Pkrevenue.com

Category: Corporate

  • Knowledge Platform launches free online solution for exam preparation

    Knowledge Platform launches free online solution for exam preparation

    ISLAMABAD: To enhance continued support to teachers and students, Knowledge Platform has launched a free online examination preparation solution called ‘Exam Prep Master’.

    This solution will prepare SSC students, who are studying to appear in the Federal and Punjab Boards’ Matriculation examinations in July 2021.

    Knowledge Platform, a leading ed-tech organisation in Pakistan, is aware of the challenges schools, teachers, and students face to effectively prepare for the board examinations.

    Talhah Munir Khan, CEO, Knowledge Platform, stated: “Covid-19 has changed the way students are obliged to prepare for their board exams. With zero or less classes being held, the resources are limited for exam preparation.

    “To address this issue, we have come up with a solution suitable for students and teachers whereby they can prepare for their examinations in a short time span. We are obliged to assist our youth in these unprecedented and difficult times, and we will continue our support for them with innovative learning solutions.”

    ‘Exam Prep Master’ is an online preparation platform that includes a wide range of selected practice questions with solutions, based on past board examination papers.

    The aim is to support the students academically and reduce their exam-related anxiety by providing a real-life examination experience, thus, helping them prepare in limited available time for their board exams.

    The online preparation solution is comprised of Mock Exams, Animated Video Lessons, Exam Tips, Cheat Sheets and Past Papers. Other key features and benefits of this examination preparation solution include free of cost support for all, Grades Covered from 9th and 10th, biology, chemistry, mathematics, physics subjects are covered in this solution.

    Self-diagnostic test to check if students are ready for the board exam, two mock tests of 20 questions each per grade per subject, to help students practice, weekly publishing of additional mock tests and solutions within study groups, immediate availability of report card showing students’ strong and weak skills are the key features of this solution.

    Opportunity for students to study at their own pace using a mobile phone, tablet, or laptop in the comfort of their homes. Students may directly register for the online examination preparation programme from Learn Smart Pakistan.

    Knowledge Platform, the leading learning solutions company in Pakistan, is already working with 450,000+ students and 1,000+ schools across Pakistan.

  • Citi Pharma’s IPO oversubscribed; Rs2.32 billion raised in book building

    Citi Pharma’s IPO oversubscribed; Rs2.32 billion raised in book building

    KARACHI: The book-building process of Citi Pharma’s Initial Public Offer (IPO) has concluded with an oversubscription of 2 times, according to Topline Securities, advisor and book runner of the issue.

    “The IPO received an overwhelming response from institutional investors and high-net worth individuals as the strike price clocked in at Rs 32/share, 14.3% higher than the floor price of Rs28,” the leading API Manufacturer of the country said in a statement on Wednesday.

    Citi Pharma has raised Rs 2.32 billion in total, making it the second Pharma sector IPO in 23 years and the single largest IPO of 2021 till date . 

    “The response to the book building was far better than our expectations” said Mohammed Sohail of Topline Securities. In the last IPO (Organic Meat) managed by Topline investors have made a gain of close to 90% in a year.

    Several brokerages had had issued almost unanimous calls to ‘subscribe,’ which resulted in investor demand amounting to Rs 4 billion against the IPO’s book-building size of Rs 2 billion. Investors who bid at Rs32 will get approx. 10% of their bid quantity.

    The general public will subscribe to the remaining 18.1 million shares (25 percent of the total offer size) on June 23/24 at the strike price of Rs 32” the company said. 

    Rizwan Ahmed, CEO Citi Pharma, in his message thanked investors for their overwhelming response and vowed to ensure growth of their shareholders’ equity.

    Omar Salah Ahmed – Head of Corporate Finance & Advisory at Topline added: “Citi Pharma is one of the most unique companies in Pakistan’s pharma sector and this expansion will bring in a new phase for the Company. We wish them all the best for the future as well as the investors – who will no doubt be a part of a great growth story. Investors have responded to the future growth.”

    Citi Pharma plans to become first fully integrated listed pharmaceutical company in Pakistan, serving from raw material consumers to end medicine consumers.

    Citi Pharma has achieved a revenue growth from PKR 1,016 million in FY16 to PKR 3,528 million in FY20. Showcasing 36.2% CAGR in 5 years. The company recorded PKR 4,015 million in sales during 9MFY21 already surpassing last year’s sales. 

    Company is planning to expand its existing capacity of 3,600 tonnes per annum of paracetamol to 6,000 tonnes per annum. In addition, the company says it plans to add new APIs as well as a pharmaceutical formulation, or final products, to its existing product line.

