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…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
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…
Engro to invest Rs21.5bn in its telecom infrastructure business
KARACHI: Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO), has announced that it would enhance its total equity investment in the Telecom Infrastructure vertical to PKR 21.5 billion. Engro has also formed a dedicated platform for connectivity and telecom infrastructure related initiatives by the name of Engro Connect (Pvt.) Limited (EConnect). EConnect is a wholly owned…
Cordoba to purchase 32.5% shares in capital markets technology firm
KARACHI: Cordoba Logistics & Ventures has decided to acquire 32.5 percent stake in Finox (Private) Limited, capital markets technology firm, at a purchase price of Rs31 million, a news release said. Finox is an award-wining capital markets technology firm that provides digital infrastructure solutions for financial institutions and investors. Finox builds cutting-edge wealth management, robo-advisory,…
International Packaging Films mulls Rs2.1bn IPO on PSX
KARACHI, PAKISTAN: International Packaging Films Limited (IPAK) has announced Rs2.159 billion initial public offering (IPO) on Pakistan Stock Exchange (PSX). IPAK plans to sell Rs63.5 million, constituting 14.99 per cent of the total post-IPO paid up capital of the company at a floor price of Rs34/share through book-building method. International Packaging Films is in process of…
SECP approves Octopus Digital IPO
ISLAMABAD, PAKISTAN: The Securities and Exchange Commission of Pakistan (SECP) has accorded approval to Octopus Digital Limited to issue, circulate and publish the prospectus for the issuance of 27.350 million ordinary shares (IPO). The Issue consists of 27.35 million ordinary shares i.e., 20 per cent of the total post-IPO paid up capital of Octopus Digital Limited. The initial…
Aqeel Ahmed Khan appointed CEO of Hascol Petroleum
KARACHI, PAKISTAN: Hascol Petroleum Limited has approved the appointment of Aqeel Ahmed Khan as its CEO w.e.f. 5 August 2021, replacing Adeeb Ahmad who has resigned from the position. The Board has also approved the appointment of Zafar lqbal Chaudhry and Mustafa Ashraf to the Board as independent directors. Hascol is currently in negotiations with its creditors…