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Category: Corporate

  • PPL gets license for large scale mining of Lead, Zinc

    PPL gets license for large scale mining of Lead, Zinc

    KARACHI: The government of Balochistan province has granted Pakistan Petroleum Limited (PPL) for large scale mining of Lead and Zinc, according to a communication received by Pakistan Stock Exchange (PSX) on Monday.

    READ MORE: Pakistan Petroleum discovers hydrocarbons in Sindh

    The PPL said that company had been granted a large scale mining lease for Lead and Zinc, in District Khuzdar, by the government of Balochistan and in this regard a large scale mining Lease Deed had been executed, for large scale mining and establishment of Lead-Zinc processing plant in district Khuzdar, Balochistan over an area covering 30 square kilometers (7,413.16 acres).

    READ MORE: PPL posts 18% net profit growth in first quarter

    The company said that the lease is valid for a term of thirty (30) years and shall be operated by Bolan Mining Enterprises, a 50:50 Joint Venture between PPL and the provincial government.

    The estimated reserves of barite, lead and zinc are 69 million tons as per bankable feasibility by a renowned German Consultant, over a portion of the leased area.

    READ MORE: PPL commences commercial gas production from Shah Bandar Block

    The project would entail open pit mining with an ore beneficiation / process plant.

    Positive cashflows are expected from year 3 while the estimated project life is 32 years.

  • IFC helps Engro in reducing plastic waste

    IFC helps Engro in reducing plastic waste

    KARACHI: International Finance Corporation, a member of World Bank Group, has signed an agreement to assist Engro Corporation in reducing plastic waste, promoting recycling, and boosting the company’s energy efficiency.

    The project is part of IFC’s Pakistan Resource Efficiency Program, which aims to improve efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries.

    READ MORE: Engro Corp approves $31.4m for petrochemical project study

    IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving toward a circular plastics economy as it develops a $1.8 billion petrochemical project to produce polypropylene.

    The circular system would see polypropylene products collected and reused or recycled and converted into viable products.

    IFC’s team will also assist Engro Corporation in driving sustainability by reducing its carbon and water footprints and adapting to climate-related risks through targeted interventions.

    READ MORE: Engro Corp posts 23% revenue growth in nine months

    Pakistan is the second-largest domestic market for plastics in South Asia after India and among the top 10 countries most impacted by climate change.

    The country produces about 30 million tons of solid waste annually, of which 9 percent is plastic waste. Its Indus river is a major carrier of plastic waste into oceans.

    Ghias Khan, President, and CEO of Engro Corporation, said: “At Engro, we believe that operating businesses sustainably at a globally competitive level need not be a zero-sum game. Therefore, we are actively partnering with global leaders such as IFC for a circular plastics economy, resource efficiency and carbon footprint reduction, to build a more sustainable future for our coming generations.”

    READ MORE: World Bank’s IFC signs financing agreement to build six power projects in Pakistan

    “Climate change is already impacting Pakistan and it’s crucial for companies to do everything they can to be efficient in their resource usage,” said Hela Cheikhrouhou, IFC’s regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan “Reusing plastics will not only cut greenhouse gas emissions and protect the environment but will help companies save money and become more competitive internationally.”

    Engro Corporation has been a strategic IFC client for nearly three decades. IFC has supported Engro’s growth from an ammonia-based fertilizer producer to a conglomerate with interests mainly in polyvinyl chloride production, dairy, power generation, liquefied petroleum gas storage and handling, liquefied natural gas regasification, telecom towers and logistics.

  • foodpanda demonstrates Pandafly drone at Dubai Expo

    foodpanda demonstrates Pandafly drone at Dubai Expo

    KARACHI: foodpanda has exhibited Pandafly drone at the Pakistan Pavilion in Dubai expo. foodpanda Pakistan’s leading food delivery company and is also the largest e-commerce platform.

    The event is a testament to foodpanda’s commitment to grow and innovate through adoption of disruptive technology, as well as showcase the tremendous support and an enabling environment offered by the Government of Pakistan for continued growth and investment in the technology sector.

    The use of these disruptive technologies by foodpanda, and other companies, in the future will mean faster deliveries over longer distances. Further customers living in peri-urban and remote areas will especially benefit through enhanced choice and competitive pricing.

    Speaking at the event in Dubai, Nauman Sikandar Mirza, CEO of foodpanda stated: “We are very excited to be present at the Pakistan Pavilion to showcase our state of the art drone for food delivery.