    Citi Pharma also wants to build three manufacturing facilities, taking its total capacity to 200,000 vials/injectables per day, dry powder/suspension to 60,000 bottles per day, capsules to 4.2 million per day, and tablets to 4.5 million per day. These include dedicated manufacturing lines for penicillin, cephalosporin, and psychotropic and narcotics drugs.

  • Citi Pharma’s IPO book building starts June 15

    Citi Pharma’s IPO book building starts June 15

    KARACHI: Citi Pharma IPO’s book building phase is scheduled to held on June 15 and 16, 2021 where high net worth individuals and institutional investors will subscribe to 75 per centof the issue size (54.5 million shares), according to a statement issued on Monday.

    The book building will start at the floor price of Rs28 per share, including premium of Rs18 per share. Based on the interest from investors during the book building process, the strike price can rise by 40 per cent (Rs39.20 a share), thus helping the company collect Rs2.8 billion.

    After the book building process, successful bidders will be provisionally allotted 75 per cent of the issue size (54.5 million shares). The remaining 25 per cent (18.1 million shares) will then be offered to retail investors at the strike price. Citi Pharma aims to raise up to Rs2.8 billion by offering a 35 percent stake to institutional and ordinary investors.

    Citi Pharma is one of the largest active pharmaceutical ingredients (API) manufacturers in Pakistan and also makes formulations products. In particular, Citi Pharma sells paracetamol, an API used in painkillers, to GlaxoSmithKline that mixes it with other chemical salts and sells under the renowned brand of Panadol.

    Citi Pharma is raising new funds primarily to expand its existing capacity of 3,600 tonnes per annum of paracetamol to 6,000 tonnes per annum. The demand for paracetamol has surged in the wake of Covid-19. In addition, company plans to add new APIs as well as pharmaceutical formulations (final products) to its existing product line.

  • Engro Polymer plans to setup Circular Plastics Institute

    Engro Polymer plans to setup Circular Plastics Institute

    KARACHI: Engro Polymer and Chemicals Limited (EPCL) has planned to establish a Circular Plastics Institute (CPI), a not-for-profit thinktank, to promote research and development in Pakistan’s circular plastics economy, said a press release issued on Thursday.

    Pakistan faces the pervasive problem of plastic pollution as the country generated 3.9 million tons of plastic waste in 2020, and it has the highest percentage of mismanaged plastic in South Asia.

    In line with Engro’s central idea of solving the most pressing issues of our time, the CPI is aimed to be a pioneer establishment in Pakistan that will streamline efforts towards the circular economy through knowledge exchange and collaboration across Government, businesses, and civil society sectors.

    By rethinking its plastic problem, Pakistan can benefit from effective resource management to support job creation and innovation in the economy, while also conserving the environment through lower plastic waste.

    Globally, countries like Sweden and Germany are reaping the benefits of promoting a circular economy by making it a key part of government policy.

    The Circular Plastics Institute is expected to undertake research on municipal solid waste management, with a focus on plastics (specifically PVC). The Institute will be capable of advising legislation and policy to help Pakistan achieve its global commitments of a zero-waste future by 2030.

     It will also be aligned with the Global Development Practice to address UN Sustainable Development Goals, including sustainable cities and communities, responsible consumption, climate action, life below water, life on land and partnerships for the goals.

    According to Jahangir Piracha, CEO of EPCL, “While the demand for plastics is growing every year, the main problem is its responsible collection and disposal.

    “Customization of global best practices, coupled with local knowledge, is needed to reach our sustainable development goals. Once established, the Circular Plastics Institute will take us a step closer towards our vision of enabling a zero-waste future. This platform will also aim to increase economic activity in Pakistan by instilling circular economy principles, eliminating waste and safeguarding natural resources.”

    The CPI will be designed by Maleeha Habib, a student of Harvard University’s Extension School. “Engro’s establishment and support of CPI will open critical areas of opportunity for Pakistan including collaboration with international organizations, conservation of natural ecosystems, reduction of environmental impact, improvement of health and well-being for its citizens and economic development through innovation” said Will O’Brien, Capstone Advisor, Global Development Practice, Sustainability, Harvard University Division of Continuing Education.

    Acknowledging the need of CPI for Pakistan Fahd Khawaja, Chief Commercial Officer of EPCL said “It is important to provide a platform to all stakeholders including students, government officials, policy makers and public at large to educate them about the concept of circularity/circular economy and recycling.”

    A virtual signing ceremony of this initiative was organized in the presence of Jahangir Piracha (CEO of EPCL), Will O’Brien (Capstone Advisor), Judith Rodriguez (Capstone Instructor, Global Development Practice, Division of Continuing Education), Fahd Khawaja (Chief Commercial Officer of EPCL), Maleeha Habib (graduate student of Global Development Practice, Harvard University’s Extension School) and the Management team of EPCL and Engro Foundation.

