KARACHI: The Government of Pakistan on Wednesday executed petroleum exploration agreements for one offshore and two onshore blocks with a consortium of state-run and foreign firms, the country’s largest explorer said in a statement. The agreements, signed on Dec. 2, involve the Oil & Gas Development Company Limited (OGDCL), Turkey’s state-owned Turkish Petroleum Oil Company…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Pakistan’s tech exports hit record $386 million in October, Sector booms
ISLAMABAD – Pakistan’s technology exports surged to an all-time high of $386 million in October, officials said on Monday, driven by regulatory reforms and growing global clientele, putting the sector on track to become a major source of foreign exchange. The October data, released by the central bank, marks a 17% increase from the same month…
Pakistan grants power agency new role in market overhaul, caps legacy contracts
ISLAMABAD: Pakistan’s power regulator has approved the registration of the Central Power Purchasing Agency (CPPA-G) as a Special Purpose Agent (SPA), a key step in the country’s long-delayed electricity market reforms, but curtailed its future role by strictly limiting it to managing pre-existing contracts. The decision, detailed in a determination by the National Electric Power…
Pakistan Stock Exchange launches EOD market data product via Deutsche Börse
KARACHI: The Pakistan Stock Exchange (PSX) has launched its End-of-Day (EOD) Market Data Product on the Deutsche Börse Data Shop, marking a strategic step toward global data integration and commercial innovation. The initiative, developed in collaboration with Deutsche Börse AG—PSX’s exclusive international licensor and a leading provider of financial data services—aims to enhance the visibility…
OGDCL raises Reko Diq funding commitment to $715 million, approves key financing agreements
KARACHI: Oil and Gas Development Company Ltd (OGDCL) said its board has approved an increase in its committed expenditure for the Reko Diq copper and gold project to $715 million, up from a previous commitment of $627 million, following revised development and financing estimates. The revised funding commitment includes project financing costs and reflects updated…
Pakistan’s pharmaceutical industry hits record Rs 1.049 trillion rupees in Q1 2025
LAHORE: Pakistan’s pharmaceutical industry reached a historic high of 1.049 trillion rupees ($3.77 billion) in the first quarter of 2025, marking a 20.62% growth compared to the same period last year, according to a report by IQVIA. The industry’s compound annual growth rate (CAGR) over the past five years stands at 19.09%, driven by strong…
Attock Cement’s majority shareholder weighs exit amid strategic interest
KARACHI: Pharaon Investment Group Limited (PIGL), the majority shareholder of Attock Cement Pakistan Ltd. (ACPL), is exploring a potential exit from its stake in the company, drawing attention from multiple strategic investors amid a period of expansion and valuation re-rating across the cement sector. According to disclosures reaffirmed in May 2025, PIGL is evaluating various…
OGDC signs offshore exploration deal in Abu Dhabi, unveils new gas discovery in Sindh
ISLAMABAD: Oil & Gas Development Company Limited (OGDC) on Thursday announced the signing of a Production Concession Agreement (PCA) for the development of Offshore Block 5 in Abu Dhabi, solidifying its participation in an international upstream venture through a consortium-based initiative. The agreement was executed between the Supreme Council for Financial and Economic Affairs, representing…
Pakistan enacts Digital Presence Proceeds Tax Act to tax foreign tech firms
ISLAMABAD: Pakistan has introduced a new tax targeting multinational digital companies with significant user bases in the country but little to no physical presence, marking a major shift in how foreign tech firms are taxed. The Digital Presence Proceeds Tax Act, 2025, which took immediate effect, aims to address tax base erosion caused by the current…
WPP Plc expands Pakistan presence with strategic mergers
LONDON: Pakistan competition watchdog has approved three separate merger transactions, allowing Berkeley Square Holding BV to acquire a 50% shareholding in Ogilvy & Mather Pakistan (Private) Limited, Mindshare Pakistan (Private) Limited, and Soho Square Pakistan (Private) Limited from Taher Anwar Khan. In the case of Mindshare, Interflow Communications (Private) Limited was also involved as a…
Pakistan moves forward with trade liberalization
KARACHI: Pakistan is moving ahead with significant trade liberalization measures, including the phased elimination of Additional Customs Duty (ACD), as part of its commitment under the International Monetary Fund (IMF) program. While the reforms are expected to enhance competitiveness and lower import costs, concerns persist over the potential fiscal impact on government revenues and domestic industries. The…
Algorithmic trading in Pakistan: How SEC plans to regulate high-speed markets
Imagine a stock market where trades happen not in minutes or seconds, but in milliseconds—faster than the blink of an eye. This is the reality of algorithmic trading, a technology-driven approach that has revolutionized global financial markets. Pakistan, like many other countries, is now grappling with how to regulate this powerful tool to harness its benefits while…