5 minute read
Fake news and power outages this week in Pakistan’s business and economics twitterverse
That’s nice the valiant efforts of keyboard warriors being recognised for their contribution. Lest we forget the military casualties and sacrifices
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Why isn’t this surprising anyone? It’s obvious isn’t it, work is for chumps essentially. Not you though, keep grinding.
Keeps getting better and better Everyone can figure out this one on their own
Nobody in Pakistan would be surprised if the independence of the country was earmarked as a conspiracy designed by the west at this point.
After doling out Eidhi to family and friends, keep a little something in your wallets for the government too after Eid.
Corporate Update
Pakistan’s Projected Growth Rate to Go Down as Per IMF
The International Monetary Fund has projected a decrease in GDP growth rate of the country from 5.6% in 2021 to 4% in 2022. The projections were based on the recessionary period the country is set to experience in which the foreign reserves and import cover are likely to go down while the inflation rate and external debt will continue to soar.
Jazz’s Invests PKR 14.9 Bn During Q1 22
Jazz invested PKR 14.9 billion under its ‘4G for all’ ambition during the first quarter of 2022, taking its overall investment in Pakistan to US$10.2 billion. A majority of its capital expenditure during this quarter was on the addition of approximately 500 new 4G sites, reaching a population coverage of its 4G service to 55.7%
Systems Limited to Expand Business Footprint
At a meeting of the Board of Directors of Systems Limited held on 27th April, board members considered prospective opportunities to expand and develop the company’s digital technology business, for which the board authorized the Company to consider and finalize terms in relation to potential direct and indirect acquisitions, involving 100% acquisition of entities providing IT services locally and internationally, including software development, software maintenance and system integration.
Pak Suzuki Reports losses for the first quarter of 2022
The automobile manufacturer racked in a loss of Rs 460 million after booking a profit of Rs 778 million for the corresponding period last year. The negative trend in earnings came as a surprise given that the company was able to increase revenue by 32% year on year. As per the results, the onus of the losses is on increased finance cost due to hike in policy rate as well as rising cost of imported car components on the back of rupee devaluation.
Chief Secretary Balochistan, Abdul Aziz Uqaili, was inducted into the board of directors of Oil and Gas Development Company Limited (OGDCL) replacing former Chief Secretary of Balochistan, Mathar Riaz Rana.
Federal Shariat Court Orders elimination of Interest Based System
The court has ruled that the government should get rid of the current Riba based system within the next five years and move towards a shariah based system. Experts and Officials have welcomed this decision citing the exemplary growth of Islamic Banking and considering it as a benchmark for the said transformation.
IGI Investments to Increase Shareholding in Sanofi Pakistan
IGI investments through a consortium led by Packages Limited finalized the purchase price of Rs 940 per share to acquire 52.87% stake of Sanofi Pakistan Limited from the pharma comapny’s Netherland based Parent. IGI investments already holds 19.1% of Sanofi Pakistan’s share while the consortium deal will increase its shareholding by 5.87%.
The Board of Engro Fertilizers appointed Ahsan Zafar as Chief Executive Officer on 28 April. Before his latest appointment, Zafar served as the CEO of Engro Energy Limited. The tenure of the newly appointed CEO will begin from July 1, 2022.
Cordoba Logistics to Setup a Leasing Company
The board of directors of Cordoba Leasing and Ventures Limited, on 28th April, resolved to set up a Non-Banking Finance Company as a subsidiary to carry out leasing operations. The board directed the company to evaluate the options of acquiring an existing company or incorporating a new one for the aforementioned operations.
Air Marshal Arshad Malik steps down as PIA CEO
The Airforce veteran passed the baton to AWM Amir Hayat after completing his tenure of three years of leading the national carrier company.
Maple Leaf to Buy-Back 25 Million Shares
The Maple Leaf Cement Company called a meeting of its shareholders to consider a proposal of buying back 25 million shares of the company. The period for said transaction would be 90 days commencing from the date of 26 May and ending on15 August. The proposed transaction price is to be the prevailing share price of the company during the aforementioned period.
Cynergyico Pk Limited to Merge with Cynergyico Isomerate Pk (Pvt.) Ltd.
In a meeting of its Board of Director, Cynergyico Pk Limited was authorised to explore the feasibility of a potential merger with Cynergyico Isomerate Pk (Pvt.) Ltd, a wholly owned subsidiary of the company.
Mari Petroleum Awarded Exploration License
Mari Petroleum was awarded five new exploration blocks by the directorate general of petroleum concessions. Two of the said blocks are awarded as an operator while the other three are joint ventures with Pakistan Petroleum Limited and United Energy Pakistan Limited.