  • Bestway Cement announces to set up new plant

    Bestway Cement announces to set up new plant

    KARACHI: Bestway Cement Limited on Thursday announced to setup Greenfield cement plant with a capacity of 7,200 tonnes of clinker per day at Mianwali.

    In a notice sent to Pakistan Stock Exchange (PSX), the company stated: “In view of increasing demand for cement in the country, Bestway Cement Limited has decided to set up a Greenfield cement plant with a capacity of 7,200 tonnes of clinker per day near Paikhel, District Mianwali along with 9MW waste heat recovery plant.

    “To that end the company has entered into an agreement with Sinoma International Engineering Co., Limited, PR China for EPC.”

    All necessary regulatory approvals and financial arrangements have been secured, the company said.

  • Engro selects technology partners for polypropylene production facility

    Engro selects technology partners for polypropylene production facility

    KARACHI:  Engro Corporation, Pakistan’s premier conglomerate, has selected Honeywell UOP and W. R. Grace & Co. as technology partners to use their licensed process technology for the $1.5 billion, 750,000 Propane Dehydrogenation (“PDH”) and Polypropylene (“PP”) production facility, that would make Pakistan a self-sufficient producer of Polypropylene, a statement said on Tuesday.

    Polypropylene resin is used in the manufacturing of a variety of daily use consumer products including woven bags, food and non-food packaging, films, sheets, household containers, battery casings, kitchenware, electrical appliances, bottles, caps, pipes & fittings, medical equipment, and a wide range of other products. To meet these needs, polypropylene has a local annual demand of 500,000 with an expected grow rate of 7 percent annually.

    Honeywell will provide its C3 Oleflex™ technology and basic engineering design services, in addition to equipment, catalysts and adsorbents for the plant. Since 2011, most of the new dehydrogenation projects globally have been based on UOP C3 Oleflex technology.

    However, this will mark the first use of C3 Oleflex in Pakistan. The technology is designed to have a lower cash cost of production and higher return on investment when compared to competing dehydrogenation technologies.

    Its low energy consumption, low emissions and fully recyclable, platinum-alumina-based catalyst system, helps minimize its impact on the environment. The independent reactor and regeneration design of the Oleflex technology helps maximize operating flexibility and onstream reliability.

    W. R. Grace & Co., the leading independent supplier of polyolefin catalyst technology and polypropylene (PP) process technology, will provide its state-of-the-art UNIPOL® PP Process Technology to help achieve mechanical and operational simplicity. The process technology, coupled with Grace’s proprietary catalyst and donor systems and the UNIPOL UNIPPAC® Process Control System, allows for maximum performance.

    While announcing the new partnerships, Ghias Khan, President & CEO of Engro Corporation said that, “Engro continues on its journey towards solving the most pressing issues of our time by investing in projects which will serve to be catalysts of growth for Pakistan.

    “For the Project, we have selected Honeywell and Grace as our technology partners based on their extensive experience and cutting-edge solutions that have helped to set up such projects globally. This collaboration will support the advanced studies for the Project, which can be a significant milestone for Engro and Pakistan towards import substitution that will help build foreign exchange reserves, while also enhancing the petrochemicals landscape of the country.”

    Pakistan faces a critically adverse balance of payments situation due to the country’s continued reliance on imports, and petrochemicals are one of the largest imports of the country, contributing around $2 billion to the import bill. Currently, Pakistan spends about $600 million on annual import of polypropylene.

    With decades of experience in petrochemicals and a commitment to further develop its footprint in the petrochemicals vertical, Engro started conducting the commercial feasibility of the PDH complex in April 2019.

    Recently, Engro announced an investment of over $30 million to conduct engineering, design and technical studies including a Front End Engineering Design (FEED) study in relation to   the Project.

    The studies will help Engro delineate the technical complexities, refine the investment cost estimates, enhance its commercial understanding and devise mitigation strategies for potential risks of the project.

  • TPL Life launches insurance plan for overseas Pakistanis

    TPL Life launches insurance plan for overseas Pakistanis

    KARACHI: TPL Life has launched Roshan Zindagi, a unique insurance plan designed to facilitate Non Resident Pakistanis (NRP’s) and their families residing in Pakistan.

    With a unique product which is new to Pakistan’s insurance landscape, TPL Life strives to be the only digital life and health solution for valuable contributors to Pakistan’s economy they reside abroad.

    To ensure maximum convenience to NRP’s, the solution aims to provide an end-to-end, paperless and digital experience to over nine million Pakistanis residing abroad through an easy yet preference based journey.

