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Category: Corporate

  • Fauji Foundation allowed due diligence to acquire majority stake in Silkbank

    Fauji Foundation allowed due diligence to acquire majority stake in Silkbank

    KARACHI: The board of directors (BOD) of Silkbank Limited on Thursday approved to allow Fauji Foundation to conduct due diligence for acquiring majority stake of the bank.

    The bank in a notice sent to the Pakistan Stock Exchange (PSX) stated that M/s. Fauji Foundation had expressed an interest in acquiring the majority stake in Silkbank Limited.

    As part of the process, the bank had been requested to allow Fauji Foundation to conduct due diligence of Silkbank and in this regard the Fauji Foundation intended to apply to the State Bank of Pakistan (SBP) for the requisite approval of the same.

    “The board of directors of Silkbank Limited in its meeting held on January 28, 2021, has subject to the approval of the State Bank of Pakistan, given its in-principal approval to allow Fauji Foundation to conduct the required due diligence and evaluation the information that will be provided by Silkbank in this regard,” the bank informed the PSX.

    Fauji Foundation (also known as Fauji Group), is amongst the largest business conglomerate in Pakistan which “Earns To Serve” the interests of ex-servicemen.

    According to its official website, the group is basically a Charitable Trust founded in 1954 for the welfare of the ex-servicemen and their dependents.

    It is incorporated under the Charitable Endowments Act 1890.

    The history of Fauji Foundation dates back to 1945, when a Post War Services Reconstruction Fund (PWSRF) was established for Indian War Veterans who served the British Crown during WW-II. At the time of partition (1947) when Pakistan came into being, the balance fund was transferred to Pakistan in the proportion of its post WW-II veterans. Till 1953, the fund remained in the custody of the civilian Government, when in 1954 it was transferred to the Army.

    The Army instead of disbursing the balance fund of about Rs 18.2 millions (USD 0.2 million) among the beneficiaries, invested it in establishing a Textile Mill. Later from the income of the textile mill, it established first 50 bedded TB hospital at Rawalpindi.

    Fauji foundation is proud that from Rs 18.2 million in 1953, it today runs more than 18 industries, the income from which is utilized to serve about 9 million beneficiaries (5 % of country’s population). Generally, more than 80 percent of the income goes towards the welfare activities every year.

    The welfare is conducted through health care, education and vocational/technical training. To a limited extent welfare is also a by- product of employment generated for the beneficiaries through commercial and welfare activities. Presently, the welfare is conducted through 143 medical facilities, 142 Schools & Colleges, 45 Foundation Institute Technology.

  • Stern action initiated against companies using FBR, SECP registrations for illegal investment

    Stern action initiated against companies using FBR, SECP registrations for illegal investment

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated stern action against companies engaged in attracting the general public for unauthorized investments by using registrations of relevant authorities.

    In a statement on Thursday, the SECP said that mere registration of a company with SECP does not authorize acceptance of deposits from general public.

    Deposit taking by companies other than banking companies is illegal in terms of section 84 of the Act. Financial services including car financing, leasing, acceptance of deposits, house financing etc. can only be offered by specialized companies holding valid licence and regulatory approvals.

    General public is advised in their own interest to be careful, not to deal and invest in illegal schemes offered by such companies.

    In this regard, the SECP while exercising its regulatory power to curb the menace of illegal business practices in the country has taken stern actions against “Lasani Oil Traders (Private) Limited” and “New Lassani Chicks & Chicken (Private) Limited”.

    SECP has promptly initiated legal proceedings for the winding up of these companies in terms of section 301 read with section 304 of the Companies Act, 2017 and disqualification of directors thereof in terms of section 172 of the Act.

    SECP has observed that both the companies are using their registration with SECP and FBR to win public confidence and are publicizing unauthorized investment schemes through Facebook groups and posts on social media.

    In an attempt to block companies’ access to general public, SECP approached PTA to block Facebook/twitter pages, cell phone numbers registered in the name of companies and its directors. The SECP has also made reference of the case to the relevant law enforcement agency.

    The SECP has made public a list of 50 companies, involved in similar un-authorized business activities including illegally collecting deposits from investors by making false promises of exceptionally tantalizing returns.

  • Shanghai Power allowed extension for public announcement offer to acquire KE shares

    Shanghai Power allowed extension for public announcement offer to acquire KE shares

    KARACHI: Securities and Exchange Commission of Pakistan (SECP) has allowed 90 days extension to Shanghai Power Company to make public announcement of offer to acquire 66.40 percent ordinary shares of K-Electric Limited.

    According to a communication to Pakistan Stock Exchange (PSX) on Tuesday related to extension in timeline for public announcement offer to acquire up to 4,639,825,784 ordinary shares of K-Electric Limited by Shanghai Electric Power Company Limited.

