KARACHI: Attock Refinery Limited has issued a grave warning regarding the continuation of its operations, stating that a complete shutdown is imminent within a week if the current situation regarding product uplifting does not improve significantly.
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Philip Morris suspends operations
KARACHI: Philip Morris (Pakistan) Limited, a tobacco manufacturing company, has announced to suspend operations for indefinite period due to spread of coronavirus.
In a letter to Pakistan Stock Exchange (PSX) on Tuesday, the company said in compliance with directives of provincial governments to contain the spread of COVID-19 it has been decided to temporarily suspend operations of the company and its offices until further notice.
The company will inform the stock exchange when operation resume.
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Shanghai Electric allows to make offer for K-Electric till June 26
KARACHI: Securities and Exchange Commission of Pakistan (SECP) has granted extension of 90 days to make public announcement of offer by Shanghai Electric Power Company Limited to acquire shares of K-Electric.
In an announcement on Monday, K-Electric with reference to the public announcement to acquire 66.4 percent shares of K-Electric Limited made by the acquirer on September 30, 2019, Arif Habib Limited is acting in the capacity of Manager to the Offer for the acquisition.
As part of the acquisition process, the acquirer had requested an extension of 90 days in making public announcement of offer which was to be made by March 28, 2020 as per the law.
In this regard SECP granted extension of 90 days up to June 26, 2020.
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Pirani appointed CEO Pak-Qatar Family Takaful
KARACHI: Pak-Qatar Family Takaful has announced appointment of Azeem Iqbal Pirani as its new Chief Executive Officer (CEO) effective March of 2020.
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Pak Suzuki stops factory, sales operations
KARACHI: Pak Suzuki Motors Company Limited on Tuesday announced to stop operations in compliance with the government efforts to contain spread of coronavirus epidemic.
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Engro chemical halts production on coronavirus lockdown
KARACHI: Engro Polymer and Chemical on Tuesday announced halt of production facility at Port Qasim owing to lockdown to contain spread of coronavirus.
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Philip Morris declares Rs2 billion after tax loss
KARACHI: Philip Morris Pakistan, the leading cigarette manufacturer in the country, has declared after tax loss of around Rs2 billion for year ended December 31, 2019.
The losses have been mainly attributed to Rs2.44 billion operating losses, the company said on Monday.
Philip Morris Pakistan is a Pakistani tobacco manufacturing company, which is a subsidiary of Philip Morris International, has declared loss after tax of Rs1.98 billion for the year 2019 as compared with profit of Rs543 million in the preceding year.
The company declared loss per share of Rs32.15 for the year under review as compared with earnings per share of Rs1.68 in the year 2018.
The company recorded an operating loss before tax of Rs2.44 billion for the year ended December 31, 2019 compared with an operating profit before tax of Rs640 million in 2018.
The operating loss before tax was mainly due to management decision to reorganize its operational footprint by closing its factory in Kotri, which was essential to ensure long term sustainability of the business in Pakistan considering the unpredictable fiscal environment.
The company further said that excluding the one off impairment / employees separation costs which was a result of the closure of the Kotri factor and GLT Voluntary Separation Scheme, the company would have recorded an operating profit before tax of Rs357 million for the year ended December 31, 2019 instead of operating loss before tax.
The company declared net turnover of Rs13.33 billion for the year as compared with Rs16.199 billion in the year 2018.
The company declared gross profit of Rs4.19 billion in the year 2019 as compared with Rs6.02 billion in the preceding year.
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Byco Petroleum announces setting up diesel hydro de-sulphurising unit
KARACHI: Byco Petroleum Pakistan Limited has announced to set up a diesel hydro de-sulphurising unit and a fluid catalytic cracking unit with the facilitation from Byco Industries Incorporated.
In an information shared with Pakistan Stock Exchange (PSX) on Monday, the company said that a meeting of the Board of Directors of Byco Petroleum Pakistan Limited was held on Monday, March 09, 2020 and decided in-principal to set up: a diesel hydro de-sulphurising unit; and a fluid catalytic cracking unit.
These facilities will be set up with the facilitation from Byco Industries Incorporated, being the majority stakeholders of the company.
Consequently, for such purpose, the board resolved to call an extraordinary general meeting of the shareholders for seeking approval/authorization to enter into transactions/arrangements with the company’s related party, Cnergyico PK Limited (CPL) for: leasing of necessary assets/components by the company from CPL, which will be assembled into refinery units, including (a) a diesel hydro de-sulphurising unit and (b) a fluit catalytic cracking unit; and availing a subordinated loan from CPL, for the purpose of installing, commissioning and making operational the processing units, which shall enable the company to reduce sulphur content in diesel and convert furnace oil into gasoline and diesel for use in its business and ancillary arrangements.
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Engro Polymer stops production activities on SEPA notice
KARACHI: The production activities have been stopped at plant of Engro Polymer and Chemicals located at Port Muhammad Bin Qasim, said a statement on Monday.
The production activities have been stopped after Sindh Environment Protection Agency (SEPA) took notice of gas leakage incident at the plant.
The company in a notification informed the stock market: “In relation to isolated incident reported to Pakistan Stock Exchange on March 06, 2020, Engro Polymer and Chemicals Limited (ECPL) has received a notice under Section 21(2) of Sindh Environment Protection Act, 2014 from the Enviornmental Protection Agency Government of Sindh. The notice has directed EPCL to stop all production activities at the plant and fixed a hearing on March 10. In compliance with the notice, all production activities are on hold at the plant.”
Earlier on Friday March 6, 2020 the incident was reported at Engro Polymer and Chemcial.
In a statement the company said that it was gathering complete details related to the incident.“Based on initial reports, some people have been shifted to a nearby medical facility for treatment of vomiting/nausea condition,” it said.
The company’s staff is accompanying these people to ensure that they receive adequate medical treatment, it said. “No injuries or fatalities have been reported,” the company added.
It further said that specific areas of the plant have been taken offline as a precautionary measure, and the company will conduct a complete and thorough investigation into the incident and will keep the stock exchange informed with any material developments in the matter.
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Gas leakage incident occurs at Engro chemical plant
KARACHI: Engro Polymer and Chemcial said that an isolated incident of gas leak occurred it plant at Port Qasim on Friday morning.
In a statement the company said that it was gathering complete details related to the incident.
“Based on initial reports, some people have been shifted to a nearby medical facility for treatment of vomiting/nausea condition,” it said.
The company’s staff is accompanying these people to ensure that they receive adequate medical treatment, it said. “No injuries or fatalities have been reported,” the company added.
It further said that specific areas of the plant have been taken offline as a precautionary measure, and the company will conduct a complete and thorough investigation into the incident and will keep the stock exchange informed with any material developments in the matter.