KARACHI: Engro Enfrashare, a wholly owned subsidiary of Engro Corporation, has entered into an Islamic syndicate arrangement amounting to Rs4.5 billion, led by Meezan Bank and Faysal Bank. The proceeds raised through this Islamic syndication would be utilized to finance the development of tower sites for various mobile network operators (MNOs) operating in Pakistan. As…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
PTCL and Ufone joins hands with NOWPDP for Justuju Internship Program
KARACHI: Pakistan Telecommunication Company Limited (PTCL) and Ufone signed MoU to launch 2nd batch of Justuju Internship Program in collaboration with Network of Organizations Working with Persons with Disabilities Pakistan (NOWPDP). Justuju includes a structured professional development plan for PWDs, focusing on training and enabling them to be part of the country’s mainstream socio-economic system….
PTCL to equip The City School with premium ICT services
KARACHI, PAKISTAN: Pakistan Telecommunications Company Limited (PTCL), signed a Memorandum of Understanding (MoU) with The City School to offer premium ICT services including telephone and high-speed internet to the students, alumni and staff members of the institution. PTCL will offer exclusive discounted packages with unlimited data to facilitate effective teaching and learning at one of…
BankIslami Pakistan wins restitution claim in USA Court
KARACHI: BankIslami, Pakistan’s leading Islamic finance institution, has emerged victorious and won a restitution case in the US as one of the victims of a cybercrime that occurred in 2018. This is a significant achievement not just for the Bank but for Pakistan at an international level. The proceedings were initiated by the US Department…
PIBT plans to expand coal handling capacity to 16mn tons
KARACHI: Pakistan International Bulk Terminal (PIBT), country’s only fully mechanized bulk terminal, plans an expansion of the terminal’s coal handling capacity to 16 million tons from existing 12 million tons. Presently, PIBT has a coal handling capacity of 12 million tons, and last year we handled over 10 million tons. Infrastructure projects are planned and…
KE expects 700MW of new electricity connections in 2 years
KARACHI, PAKISTAN: Growth in power demand in K-Electric (KE) service area is expected to remain above 5 per cent and KE expects over 700 MW of new electricity connections in next 2 years, with more than half in the industrial segment K-Electric’s mega-project Bin Qasim Power Station 3 (BQPS-III) will add 900 MW to K-Electric’s…
Indus Motor Company to invest $100mn in Hybrid Electric Vehicles
KARACHI, PAKISTAN: Indus Motor Company (INDU), the assembler of Toyota vehicles in Pakistan, has announced a whopping $100 million investment in Hybrid Electric Vehicles (HEVs) production over next three years, a bourse filing said on Wednesday. “We are pleased to announce that based on the incentives provided against certain taxes and duties as announced by…
InfraZamin signs ITMinds for back office accounting services
KARACHI, PAKISTAN: InfraZamin Pakistan Limited and ITMinds Limited, a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide back office accounting services to InfraZamin, a news release said. InfraZamin is licensed to act as an investment finance company and is an initiative by the Private…
Pakistan awarded Offshore Block in Abu Dhabi
KARACHI, PAKISTAN: A Pakistan Petroleum Limited (PPL) led consortium has been awarded Offshore Block 5 in Abu Dhabi’s second competitive exploration block bid round. Offshore Block 5 covers an area of 6,223 square kilometers and is located 100 kilometers north east of Abu Dhabi city. Besides PPL, who is the Operator during the exploration phase,…
Bank Alfalah posts growth in deposits and consumer lending
KARACHI, PAKISTAN: Board of Directors of Bank Alfalah Limited in its meeting held on August 25, 2021, approved the Bank’s unaudited condensed interim financial statements for the half year ended June 30, 2021. The first half of 2021 has been a period of remarkable growth for the Bank. Profit after taxation increased by 24.2% and…