    Arif Habib Limited in the letter said with reference to the public announcement of intention published on June 30, 2020 to acquire 66.40 percent ordinary shares of K-Electric Limited by Shanghai Power Company Limited under the provision of regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017

    The SECP in its letter said that the authority had granted the extension of ninety days to make public announcement of offer by Arif Habib Limited, which now may be made till March 27, 2021.

  • SECP registers 1,956 new companies in November

    SECP registers 1,956 new companies in November

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 1,956 new companies in November 2020, indicating an increase of 41 percent as compared with the same month of the last year, according to a statement issued on Tuesday.

    Around 71 percent companies were registered as private limited companies and 26 percent were registered as single member companies.

    Three percent were registered as public unlisted companies, not for profit associations, trade organizations, foreign companies and limited liability partnership (LLP).

    In November, around 99 percent companies were registered online, while 30 percent of new incorporations completed same day.

    This month, 117 foreign users registered companies from overseas.

    The trading sector took the lead with the incorporation of 319, IT with 230, construction with 209, services with 198, real estate development with 139, corporate agricultural farming, & food and beverages with 74 each, ecommerce with 73, engineering with 60, tourism with 51, education with 48, pharmaceutical with 47, market & development with 43, textile with 40, transport with 35, chemical with 33, healthcare with 31, auto & allied with 27, fuel & energy, and mining & quarrying with 23 each, logging with 22, cosmetics & toiletries with 21, communications with 17, broadcasting & telecasting with 16, power generation with 14, cables & electric goods, and steel & allied with 12 each, and 65 companies were registered in other sectors.

    Foreign investment has been reported in 34 new companies. These companies have foreign investors from, Australia, China, Germany, Iran, Italy, Kazakhstan, Korea South, Lebanon, Mozambique, the Netherlands, Russia, Spain, Switzerland, Syria, Turkey, the UAE, the UK and the US.

    The highest numbers of companies, i.e. 628 were registered in Islamabad, followed by 625 and 349 companies registered in Lahore and Karachi respectively. The CROs in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur registered 127, 109, 64, 27, 22 and 05 companies respectively.

  • Agha Steel enlisted as supplier for military projects

    Agha Steel enlisted as supplier for military projects

    KARACHI: Agha Steel Industries on Tuesday announced that Military Engineering Services (MES) of the Pakistan Army has enlisted the company as manufacturer-cum-supplier.

    In a communication sent to Pakistan Stock Exchange (PSX), the company informed that Military Engineering Services (MES) of Pakistan Army had enlisted Agha Steel Industries Limited as the manufacturer cum supplier of deformed steel bars for its projects.

    The Engineer-in-Chief’s branch has already issued the company a provisional certificate of enlistment/registration.

    “It is a major milestone for us,” Hussain Agha, the young chief executive officer (CEO) of Agha Steel said in a statement.

    “We are grateful to the MES for enlisting us as a manufacturer-cum-supplier of quality steel products. God willing our company will come up to their expectations of the military, meet its requirements and help it build Pakistan.”

    MES is an inter services organization responsible for designing, construction and maintenance of buildings, road, airfields, bridges, electricity, water supply, sewerage, Sui gas, drainage, furniture and stores services for Army, Navy, Air Force and DP Division.

  • Pak-Qater signs deal to provide online Takaful services to HashMove clients

    Pak-Qater signs deal to provide online Takaful services to HashMove clients

    KARACHI: Pak-Qatar General Takaful (PQGTL) has signed a MoU with HashMove (a global multi-modal logistics platform) to provide online Takaful coverage for cargo (Sea/Air/Warehousing & Land) for businesses in Pakistan.

    The purpose of this agreement is to enter into a strategic collaboration, enabling marine and fire Takaful service for sea/air and land cargo and commodities trading via digital mediums allowing corporates, businesses, customers of HashMove logistic platform such as importers, of freight forwarders, customers of ground transportation, customers of warehousing companies within Pakistan.

    This is the first time a Takaful Insurance company provides the digital coverage to the logistics businesses allowing them to conduct their export and import with full coverage. The companies aim to achieve at target of issuing at least 1000+ coverage / year to begin with.

    Talking at the occasion, CEO of Pak-Qatar General Takaful, Muhammad Nasir Ali Syed said: “The need of marine coverage by Takaful through digital channel will open a new door for the businesses to grow at a much faster rate with convenience at fingertips.

    “This is the need of the hour and my team is fully committed to extend cooperation and support where needed. Pak-Qatar Takaful has always maintained the position of a leader and firmly believes in offering innovative products through interesting projects and this time we are very excited to offer coverage through our business partner HashMove.”

