【Daily】13 Dec. Brief of Pak BizNews
KSE 100 41,541 ▼0.38%
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ADB approves $554m flood assistance package for Pakistan
The Asian Development Bank (ADB) announced on Monday that a $554 million financing package, including new and reallocated funds, had been approved to support recovery and reconstruction efforts in Pakistan following in the aftermath of devastating floods, and to strengthen the country’s disaster and climate resilience.
Pakistan expects multibillion-dollar support from Saudi Arabia: sources
Pakistan will likely secure a multibillion-dollar financial support package from long-time ally Saudi Arabia this month, two sources said, as the country awaits the ninth review of a $7 billion IMF bailout package.
NA passes foreign investment protection bill
Despite strong protests by treasury lawmakers including a sitting federal minister, the National Assembly did not waste a single minute and passed Foreign Investment (Promotion and Protection) Bill, 2022 on Monday without referring it to the committee concerned for further deliberation.
Sindh to face massive gas loadshedding
The Sui Southern Gas Company (SSGC) Monday announced that under a new load management plan, gas will be supplied to consumers in Sindh from 6-9am, 12-2pm, and 6-9pm — for a total of eight hours.
Fuel requirement for summer discussed
Ministry of Energy (Petroleum Division and Power Division) on Monday held a meeting to discuss fuel requirement for the summer months 2023.
Draft for local refineries’ upgrade finalized
The government has finalised the draft of the refining policy for upgradation of local refineries under which a protective tariff of 10 per cent each on petrol and diesel would be extended to the existing refineries in the shape of IEFM (inland equalisation freight margin) for six years, senior officials involved in fine-tuning of the draft confided to The News.
Passenger car sales up in Nov; down 39pc in five months
Passenger car sales of Pakistan Automotive Manufacturers Association (PAMA) members increased slightly in November 2022 compared with November 2021, while five-month sales dropped by 39 percent, data showed on Friday.
Bugis sells 65,020,947 ordinary shares to 7 MCB shareholders
Bugis Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Fullerton Financial Holdings Pte Ltd has transferred and sold all the 65,020,947 ordinary shares held by it in MCB, equivalent to 5.49 percent of MCB’s issued share capital, to seven existing MCB shareholders, comprising three companies and four individuals.
Summit Bank shareholding; Lootah proposes to amend share subscription agreement
Nasser Abdulla Hussain Lootah has proposed to amend the share subscription agreement to reflect that he shall subscribe to 3,984,063,745 new ordinary shares of the Summit Bank Limited by way of other than rights at the unchanged subscription price of Rs 2.51 per share subject to requisite corporate and regulatory approvals.
PM’s youth loan scheme relaunched
The government has relaunched the Prime Minister’s Youth Loan Scheme with revised features including interest-free microloans and agriculture loans. Under the revised scheme titled Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS), eligible borrowers can avail financing up to Rs 0.5 million at zero interest rate.
TPL Properties completes Rs7bn strategic investment in REIT Fund
TPL Properties Limited (TPLP) has successfully completed a strategic investment of Rs7.1 billion in TPL REIT Fund, after the latter completed land acquisition for its 'Tech Park' project.
Frontier Ceramics closes floor tile production
Amid the ongoing energy crisis another company on the bourse, Frontier Ceramics Limited (FRCL) has decided to shut down its floor tile production plant for an uncertain period.
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