    “The support from the Government of Pakistan has been tremendous and our presence at this event has shown it to the world that Pakistan is open to testing innovative technologies and encourage investment in the technology and e-commerce sector.”

    Hassan Afzal Khan, Pakistan’s Consul General in Dubai was also present at the event. Expressing his views, he said, “E-commerce and the use of technology to serve the citizens is definitely the future.

    foodpanda’s use of innovative technologies for food delivery is highly impressive, and featuring it at the Dubai Expo was indeed a great idea. We wish foodpanda all the best in now turning this pilot project into a regular operational service.”

    Also present at the event was Dr. Erfa Iqbal, Chairperson Punjab Board of Investment and Trade. While sharing her thoughts she said, “I am delighted to see that through e-commerce we are able to increase the overall economic activity and bring in financial inclusion, economic empowerment and socioeconomic uplift of the country and foodpanda is at the forefront of it. With this disruptive technology we are paving way for deliveries of the future where speed and convenience of customers are ranked at the highest level. As a country we still have a long way to go and thus, we need to keep on advancing on our efforts to create favorable business environment and make such technological revolution possible.”

    The event was also attended by dignitaries, representatives of the media, corporate stakeholders from the MENA region, some celebrities and social media influencers.

    Earlier in November, foodpanda launched the successful pilot project to test food delivery through Pandafly, the customized drone. Carried out in association with the Government, using a first of its kind drone built locally for commercial purposes in partnership with Woot Technology, the test flight took place in the F-9 Park Islamabad.

    A food package weighing approximately 2.5 kgs was flown over 500m by the drone – with first and last mile of the delivery conducted by foodpanda’s very own riders.

    Foodpanda welcomes PRA tax concession to homechefs
  • TPL Properties, Bahria sign MoU for tourist beach resorts

    TPL Properties, Bahria sign MoU for tourist beach resorts

    KARACHI: TPL Properties (TPLP) and Bahria Foundation have signed a Memorandum of Understanding (MoU) for the construction of tourist beach resorts.

    TPL Properties said it signed the MoU with Bahria Foundation, according to a communication received to Pakistan Stock Exchange (PSX) on Friday.

    The company said that it had signed a MoU with Bahria Foundation, a trust established and existing under the Endowment Act, 1890 and engaged in industrial, commercial and development activities in Pakistan.

    As per the MoU, Bahria Foundation shall collaborate with TPLP to utilize the expertise of TPLP to design, develop, construct and market real estate, including potential tourist beach resorts.

    Bahria Town investors fear their life-time savings at stake
  • Aamir appointed Ericsson Pakistan country manager

    Aamir appointed Ericsson Pakistan country manager

    KARACHI: Ericsson (NASDAQ:ERIC) has announced the appointment of Aamir Ahsan Khan as Country Manager of Ericsson Pakistan, according to a statement issued on Thursday.

    Aamir is set to lead a strong cross-functional team aided by a network of partners to support communication service providers and increase Ericsson’s digital footprint in the country.

    Having joined Ericsson 14 years ago, Aamir brings forward progressive and professional experience in information technology, telecommunication, and management, with a proven record of increasing business through relationship-based client management and streamlined processes.

    “I am thrilled to lead Ericsson Pakistan during such an exciting time when connectivity is transforming industries and helping us reimagine the possible,” Aamir said.

    “In my capacity as Country Manager, I aspire to build strong strategies that will not only innovate our current client offerings, but grow Ericsson’s regional business, and support the digital transformation momentum in the country. By working together with various public and private business partners in Pakistan, I aspire to accelerate digital innovation in the country and prepare Pakistan for the digital era.”

    Ericsson strengthens network services portfolio
  • Engro Polymer becomes affiliate member of WEF body

    Engro Polymer becomes affiliate member of WEF body

    KARACHI: Engro Polymer & Chemicals (EPCL) has become the first affiliate member from Pakistan to join the World Economic Forum’s (WEF) Global Plastic Action Partnership (GPAP), as part of its sustainability efforts to promote the circular economy and contribute to achieving zero plastics waste.

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  • Wave-Singer receives Rs1.44 bn order from Coca Cola

    Wave-Singer receives Rs1.44 bn order from Coca Cola

    KARACHI: Wave Singer Pakistan Limited has received a corporate order worth around Rs1.44 billion from Coca-Cola, according to information shared with Pakistan Stock Exchange (PSX) on Tuesday.