    Sarfaraz Alam, CEO HashMove stated; “Pak-Qatar General Takaful is the leading Takaful coverage provider in Pakistan and a trustworthy name for settling claims against losses.

    “We are glad that our customers within Pakistan & South Asia will be able to avail Takaful coverage on real time basis. This is the one of the biggest milestones in the logistics industry in Pakistan and we have witnessed upward growth since last 2 years.”

  • HUBCO issues Sukuk wroth Rs6bn for capital requirements

    HUBCO issues Sukuk wroth Rs6bn for capital requirements

    KARACHI: The Hubco Power Company Limited (HUBCO) has issued Sukuk worth Rs6 billion for financing the ongoing capital requirement of the company.

    In a communication sent to Pakistan Stock Exchange (PSX) on Friday, it said that HUBCO through its wholly owned subsidiary, Hub Power Holding Limited, had executed and issued an Islamic Shariah compliant discounted Sukuk of Rs6 billion.

    The Sukuk is partnered with Arif Habib Limited as its arranger, Meezan Bank as Shariah Adivsor and is subscribed by financial institutions, investment companies and other eligible institutions.

    “The purpose of this Sukuk is to finance the ongoing capital requirements of the company,” it added.

    FPCCI demands reduction in levy, taxes on petroleum products
  • SECP extends coronavirus contingency plan for corporate meetings

    SECP extends coronavirus contingency plan for corporate meetings

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has extended the applicability of coronavirus related contingency planning for general meetings of shareholders.

    In a notification issued on Friday, the SECP extended the applicability of its circular No. 5 of 2020 dated March 17, 2020 to annual general meetings and extra-ordinary general meetings to be held up till January 31, 2021.

    In its circular no. 5 dated March 17, 2020, the SECP issued following coronavirus contingency planning for annual general meetings of shareholders:

    In light of the threat posed by evolving COVID-19 situation (coronavirus) pandemic and to protect the wellbeing of shareholders, the SECP issued the following directives:

    i. In order to avoid large gathering at one place, the companies shall consider provision of video link facilities, webinar or other electronic means.

    ii. The companies shall also provide email, WhatsApp number, mobile number or any other electronic mean through which shareholders can provide comments/suggestions for the proposed agenda items of the AGM.

    iii. The companies shall disseminate the aforesaid details to the shareholders through its website, Pakistan Stock Exchange and addendum/notice in newspapers along with complete information necessary to enable them to access the facility. Any change in venue shall also be communicated.

    iv. It will be responsibility of the company secretary and chairman of the meeting that comments / suggestions of the shareholders should be discussed in the meeting and made part of the minutes of the meeting.

    v. Maximum participation of shareholders be ensured via electronic means and by requesting members to consolidate their attendance through proxies, while honoring quorum provisions.

    vi. The companies shall consider protective measures during the meeting i.e. provision of hand sanitizers, masks and distant seating etc.

    vii. For special business voting through postal ballot shall be considered.

    viii. With reference to Circular No. 02/2018 dated February 09, 2018 it is re-emphasized that the provision of gifts/incentive in any form to shareholders at or in connection to general meetings is strictly prohibited under Section 185 of the Act.

  • PIA declares Rs39.85bn loss for nine-month period as revenue declines sharply

    PIA declares Rs39.85bn loss for nine-month period as revenue declines sharply

    KARACHI: Pakistan International Airlines (PIA) has declared net loss of Rs39.85 billion for the nine-month period ended on September 30, 2020, which is mainly attributed to 31 percent decline in total revenue.

    According to financial results submitted to Pakistan Stock Exchange, the net losses of the national flag carrier slightly contracted when compared with the net loss of Rs41.98 billion in nine-month period ended September 30, 2019.

    The cost of sales of the company fell to Rs74.43 billion during the period January – September 2020 as compared with Rs102.62 billion in the same period of the last fiscal year.

    Administrative expenses of the airline fell to Rs4.52 billion during nine-month period ended September 30, 2020 as compared with Rs4.99 billion in the corresponding period of the last fiscal year.

    However, operational losses of the PIA increased sharply to Rs8.7 billion during the period under review as compared with Rs4.85 billion for the nine-month period ended September 30, 2019.

    The PIA suffered an amount of Rs7.57 billion as exchange losses during the period. The company witnessed a loss of Rs11.60 billion as exchange loss in nine-month period of the last year.

  • Gul Ahmed Textile Mills declares 64.35 percent quarterly growth in net profit

    Gul Ahmed Textile Mills declares 64.35 percent quarterly growth in net profit

    KARACHI: Gul Ahmed Textile Mills Limited has reported a remarkable profit growth of 64.35 percent after tax for the quarter ended September 30, 2020.

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