilizers to continue to play its role in transforming the agricultural landscape of Pakistan and to ensure long-term food security of Pakistan.

  • FrieslandCampina Engro Pakistan posts 21% Q1 growth

    FrieslandCampina Engro Pakistan posts 21% Q1 growth

    KARACHI: FrieslandCampina Engro Pakistan Limited (FCEPL) has reported revenue of Rs14 billion in the first quarter ended March 31, 2022, posting an increase of 21 per cent.

    The company reported revenue of Rs14 billion in the first quarter, showcasing 21 per cent growth versus last year. The growth was led by improvement in the portfolio mix, coupled with an increase in volumes of both, the Dairy & Beverages and the Frozen Desserts segments.

    Riddled with sharp increases in commodity costs due to continued inflation and the devaluation of the Pakistani Rupee, the business environment remained fraught with challenges. Consequently, the Gross Margins declined by 140bps.

    READ MORE: Engro Corp declares over 19% growth in annual profit

    However, the Company continued to drive cost-efficiencies through multiple cost-saving initiatives, which resulted in FCEPL registering a post-tax profit of Rs664 million in Q1 vs Rs547 million in the same period last year – an improvement of 10bps.

    Committed to improving standards and nourishing Pakistan, FCEPL established the Pakistan-Netherlands Dairy Development Centre, in collaboration with the University of Veterinary and Animal Sciences (UVAS). By leveraging Netherland’s rich dairy expertise, the Centre aims to improve Pakistan’s dairy development capacity and quality by increasing production, improving food security, enhancing food-safety, and integrating sustainability in Pakistan’s dairy value chains and food landscape.

    READ MORE: Ghais Khan elected OICCI president

    Dairy and beverages

    The Dairy and Beverages segment reported a revenue of Rs12.8 billion, registering a 19.5 per cent growth year-over-year. The segment’s growth was led by Olper’s as it continued to strengthen its position as the market leader with ongoing brand and trade investments. The segment witnessed significant expansion in the retail footprint and E-Commerce channel during the quarter and will continue to explore new channels and route to markets to serve its customers effectively and efficiently.

    To simultaneously diversify and strengthen its portfolio, and solidify its association with mornings, the Company launched Olper’s Cheese, which offers the nutritional equivalent of one glass of Olper’s milk (200g) in every slice of Olper’s cheese (20g). Additional recent launches including Olper’s flavored milk, Olper’s full cream milk powder (FCMP), Olper’s pro-cal, Olper’s cream and Tarang Elaichi, continued to accumulate market share.

    READ MORE: Engro Corp declares 32% revenue growth

    Frozen desserts

    With revenue of Rs1.2 billion, the frozen desserts segment reported a growth of 34.1 per cent vs the same period last year. Offering a value-added product at an affordable price, the Company launched the O’more Double Choco Chips Cone in 2022 at a price point of Rs50, which was well-received in the market and is expected to grow.

    Future outlook

    The business environment remains fragile as rising inflation and currency devaluation continue to pressure profitability. However, several optimisation initiatives are being taken to improve efficiencies and manage inflation.

    At FCEPL, our purpose is to transform the health and well-being of Pakistanis, now and for generations to come. We will continue to partner with the Pakistan Dairy Association (PDA) and the Government on various initiatives to educate the consumers on the potential health hazards of loose milk consumption and reinforce the positive characteristics of safe packaged milk.

    Our business will continue to invest in our people, processes, and projects to deliver unparalleled value and superlative quality, driven by innovation and technology. This will strengthen our brand equity and enable us to be the preferred choice for consumers’ dairy needs and expand our profit accretive portfolio to leverage margins.

    The Company remains committed to the highest standards of hygiene, food safety and sustainability and providing safe, affordable, and nourishing dairy products to millions of Pakistanis, every day.

    The Company’s Annual General Meeting was held on April 20, 2022 at the Royal Rodale in Karachi. Shareholders and the Board of Directors discussed the Company’s performance in 2021 and the MD/CEO gave a short presentation on the Company’s performance.

  • Supernet raises Rs475 million through book building

    Supernet raises Rs475 million through book building

    KARACHI: Supernet Limited has raised Rs475 million through book-building at GEM Board of PSX. The process has concluded with an oversubscription of 1.4 times, the company said on Wednesday.

    The total bids received are worth Rs659 million while the strike price clocked in at Rs22.50.

    READ MORE: Supernet scrip receives overwhelming response

    The first ever GEM Board listing of an IT company received an overwhelming response from institutional investors and, Roshan Digital Accounts holders and high-net worth individuals as Supernet has raised Rs 475 million in total, making it the largest IT listing at GEM Board of PSX.

    Apart from local investors, foreign financial institutions also took keen interest in the initial offering of first IT Company on GEM Board of PSX.

    The issue consists of 21,111,121 Ordinary Shares, representing 18.81 per cent of the total post-offering paid up capital of Supernet of face value of Rs10 each.

    READ MORE: Supernet awarded Shariah screening certificate

    The entire issue was offered through Book Building on April 12-13 at a Floor Price of Rs22.50 per share, including premium of Rs12.50 per share.