    The company said that for the second consecutive year since its approval as a manufacturer for the supply of Coca-Cola branded Freezers, Waves Singer Pakistan has secured the largest corporate order from Coca-Cola.

    For fiscal year 2022, WSPL has received order for supply of 25,000 units of chest coolers and visi coolers worth around Rs1.44 billion.

    Last year, the company obtained orders for 22,850 units of chest coolers and visi coolers worth Rs944 million from Coca- Cola after approval of the factory consequent to detailed audits.

    Waves Singer Pakistan Limited has become a merged company with the acquisition of Cool Industries (Pvt) Limited by Singer Pakistan during 2017. After the approval of the Scheme of Merger by Sindh High Court, the combined company has acquired the name of Waves Singer Pakistan Limited.

    Singer’s history dates back to 1850, when Isaac Merritt Singer manufactured the first ever sewing machine in Boston, USA. I. M Singer & Company was duly incorporated during the same year.

    The name of the company was changed to Singer Manufacturing Company during 1853 when the factory of the Company was also relocated to New York, USA. Singer established its presence in the Indian sub-continent during 1877.

    Over the years, and after the independence of Pakistan, Singer continued its business of sewing machines in the country, but also started dealing in domestic consumer appliances, besides manufacturing and assembling light engineering products. In 1985, the Company became a public listed company.

    Singer Pakistan’s retail network has 140 shops in Pakistan alone, and covers every small town and metropolitan city of the country. Under the Singer brand, the Company produces a variety of consumer appliances-including refrigerators, air conditioners, LED TVs, washing machines, microwave ovens, in addition to its more traditional offerings of sewing machines, water heaters and gas ovens etc.

    Beverage Cans IPO oversubscribed three times; raises Rs4.6 billion
  • AHL makes winning history at CFA Awards

    AHL makes winning history at CFA Awards

    KARACHI: Arif Habib Limited (AHL), Pakistan’s leading Brokerage and Investment Banking Firm, makes history by winning the awards of “Best Brokerage House”, “Best Corporate Finance House”, “Best Economic Research House” and “Best Research Analyst” by CFA Society Pakistan in their 18th Excellence Awards for 2020.

    The occasion was graced by Shaukat Tarin, Advisor to the Prime Minister on Finance and Revenue.

    These annual awards are considered capital markets’ benchmarks and are based on a confidential poll, surveying respondents comprising the buy-side asset managers and investment professionals from Pakistan’s financial sector including Banks, Asset Management Companies, DFIs and other financial Institutions.

    AHL has achieved the distinction of winning all the three House awards, Brokerage/Corporate Finance/Economic Research, in any award ceremony organised by the CFA Society of Pakistan.  AHL has received the Best Corporate Finance House award for seven consecutive years.

    Tahir Abbas, Head of Research at AHL, was recognized as the Best Research Analyst for the third time.

    During the ceremony, Shahid Ali Habib, CEO of Arif Habib Limited said, “We are humbled by the appreciation in CFA Society Pakistan Awards ceremony. We Alhamdulillah have made history by winning all the House awards, which has never happened in previous events. All the credit goes to our hardworking team and our clients who have put confidence in us.”

    Stocks fall by 181 points on inflation concerns
  • Engro hosts dialogue on climate change at Dubai Expo

    Engro hosts dialogue on climate change at Dubai Expo

    KARACHI: Engro Polymer & Chemicals, a subsidiary of Pakistan’s premier conglomerate Engro Corporation, hosted an insightful dialogue on climate change, construction materials and technologies of the future, building inclusive communities, and circular economy, to celebrate the Rural & Urban Development week at Expo 2020 Dubai.

    Hussain Dawood, Chairman of Engro Corporation and Dawood Hercules Corporation, graced the event and fully appreciated Pakistan Pavilion in showcasing the incredible strength of the country. The thematic forum featured leading architects, developers, and construction sector specialists, including Shahid Abdulla (Principal & Founding Partner, Arshad Shahid Abdulla), Abid Bukhari (Country Manager, Irretec), Babar Siddiqui (CEO, Paragon Constructors), Ali Naqvi (Principal Architect, Ali Arshad Associates) and Ali Farooq (Director Sales & Marketing, Interwood).