    TPL Life’s Roshan Zindagi Insurance Plan offers Accidental Death Coverage of over Rs2.5 million for NRP’s, Comprehensive Health Insurance Benefits for their families residing in Pakistan, as well as exclusive dismemberment limits against any unforeseen events.

    To further facilitate customers, the plan also provides Cashless Hospitalization of up to Rs20 million with access to TPL Life’s 300 + panel hospitals located across Pakistan.

    The product is currently offered to Pakistanis residing in 11 countries including UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Australia, Malaysia, UK, USA and Canada, with an aim to expand the Roshan Zindagi footprint to more than 50 countries serving hardworking expats in the coming years.

    Speaking at the occasion, Faisal Abbasi, CEO, TPL Life said: “It gives me great pleasure to present Roshan Zindagi Plans for Overseas Pakistanis & their families residing in Pakistan.

    “The launch of TPL Life’s Roshan Zindagi Plan is a testament to our quest of completing the circle of safety by providing two-fold benefits to NRPs and their families. We at TPL Life, leave no stone unturned to provide personalized propositions and address the needs of every customer segment in Pakistan.”

  • Jazz injects Rs14.6bn as 4G network investment

    Jazz injects Rs14.6bn as 4G network investment

    ISLAMABAD: Jazz, Pakistan’s number one 4G operator and the largest internet and broadband service provider, has further strengthened its market leadership and continues to drive the digital ecosystem in Pakistan, according to a statement issued on Thursday.

    During the first quarter of 2021, Jazz’s overall subscriber base grew by 11.7% year-over-year (YoY) reaching 69.2 million, 4G customer base grew by 62.3 percent YoY reaching 28.7 million, whereas the overall data users grew by 17.1 percent YoY reaching 47.3 million. 

    During the first quarter of 2021, Jazz invested PKR 14.6 billion, as 4G network investment continued to be the principal focus with population coverage reaching 61 percent during the quarter. Data usage per user also grew considerably to reach 4.5 GB per user.

    Aamir Ibrahim, CEO of Jazz, said, “Jazz has been focused on ensuring a robust and expansive 4G network, especially as more and more countrymen started relying on the Internet as an essential communication, productivity and entertainment tool during the pandemic.

    “We are very pleased to see the rise in adoption of digital tools in all aspects of life – especially in fintech, in which the growth of JazzCash as Pakistan’s leading mobile wallet and digital payments provider is very impressive.

    “Given the ever-growing needs and expectations of our customers, Jazz remains firm in its commitment to connect the underserved with fast and reliable 4G and to bank the unbanked through JazzCash.”

    The country’s leading fintech, JazzCash, experienced another strong quarter as its user base saw double-digit growth, finishing the quarter with 14 million monthly active mobile wallets. Overall, JazzCash processed transactions amounting to PKR 701 billion during the reporting period. Jazz World, the self-care app, saw strong levels of customer adoption with monthly active user base reaching 8.5 million. The company’s content services also enjoyed further growth with the monthly active user base reaching 2.2 million.

  • PSO announces 5-time increase in net profit for nine-month period

    PSO announces 5-time increase in net profit for nine-month period

    KARACHI: Pakistan State Oil (PSO) has declared five-time increase in net profit for nine-month period ended March 31, 2021. The unprecedented growth may be attributed to reduction in cost of products sold during the period.

    According to financial results for nine-month period ended March 31, 2021 submitted to Pakistan Stock Exchange (PSX), the company announced an amount of Rs18.24 billion during first nine months (July – March) 2020/2021 as compared with profit of Rs3.01 billion in the corresponding period of the last fiscal year.

    The gross sales of the company fell to Rs1,008.7 billion during first nine months of the current fiscal year as compared with Rs1,038.01 billion in the corresponding period of the last fiscal year.

    The cost of products sold significant fell to Rs815.22 billion during July – March of 2020/2021 as compared with Rs867.18 billion in the same period of the last fiscal year.

    PSO declared gross profit of Rs37.7 billion during first nine months of the current fiscal year as compared with Rs20.14 billion in the same period of the last fiscal year.

    Operating cost of the company was remained flat at Rs8.06 billion during first nine months of the current fiscal year as compared with Rs8.07 billion in the same period of the last fiscal year.

    PSO declared earnings per share at Rs38.86 for the nine months period ended March 31, 2021 as compared with Rs6.41 EPS in the same period of the last fiscal year.

  • K-Electric declares 222 percent growth in quarterly net profit despite massive impairment loss

    K-Electric declares 222 percent growth in quarterly net profit despite massive impairment loss

    K-Electric Limited (KE), a leading power generation and supply company, has reported an impressive 222 percent increase in net profit for the quarter ending March 31, 2021.

    (more…)