    Super Net has been offered at FY22 PE of 6.7 against Avg. IT sector PE of 22X, offering significant value to the investors.

    This offering will help revive new listings at PSX once again. There is lot of demand for tech related stocks and that is why we saw higher than anticipated bids in the book building of SuperNet says Mohammed Sohail CEO of Topline Securities who acted as Advisor and Book Runner to the issue.

    READ MORE: Supernet set to raise Rs475 million through initial offering

    Jamal Nasir, CEO Supernet Limited, in his statement thanked the institutions and individual investors for showing interest and trust in Supernet and hopes that their investment in the company would yield great returns. “We have offered great value to our investors and their trust and investment would grow with Supernet.”

    Recently, Supernet Group is aggressively expanding into Cyber Security, Power Solution and IT & Infrastructure Solutions business. The proceeds from listing will be utilized to finance the expansion plan.

    READ MORE: Supernet wins ZTBL projects worth Rs450 million

    For expansion into new business segments, SNL has set up two new subsidiaries: Supernet Secure Solutions Private Limited and Supernet Infrastructure Solutions Private Limited . Another subsidiary, Phoenix Global (Supernet Global Solutions), is a UAE based company that offers a wide range of IT & Communication solutions to its international clients. Supernet’s clientele include major banks, mobile operators, leading MNCs, government and defence institutions, etc.

    Founded in 1995, it is one of the country’s leading telecommunications service provider and systems integrator. The company offers a full portfolio of local-to-global integrated communications infrastructure solutions to telecoms, defense, private firms and government sectors/customers and has a pool of highly trained and experienced human resource in wide range of communication and IT technologies spread across Pakistan in more than 200 cities and towns.

  • Supernet scrip receives overwhelming response

    Supernet scrip receives overwhelming response

    KARACHI: Supernet Limited, the first IT company to be listed at GEM Board of PSX, has received overwhelming response by investors on first day of its book building on April 12, 2022. The book buying is continued on April 13, 2022 (today) too.

    With an oversubscription of 1.99% on first day of its book building, Supernet received total bids of 21,530,720 shares against an offer of 21,111,121 shares, over subscription by 1.99% or 419,599 shares on Day 1.

    READ MORE: Supernet awarded Shariah screening certificate

    The first ever GEM Board listing of an IT company received an overwhelming response from institutional investors and high-net worth individuals.

    Supernet has a target to raise betwen 475 million to 666 million through listing at GEM Board of PSX.

    READ MORE: Supernet set to raise Rs475 million through initial offering

    Apart from local investors, foreign financial institutions also took keen interest in the initial offering of first IT company on GEM Board of PSX.

    The issue consists of 21,111,121 Ordinary Shares, representing 18.81 per cent of the total post-offering paid up capital of Supernet of face value of Rs10 each.

    The entire issue was offered through Book Building on April 12-13 at a Floor Price of Rs22.50 per share, including premium of Rs12.50 per share.

    READ MORE: Supernet wins ZTBL projects worth Rs450 million

    Recently, Supernet Group is aggressively expanding into Cyber Security, Power Solution and IT & Infrastructure Solutions business. The proceeds from listing will be utilized to finance the expansion plan.

    For expansion into new business segments, SNL has set up two new subsidiaries: Supernet Secure Solutions Private Limited and Supernet Infrastructure Solutions Private Limited . Another subsidiary, Phoenix Global (Supernet Global Solutions), is a UAE based company that offers a wide range of IT & Communication solutions to its international clients. Supernet’s clientele include major banks, mobile operators, leading MNCs, government and defence institutions, etc.

    READ MORE: Supernet, Avara awarded project for supply, maintenance

  • Shan Foods distributes ration during Ramadan

    Shan Foods distributes ration during Ramadan

    KARACHI: Shan Shares, the CSR identity of Shan Foods, in partnership with the Robin Hood Army, conducted a ration distribution drive for the month of Ramadan.

    The Robin Hood Army is a volunteer-based, zero-funds organization that works to feed less fortunate people in its commitment to beat global hunger.

    The organization is expanded across international borders, actively operating in 12 countries including Pakistan, India, Bahrain, Nigeria, and Uganda.

    Channeling the spirit of sharing and kindness through this drive, Shan Shares, along with the Robin Hood Army, distributed ration packs among underprivileged people in Karachi’s Korangi area to help them meet their nutritional needs as they fast during the month of Ramadan.

    Shan Foods employees also volunteered during the drive, displayirorporate Communications and PR at Shan Foods, while appreciating the employees and the success of the distribution drive, said, “Shan Shares is one family that is committed to creating a positive impact and making a difference in the society by uplifting and enabling the people in need. We believe this is our duty towards our fellow citizens to shape an equitable and prosperous society for everyone.”

    Shan Shares has been diligently working for restoring a sustainable world for the welfare of the people and the society. The organization hopes to take forward Shan Foods’ mission of battling hunger among other goals and is taking impactful steps to achieve it.