    Held in partnership with the Pakistan Pavilion, the event focused on encouraging the private sector, governments and the civil society to share knowledge, collaborate and reimagine the future of cities, whilst being cognizant of the cultural context in Pakistan. The speakers highlighted that the global pandemic has accelerated a transition towards sustainability to create a lasting impact in communities. The panel recognized the need for sourcing alternative materials, becoming energy-efficient, harnessing knowledge from indigenous communities and combining them with new technologies to influence design, architecture, and construction, to pave the way for resilient smart cities of the future.

    According to Jahangir Piracha, CEO of Engro Polymer & Chemicals, “Engro’s emphasis on adopting a sustainability-centric and future-ready approach is reflected by this event that has brought together global experts and changemakers to deliberate on the future of construction in Pakistan. Our recent projects to make production processes more standardized, resource-efficient, and circular plastics initiatives reinforce our commitment to a sustainable end-to-end operation.”

    The event also marked the signing of a Memorandum of Understanding (MoU) between Engro Polymer & Chemicals and Karachi School of Business and Leadership (KSBL) to establish a Circular Plastics Institute in Pakistan.

    This first-of-its-kind academic collaboration will aim to develop an action-oriented and data-driven roadmap for a path towards a zero plastic waste future in Pakistan. KSBL is known to prepare future leaders of tomorrow by setting up practices for embracing innovation and bringing digital transformation to education by making sustainable choices for Pakistan.

    Food inflation not linked to urea prices
  • Food inflation not linked to urea prices

    Food inflation not linked to urea prices

    KARACHI: The fertilizer industry is playing a critical role in ensuring food security and managing food inflation in Pakistan through adequate and affordable supply of urea at one fifth the international prices. 

    In a media briefing on Wednesday, Imran Ahmed, CFO of Engro Fertilizers, highlighted that food inflation is one of the biggest challenges being confronted by the Government. However, food inflation is not unique to Pakistan as global food prices have jumped by 34 percent between July 2020 and June 2021, owing to a surge in oil prices, supply chain disruptions and unfavorable weather conditions. Reports suggest that globally the food prices have soared to its highest point in a decade and that has translated locally, where the prices have even been adversely impacted by rupee devaluation on top of global price increases.

    He stressed that urea prices do not have any impact on food inflation as only 2.6 per cent of farmers wallet is spent on urea. According to calculations, every Rs 50/bag increase in urea price has an impact of only 1 paisa on the price of a ‘roti’. The impact of a Rs 50/bag increase in urea price on other agri commodities like rice, sugar, maize, potato, tomato and banana is all within 10 paisas per KG.

    The local fertilizer industry has shielded farmers from a steep rise in international urea prices as domestically produced urea is currently priced at 2012 level. Urea is available in Pakistan at a significant discount of 81 percent, equivalent to Rs 7500/bag, compared to the international rates. As a result, farmers are getting an annualized benefit in excess of Rs 350 billion and the country is expected to save $3 billion in import substitution during 2021.

    He commended the PTI Government for its vision to transform the agriculture sector of Pakistan and supportive policies that enabled the fertilizer sector to reduce urea prices by Rs 400/bag last year. Imran declared that in the absence of a strong local fertilizer industry, Pakistan would have faced at best massive urea shortages like India where landed urea imports are costing as much as $1000 / ton, or even more dire an all-out food emergency as currently being experienced in Sri Lanka.

    Imran pointed out that the real issue being faced by the local farmers is the global hike in DAP prices by over 100 per cent that has reflected locally as well as majority of DAP demand is met through imports. To promote balanced mix of fertilizers for higher crop productivity, the Government must urgently provide the farmers relief by implementing the much-promised DAP subsidy. Currently, the subsidy on DAP is being extended only by the Government of Punjab. The Federal Government should convince and mobilize other provincial governments to immediately allocate funding for phosphatic fertilizer subsid for Rabi 2021-22.

    It has been widely recommended by the farming community that the Government should increase the subsidy amount to Rs 2,000/bag in view of the current prices of DAP. Further, the subsidy should not be restricted to number of bags, but instead be based on land holding and recommended dose for the farmers.

    For the now commenced Rabi season, the Government has very prudently agreed to proceed with disbursement of the subsidy through the usual method of stickers/vouchers. The Government is to be recognized for its adaptability realizing that given the longer than expected duration for the complete roll out of the Kissan Card system, the proven voucher process should be continued for providing timely relief to farmers. The multi-featured Kissan Card is expected to be fully implemented and scaled up by the next season.

    Engro Corp posts 23% revenue growth in nine months