KARACHI: Pakistan’s listed food companies’ annual revenues have expanded by 34% YoY, which analysts believe is a result of higher unit prices. To recall, CPI inflation during CY22 averaged at 20%, while higher inflation, import restrictions and sharp currency devaluation were witnessed in the later part of the year. According to JS Global Capital, despite…
ADNOC Drilling recommends a final dividend of $341.25 million for 2022
ABU DHABI, UAE: ADNOC Drilling Company Board of Directors have recommended a final dividend payment of $341.25 million for 2022, subject to shareholder approval at the upcoming Annual General Meeting. In its first full year since listing in 2021, the Company has delivered enhanced shareholder returns with a total 2022 dividend of $682.5 million. ADNOC…
Pakistan Stock Exchange’s benchmark KSE-100 Index profitability grows by 12%
KARACHI, PAKISTAN: The bottom-line profitability of Pakistan Stock Exchange (PSX) benchmark KSE-100 index grew by 12% YoY in 1HFY23 to Rs522 billion. Index heavyweight, E&Ps and Banking, drove the bulk of the growth during the period as their profits rose by 42% YoY and 35% YoY, respectively. These two sectors alone were responsible for nearly…
Careem launches women-driven motorbike service for females
KARACHI, PAKISTAN: Careem has announced plans to launch a new women-driven motorbike service, catering exclusively to its female customers. The service will commence in Karachi and make its way to other cities in Pakistan. Careem welcomes registrations from women who are interested in working as a female Captain to access flexible income opportunities. The service…
Pakistan Petroleum Limited clinches Corporate Philanthropy Award
KARACHI, PAKISTAN: Pakistan Petroleum Limited (PPL) has once again been adjudged as one of the largest corporate givers by volume of donations for 2020-21 and 2021-22 by Pakistan Centre for Philanthropy (PCP). This is the 18 th consecutive year since 2004 that the company has maintained this philanthropic tradition. General Manager Shared Services PPL Syed…
Marula Mining forms lithium and copper mining subsidiary in Zimbabwe
LONDON, UK: Marula Mining (AQSE: MARU) an African focused mining and development company, announced the establishment of Muchai Mining (Pvt) Limited, an 80% owned Zimbabwean operating subsidiary of Marula. Muchai Mining has been established to focus on securing near-term and advanced lithium and copper mining and development opportunities in Zimbabwe’s fast growing and highly attractive…
BIR Financial signs agreement to acquire Investor Centre
SYDNEY, AUSTRALIA: BIR Financial Limited (ASX:BIR) has entered into a conditional Share Purchase Agreement to acquire 100% of the issued capital in Investor Centre Pty Ltd in return for cash and equity in BIR Financial. In connection with the acquisition and the previously announced acquisition of Capital Financial Planning, BIR proposes to raise capital by…
China Electric Power & Technology to develop Green Hydrogen Project in Pakistan
LONDON, UK: Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production through its joint venture Oracle Energy Limited, announced a strategic Memorandum of Understanding (“MoU”) with China Electric Power and Technology Co. (CET) to potentially develop, finance, construct, operate and maintain Oracle Energy’s Green Hydrogen Project in Thatta, Sindh Province, Pakistan. China Electric…
WPP acquires 3K Agentur für Kommunikation, a German PR agency
LONDON, UK: WPP Plc has acquired 3K Agentur für Kommunikation (3K), one of the leading healthcare specialist PR agencies in Germany. 3K will become part of the Hill+Knowlton Strategies (H+K) global network, strengthening its healthcare presence in Europe and expanding its operations in Germany. Founded 25 years ago, 3K is known for its expertise in…
Vmoto Soco UK to acquire Vmoto UK Distribution Limited
LONDON, UK: Vmoto Limited (ASX: VMT) has entered into an agreement with its exclusive distributor for the UK, Vmoto UK Distribution Limited (part of GreenMo Group B.V.) and its administrator, for the Company’s wholly owned subsidiary, Vmoto Soco UK to acquire the business and certain assets of UK Distribution for a total cash consideration of…
Minerals 260 to acquire Nardoo Lithium-Rare Earths Project
SYDNEY, AUSTRALIA: Minerals 260 Limited has executed an agreement to acquire the Nardoo Lithium-Rare Earths (REE) Project, located approximately 230km east of Carnarvon and 850km north of Perth in Western Australia, from eMetals Limited (ASX:EMT). Due diligence has been completed and the only condition to completion is the execution of a deed of assignment in…
ALS Limited CEO Raj Naran has resigned
SYDNEY, AUSTRALIA: ALS Limited (ASX: ALQ) announced that its CEO and Managing Director Mr Raj Naran has notified the Company that for personal reasons he has resigned, effective immediately, after 23 years of service with ALS, including 6 years as CEO and Managing Director. In accordance with the Company’s advanced succession plans, a global search…